India, UAE target to double non-precious metal, non-oil trade to $100 bn in 3-4 yrs
Abu Dhabi: India and the UAE have set a target to double bilateral trade in non-oil and non-precious metals to $100 billion in the next three to four years, Commerce and Industry Minister Piyush Goyal said on Thursday. Current trade in this segment stands at around $50-55 billion.
The two sides are also exploring joint investments in regions such as Africa and the Gulf Cooperation Council (GCC), particularly in infrastructure, leveraging the UAE’s capital and India’s talent pool.
“Conceptual discussions were held on modalities, participation from public and private sectors, and focus countries. Both sides will now develop this further,” Goyal noted.
The discussions took place during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Investment Authority (ADIA).
Goyal said new opportunities for collaboration are being examined in maritime, defence, aerospace and space. He also pointed out that trade in local currencies is gaining traction, reducing costs and simplifying operations.
India and the UAE have identified key sectors to expand trade, including textiles, home décor, leather, food processing, fisheries and pharmaceuticals. With the UAE acting as a hub for Gulf, African and Central Asian markets, India sees significant potential to grow its exports.
On investments, Goyal said the UAE has expressed interest in India’s stock markets, while ADIA remains committed to expanding its portfolio in infrastructure, manufacturing and services. Talks with other sovereign wealth funds are also underway.
Bharat Mart, a global B2B and B2C marketplace being developed with DP World in Dubai, is expected to be ready in 1.6 to 2 years on a 20,000–25,000 sq ft site.
Goyal also confirmed that an Indian Institute of Foreign Trade (IIFT) campus will soon open in Dubai, following IIT and IIM campuses.
Additionally, India has posted an Income Tax officer in its UAE embassy to fast-track exchange of financial information.
Work on enabling UPI-based remittances in the UAE is progressing rapidly, he said. Currently, around 4.2 million Indians live in the UAE, nearly double the number a decade ago.
