India-UAE trade to cross $100 billion within two-three years

New Delhi: Trade Minister of the United Arab Emirates (UAE) Thani bin Ahmed Al Zeyoudi is on a visit to India. He had a discussion with Commerce Minister Piyush Goyal. At this time, India’s trade with the UAE will reach 100 billion dollars in the next two to three years, the Trade Minister of the UAE expressed belief. Moreover, Commerce Minister Piyush Goyal has said that India’s UPI payment system has become operational in the UAE and said that the cooperation between the two countries would reach new heights in the future.

India and the UAE attained a Comprehensive Economic Partnership Agreement (CEPA) on 1 May 2022. After that, the trade between the two countries seems to have gained momentum. Both countries had announced achieving the goal of bilateral trade of 100 billion dollars in the next five years. However, considering the momentum gained in trade between the two countries after the CEPA, the UAE Trade Minister expressed confidence that this 100 billion trade target will be reached before time.

In the next two to three years, the trade between India and the UAE can reach 100 billion dollars, said Trade Minister of the UAE, Thani bin Ahmed Al Zeyoudi. Currently, the share of fuel in the trade between the two countries is as much as 62%. But Al Zeyoudi believes that the CEPA will boost trade between the two countries in addition to fuel and that the situation will change in the next few years.