India, UAE set eyes on $100-bn non-oil, non-precious metal trade

India and the UAE on Thursday set a target to increase non-oil and non-precious metal trade to $100 billion, Commerce and Industry Minister Piyush Goyal said.

He said both countries had achieved the target of $100 billion bilateral trade last year. “Today, we have set a target to do $100 billion trade in the next 3-4 years, excluding oil and gold-silver,” he said, adding that it would create numerous job opportunities to the million people and boost economic growth. Bilateral non-oil trade reached nearly $38 billion in the first half of 2025, marking a 34 per cent increase from the same period in 2024.

Goyal informed about the new bilateral trade target following the India-UAE Joint Task Force's 13th meeting in Abu Dhabi.

The meeting held discussions focused on ongoing and future collaborative projects, including the Bharat Mart, a 2.7 million sq ft complex in Dubai’s Jebal Ali Free Zone, designed to showcase Indian products globally. The task force also discussed opportunities in India’s maritime and space sectors.

The meeting was co-chaired by Goyal and managing director of the Abu Dhabi Investment Authority Sheikh Hamed bin Zayed Al Nahyan.

“Advancements in financial cooperation, such as integrating payment systems, enabling trade in local currencies, and collaborating on Central Bank Digital Currencies were also discussed with both sides commending the strong progress made to date while reiterating their commitment to finalising their implementation in the near future,” the Ministry of Commerce said in statement.

The Joint Task Force, established in 2013, continues to serve as a vital platform for fostering investment opportunities, resolving investor challenges, and promoting bilateral economic cooperation. The meeting reviewed significant progress in trade and investment, driven by the India-UAE Comprehensive Economic Partnership Agreement, implemented in May 2022.