Team Blitz India
NEW DELHI: India and the UAE look to more than double non-oil bilateral trade to $100 billion by 2030, Commerce and Industry Minister Piyush Goyal said on June 12. At present, the non-oil bilateral trade stands at $48 billion. The new target was agreed upon during the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement (CEPA).
The agreement was implemented on May 1 last year. “We have mutually agreed that let us now become more ambitious and instead of our earlier target of an overall $100 billion bilateral trade by 2030 … we shall now look at non-petroleum bilateral trade of $100 billion by 2030, which means doubling our non-petroleum trade from $48 billion today to $100 billion in the next seven years,” Goyal told reporters after the meeting.
The UAE is a major supplier of crude oil to India. Oil shipments account for a major share of bilateral trade between the countries. He said that businesses from both sides were encouraged to further expand this trade and smooth implementation of the CEPA will help in this.
