Team Blitz India
NEW DELHI: Union Commerce Minister Piyush Goyal has said that India and the UAE are looking forward to take the bilateral trade in the non-petroleum products to 100 billion dollars by 2030.
The minister was speaking after the first meeting of the Joint Committee of India and UAE Comprehensive Economic Partnership Agreement (CEPA) in New Delhi.
Goyal said that currently India-UAE trade in non-petroleum products is worth $48 billion, and both countries mutually agreed to take it forward to $100 billion.
He said there are significant outcomes from the meeting to expand the trade and business opportunities between the two countries.
Several working groups have been set up to further increase trading ties under the CEPA by resolving issues that have been raised by businesses on both sides The minister also said that the Reserve Bank of India and the Central Bank of UAE are in active dialogue for rupee-dirham trade.
“Trade talks in rupee-dirham are progressing at a fast pace. India’s Finance Ministry is supportive of the discussion,” he said.
Goyal said that in March 2022 the two countries had talks on how to make business attractive and help to reduce operating and transaction costs.
“Dialogue of rupee-dirham trade was actually sown in that meeting. It’s just about a year since then, but both countries have made significant progress”, he added.
