India and the United Arab Emirates have set an ambitious goal to double their bilateral non-oil and non-precious metal trade to $100 billion within the next three to four years. The announcement was made by Indian Commerce and Industry Minister Piyush Goyal during his visit to co-chair the 13th India-UAE High-Level Task Force on Investments (HLTFI) with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority.
Expanding Trade and Investments
Current bilateral trade in these sectors stands at $50–55 billion. In the first half of 2025, trade reached nearly $38 billion, marking a 34% increase compared to the same period in 2024. Goyal confirmed that the UAE has also shown strong interest in large-scale investments in India’s stock markets. Both nations further agreed to jointly develop infrastructure projects in third countries, including Africa and the GCC, with a focus on housing and core sectors.
“The two sides have decided to work on modalities to invest in regions such as Africa and the GCC, leveraging the UAE’s investment strength and India’s talent pool,” Goyal said.
CEPA and Strategic Growth
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), effective since May 2022, has nearly doubled bilateral merchandise trade to $83.7 billion in FY24 from $43.3 billion in FY21. Goyal highlighted new areas of cooperation in defence, aerospace, and space technology. He also noted that Unified Payments Interface (UPI) has been established in the UAE, paving the way for remittances to flow more efficiently.
Additionally, the pending request to post an Indian income tax officer in the UAE has been approved, enabling smoother financial data exchange. “The relationship between the two countries is growing in various ways,” Goyal remarked.
Leading a 70-member business delegation, Goyal outlined plans to boost exports in textiles, home décor, fisheries, leather, food processing, and pharmaceuticals. He confirmed that Bharat Mart, India’s proposed warehousing facility in Dubai, will be operational by 2027. The first phase of the project will feature 22–25 lakh sq ft of showroom space, allowing Indian exporters to showcase products under one roof, similar to China’s Dragon Mart.
Education Collaboration
Strengthening academic ties, Goyal revealed that approvals have been secured for an Indian Institute of Foreign Trade (IIFT) campus at the Dubai Expo site. This follows the establishment of IIT and IIM campuses in the UAE, reinforcing the education partnership between the two countries.
With growing trade volumes, ambitious infrastructure projects, and strategic collaborations in technology and education, India and the UAE are reshaping their bilateral partnership. The $100 billion non-oil trade target underscores both nations’ shared vision of global economic influence and mutual growth.
