Indian industry leaders confident of India,UAE achieving target of increasing non-oil, non-precious metals trade to USD 100 billion

Abu Dhabi [UAE], September 20 (ANI): UAE is the gateway to the broader Middle Eastern and Gulf market and the decision of India and the UAE to increase their non-oil, non-precious metals trade to USD 100 billion over the next three years is a win-win situation for the two countries, Indian industry leaders said on Friday.

Manjul Pahwa, MD of Ralson Tyres, expressed confidence that the two countries will achieve the target of boosting non-oil, non-precious metals trade through pacts such as CEPA, the support of Commerce and Industry Minister Piyush Goyal and the vision Prime Minister Narendra Modi.

"I'm sure with the game-changing CEPA we will be able to not just achieve that and exceed that with Minister Goyal and his vision and the support that he provides and his team provides and also the vision and the charisma of Prime Minister Modi. We are ready to walk hand in hand and shoulder... I think when we look at trade, it has to be from both directions," he told ANI.

He was asked about the target to increase their non-oil, non-precious metals trade to USD 100 billion.

"I'm sure with the game-changing CEPA we will be able to not just achieve that and exceed that with Minister Goyal and his vision and the support that he provides and his team provides and also the vision and the charisma of Prime Minister Modi. We are ready to walk hand in hand and shoulder... I think when we look at trade, it has to be from both directions," Manjul Pahwa told ANI.

"When we look at the UAE specifically, it's an important provider of input materials, specifically petrochemicals. Secondly, it is also a large and important market, right? It is also a gateway to the broader Middle Eastern and Gulf market, as well as the African region. And finally, as we scale up, not just for India and the UAE, but also for the global stage, it will be an important provider of capital... It's something that we most certainly welcome, and we are very excited about... We are perhaps the largest exporter of commercial tyres to the US. However, I am confident that with Minister Goyal and his team at the helm, this is an issue that is short-term and will be solved very soon," he added.

Chairman and MD of Satyagiri Group, Dinesh Joshi said there is great potential, mainly in what India and the UAE have achieved.

"We are mainly into investments, but in the UAE, we are into the distribution and marketing and logistics for FMCG products, then personal care products and nutraceutical products. We are also investing in commercial real estate. We feel there is great potential, mainly in what India and the UAE have achieved," he said.

"After signing the CEPA in a very short period of time, we've already touched the $100 billion target. And in the next few years, what was announced yesterday at the high-level task force, Minister Piyush Goyal said that we should achieve the target of $100 billion without the gem and jewellery and the oil exports. And I think it definitely can be done," he added.

India and the UAE have decided to increase their non-oil, non-precious metals trade to USD 100 billion over the next three years, Union Minister Piyush Goyal said on Wednesday at a press conference in Abu Dhabi.

Speaking about the renewed goal, Goyal highlighted the progress made since the Comprehensive Economic Partnership Agreement (CEPA) was signed. "You'll be pleased to know that the goal we set at the time of the CEPA, the Comprehensive Economic Partnership Agreement, was to achieve USD100 billion in bilateral trade. Last year, we achieved USD 100 billion in bilateral trade in just three years," he said.

Building on this milestone, Goyal emphasised the new focus on diversifying trade beyond traditional sectors. "We've set a new goal today: both teams will work on achieving USD 100 billion in non-oil, non-precious metals trade," he added, signalling a shift toward expanding the breadth of economic engagement between the two countries.

The announcement was made alongside a large Indian business delegation, with representatives from the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), and the Associated Chambers of Commerce and Industry of India (ASSOCHAM).Goyal noted the significance of the group's size, stating, "A large business delegation from CII, FICCI, and ASSOCHAM has accompanied me. More than 70 people, and I don't think such a large delegation has ever come from India to the UAE. This demonstrates the interest in increasing trade and investment with the UAE."

Goyal underlined the cooperative relationship between India and the UAE, emphasising that there is "no competition between the two countries" but rather mutual support in expanding trade.

Goyal on Friday termed his visit to UAE "very constructive" and said the relationship between the two countries is poised for another big leap of faith in the coming years and the two countries are collaborating in a range of areas, including renewable energy, ship building and pharmaceuticals.

Goyal, who addressed a press conference on Friday, said a lot of the investments that are happening in UAE are also keeping the IMEC at the back of their planning process."It was a very constructive visit. I go back convinced that the relationship is poised for another big leap of faith in the years to come....We have reset our targets and are actively working to rapidly grow investments across various sectors. We are collaborating with the UAE in renewable energy, ship building, pharmaceuticals, retail and other sectors," he said

Answering a query, Goyal said India is open to free trade agreements with GCC countries."As of now, we are at an advanced stage of dialogue with Oman (on FTA), which should conclude soon. Some of the other countries have expressed an interest. Surely we are open to free trade agreements with other GCC (Gulf Cooperation Council) countries," he said.He also spoke of Bharat Mart, a 2.7 million square feet complex located in Jebal Ali Free Zone in the UAE."

Bharat Mart tendering has started and work is expected to start later this year. By early 2027, we expect to see Bharat Mart operational. 9000 plus companies have shown expression of interest in it," he said

.Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority ("ADIA"), co-chaired the latest meeting of the India-UAE High Level Joint Task Force on Investments in Abu Dhabi on Thursday.The Joint Task Force was established in 2013 as a key forum for strengthening economic ties between India and the UAE. Since its formation, it has provided an effective mechanism to discuss and promote opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues and challenges faced by investors of the two countries, seeking to bring these matters to a mutually beneficial conclusion. (ANI)

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