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India and the United Arab Emirates have set a target to raise their non-oil, non-precious metals trade to $100 billion within the next three years, Union Commerce and Industry Minister Piyush Goyal said on Wednesday. Speaking at a press conference in Abu Dhabi, Goyal highlighted that the announcement builds on the progress made under the Comprehensive Economic Partnership Agreement (CEPA), ANI reported.

The minister noted that the CEPA, signed in 2022 had originally aimed to achieve $100 billion in bilateral trade over five years. "We achieved that milestone in just three years," Goyal said. He added that the fresh target shifts the focus towards diversifying trade beyond oil and precious metals.

Goyal was accompanied by a 70-member business delegation representing industry bodies such as the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). "I don't think such a large delegation has ever come from India to the UAE. This demonstrates the strong interest in increasing trade and investment," he said. Highlighting the areas of cooperation, the minister listed textiles, home decor, fisheries, leather goods, food processing and pharmaceuticals as priority sectors. He stressed that the two economies complement each other rather than compete.

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The UAE is now India's fifth-largest source of foreign direct investment (FDI), according to Goyal. He added that talks are under way to boost foreign institutional investment (FII) from the UAE into Indian markets. He also credited reforms introduced by Prime Minister Narendra Modi - including decriminalisation of business laws, reduction of compliance burdens and scrapping of outdated regulations for boosting investor confidence.

Goyal said cultural and technological collaboration would further deepen ties between the two nations. He also noted the rise in Indian workers in the UAE. "Ten years ago, 2.2 million Indians were employed in the UAE. Today, that number is about 4.2 million. This shows the vast opportunities here for our talented and skilled people, including professionals like chartered accountants, engineers and technologists," he said. Quoting Prime Minister Modi, Goyal said the India-UAE relationship is evolving into a "role model for the world". "As India moves towards becoming a developed nation, the UAE will remain our trusted partner in this journey," he added.

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