India-UAE $100 Billion Trade Goal Feasible by 2030, says CII

India-UAE $100 Billion Trade Goal Feasible by 2030, says CII

R Dinesh, President of CII (Confederation of Indian Industry), is optimistic about achieving the ambitious USD 100 billion non-oil trade target between India and the UAE by 2030. He highlights the significant progress made since the implementation of the 2022 free trade agreement, which has propelled bilateral trade and investments, making the UAE India's leading non-oil trading partner.

Dinesh, attending the global investors' event 'Investopia' and bilateral meetings at the WTO Ministerial Conference, believes that the target is within reach based on recent developments. The comprehensive economic partnership agreement, covering various sectors like gems and jewelry, textiles, pharmaceuticals, and engineering products, provides duty-free access, fostering trade growth.

With bilateral trade already reaching USD 84.9 billion in 2022-23, Dinesh emphasizes India's vast consumer base and growing manufacturing capabilities as attractive markets for UAE goods. Conversely, the UAE's status as a global trade hub facilitates Indian exports to international markets.

Apart from crude oil, which constitutes a significant portion of bilateral trade, the agreement opens avenues for collaboration in services such as telecommunications, construction, education, finance, healthcare, tourism, and transport services.

FDI from the UAE to India has surged to USD 3.35 billion in 2022-23, providing opportunities for joint ventures and technology transfers, which can enhance production, diversification, and value addition.

Dinesh underscores the importance of streamlining logistics, promoting cross-border e-commerce, and supporting startups to further enhance trade dynamics. Collaboration in sustainable industrial development, technology transfer, and energy security presents promising opportunities for both countries.

Healthcare, education, and fintech collaboration, as demonstrated by the acceptance of the RuPay card in the UAE, are areas ripe for investment and partnership. Additionally, cooperation in energy security, particularly in green hydrogen and energy storage, is advantageous for India, given the UAE's role as a significant crude and LPG source.

The comments posted here are not from Cnews Live. Kindly refrain from using derogatory, personal, or obscene words in your comments.