India-UAE non-oil trade target of USD 100 billion by 2030 ambitious, but achievable: CII President

The target of USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President R Dinesh said on Sunday.

He said that the free trade agreement between India and the UAE, which was implemented in May 2022, has resulted in a surge in bilateral trade and investments.

Dinesh was here to participate in global investors’ event ‘Investopia’ and various bilateral meetings, including with many participants at the WTO (World Trade Organisation) Ministerial Conference.

“The target to achieve USD 100 billion in non-oil trade between India and UAE is ambitious but I do believe that it is achievable and recent developments are encouraging in this regard,” the CII president told PTI here.

He said that the agreement, officially dubbed as comprehensive economic partnership agreement, covers duty-free access to all labour-intensive sectors such as gems and jewellery, textiles and apparel, leather, pharmaceuticals, medical devices, and many engineering products.

The bilateral trade has already touched USD 84.9 billion in 2022-23, and India is now the UAE’s top non-oil trading partner.

“India’s vast consumer base and growing manufacturing capabilities offer an attractive market for UAE goods, while the UAE’s status as a global trade hub facilitates Indian export access to international markets,” he said.

The UAE is a major supplier of crude oil to India. Oil shipments account for a major share of bilateral trade between the countries.