India-UAE Aim $100B Trade by 2030, Boost Economic Ties

India and the United Arab Emirates (UAE) have set a bold target of achieving $100 billion in bilateral trade by 2030, excluding oil and precious metals. This milestone marks the next stage of a growing economic relationship between the two nations, as announced by India’s Ministry of Commerce on Monday.

This new target was discussed during a high-level meeting in New Delhi last week. The meeting was held between Union Commerce and Industry Minister Piyush Goyal and the UAE Minister of Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi. The discussions focused on reviewing and enhancing bilateral trade under the Comprehensive Economic Partnership Agreement (CEPA), which officially came into effect in May 2022.

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Strengthening Cooperation in Emerging Sectors

During the meeting, both ministers highlighted the need for deeper collaboration in emerging industries, such as:

• Renewable Energy: Promoting solar, wind, and other clean energy solutions.

• Digital Infrastructure: Strengthening technology and connectivity.

• Supply Chain Management: Improving logistics efficiency.

• Healthcare: Expanding medical services and pharmaceutical trade.

The commerce ministry emphasized that these sectors would play a critical role in shaping the next phase of India-UAE economic engagement, ensuring that trade grows beyond traditional commodities.

Focus on Trade Data and CEPA Monitoring

Both leaders also stressed the importance of timely and transparent sharing of trade data. This will allow both countries to effectively monitor and implement CEPA objectives. A sub-committee on services under CEPA is expected to meet within two months to address ongoing concerns and explore new opportunities.

In the pharmaceutical sector, India welcomed the creation of the Emirates Drug Establishment, which aims to resolve regulatory challenges for Indian drugmakers. The UAE also assured faster registration processes and facilitation for healthcare products, which will help Indian companies expand their presence in the UAE market.

Expanding Market Access for Food Exports

India also pressed for better market access for food products. The Agricultural and Processed Food Products Export Development Authority (APEDA) has launched the Bharati Scheme, aimed at supporting more than 100 food and agritech startups. This initiative is expected to boost exports of Indian food items to the UAE, including spices, rice, pulses, and processed foods.

Trade Growth Since CEPA

Bilateral goods trade between India and the UAE has grown significantly since CEPA came into effect in 2022. According to the commerce ministry:

• Trade nearly doubled from $43.3 billion in 2020-21 to $83.7 billion in FY24.

• Non-oil exports alone reached $27.4 billion in FY24, showing an annual growth of 25.6%.

This growth demonstrates the positive impact of CEPA and highlights the UAE as one of India’s most important trading partners.

Strengthening Bilateral Agreements

To further strengthen ties, a memorandum of understanding (MoU) was signed with the Dubai World Trade Centre, making India the partner country at Gulf Food 2026. This will allow India to showcase its products, including marine items, tea, coffee, and spices, across a 1,200 square meter pavilion.

The UAE also addressed concerns raised by Indian industries, such as high retail prices, mandatory rice testing, and pricing rules. These steps are expected to facilitate smoother trade and strengthen business confidence.

Stakeholder Consultations and Industry Meetings

The discussions were complemented by stakeholder consultations, where representatives from pharma and food companies participated in a joint industry interaction. These consultations provided a platform to directly address industry concerns and explore new opportunities for collaboration.

India’s Economic Outlook

During the meeting, Minister Piyush Goyal highlighted India’s strong economic performance:

• The Indian economy grew by 7.8% in the April-June quarter, reflecting resilience amid global challenges.

• India is expected to become a $5 trillion economy by 2027 and a $32-35 trillion economy by 2047, marking 100 years of independence from British rule.

Goyal attributed this growth to reforms in taxation, ease of doing business, and regulatory simplification, which are expected to drive long-term economic expansion.

UAE’s Perspective on India-UAE Partnership

Dr. Thani of the UAE emphasized that, despite global economic uncertainties, the India-UAE partnership has emerged as a reliable pillar of trade. He described India as a technological and agricultural powerhouse and highlighted the UAE’s role as a gateway for Indian businesses to Africa, West Asia, and Europe.

Bilateral trade, including petroleum, reached $99.7 billion in 2024-25, with $36.3 billion in Indian exports and $63.4 billion in imports. This is up from $83.6 billion the previous year and $84.8 billion in FY23, demonstrating the steady growth in trade volumes.

The Comprehensive Economic Partnership Agreement (CEPA)

CEPA was signed during a virtual summit between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. It came into force on 1 May 2022 and has since boosted trade and cooperation across multiple sectors.

Key Highlights of CEPA:

• Exports from India to UAE: Refined petroleum, chemicals, gems and jewelry, pharmaceuticals, textiles, garments, rice, pulses, and spices.

• Imports to India from UAE: Crude oil, petroleum products, liquefied natural gas (LNG), gold, precious metals, and stones.

CEPA has created a framework for smooth trade, enabling faster approvals, reduced barriers, and stronger economic collaboration.

The India-UAE partnership is entering a new phase, focusing on high-tech industries, renewable energy, healthcare, and food exports. Both countries are working together to increase trade to $100 billion by 2030, deepen market access, and support startups and businesses.

With strong economic growth, supportive government policies, and CEPA as a guiding framework, the India-UAE economic relationship is set to become one of the most dynamic and robust trade partnerships in the world.

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