Big trade boost: India, UAE aim to double bilateral non-oil, non-precious metal trade to $100 billion; what’s on the agenda

India and the UAE are looking to reach a figure of $100 billion trade in non-oil and non-precious metal segments – double from the levels right now. The plan has been outlined to achieve the target in the next three to four years. Commerce Minister Piyush Goyal on Thursday said that both nations have reached an agreement to collaborate on infrastructure development projects in other countries.Currently, the bilateral trade excluding oil and precious metals amounts to $50-55 billion. “We have set a new target to double bilateral trade in non-oil and non-precious metals to $100 billion in the next 3-4 years,” Goyal said according to an ET report.During his two-day visit to the UAE, Goyal is co-chairing the 13th India-UAE High-Level Task Force on Investments (HLTFI) with Sheikh Hamed bin Zayed Al Nahyan, who serves as the MD of Abu Dhabi Investment Authority.

India-UAE Trade Outlook

The bilateral non-oil trade in the first half of 2025 reached approximately $38 billion, showing a 34% rise compared to the first half of 2024.The minister indicated that the emirates expressed significant interest in stock market investments and both countries agreed to jointly develop infrastructure projects, including housing initiatives, in third countries.The UAE currently holds the position of seventh largest investor in India.“We’ve established plans to explore investment opportunities in Africa and the GCC regions across various sectors, particularly infrastructure, by combining UAE’s financial capabilities with India’s workforce expertise,” he stated.The bilateral trade between India and UAE has experienced significant growth following the implementation of CEPA in May 2022, with merchandise trade rising to $83.7 billion in FY24 from $43.3 billion in FY21.“UPl’s establishment in the UAE is progressing well, with remittances expected to commence shortly,” he indicated, noting that discussions expanded to include defence and aerospace sectors, with UAE expressing interest in Indian space technology.Goyal noted the resolution of the income tax officer posting: “Following my mention at the last HLTFI, the UAE swiftly approved the placement of an income tax officer within our embassy, facilitating faster financial information exchange. This exemplifies the strengthening bilateral relationship across multiple domains.”The ministerial delegation, comprising over 70 representatives, aims to boost exports in sectors including textiles, home decor, fisheries, leather, food processing and pharmaceuticals.“There’s no competition between our two countries. We support each other. We’ve selected some areas this time to focus on expanding trade to Africa, Europe and Gulf countries,” he said.Goyal announced that Bharat Mart would commence operations in the UAE by 2027. The facility, comparable to China’s Dragon Mart, will serve as a centralised showcase for Indian exporters in the UAE. “The first phase has a 22-25 lakh sq ft showroom… it’s a strategic location,” said Goyal.