India, UAE aim to double non-oil trade to $100 billion in 3–4 years

Abu Dhabi: India and the United Arab Emirates have agreed to double their bilateral trade in non-oil and non-precious metals to $100 billion within the next three to four years, Commerce and Industry Minister Piyush Goyal said on Thursday.

Currently, trade in this segment is valued at around $50–55 billion.

The decision was announced following 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, Managing Director of the Abu Dhabi Investment Authority.

“We have set a new target to double bilateral trade in non-oil and non-precious metals to $100 billion in the next 3–4 years,” Goyal told reporters.

The discussions also covered plans to jointly invest in third-country regions such as Africa and the Gulf Cooperation Council (GCC), focusing on infrastructure development. According to Goyal, the strategy aims to leverage the UAE’s investment capacity and India’s skilled talent pool.

Both sides also explored opportunities for collaboration in maritime, defence, aerospace, and space technologies.

Goyal noted that trade in local currencies between the two countries is steadily increasing, reducing transaction costs and making cross-border trade easier.

The minister is leading a 70-member business delegation during his visit to the UAE.