India, UAE target to double non-oil, non-precious metal trade to $100 bn

ABU DHABI: India and the UAE have set a target to double bilateral trade in non-oil and non-precious metal to $100 billion over the next 3-4 years, Commerce and Industry Minister Piyush Goyal said on Thursday.

Currently, the bilateral trade in non-oil and non-precious metals stands at about $50-55 billion. The minister also said both sides have decided to work on modalities to invest in regions, such as Africa and the GCC (Gulf Cooperation Council), in various sectors like infrastructure, by leveraging the UAE’s investment strength and India’s talent pool.

These issues were discussed during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments here. It was co-chaired by visiting Goyal and Sheikh Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Investment Authority.

“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 told reporters here. He said both sides also explored new frontiers for investment and collaboration, especially in the maritime, defence, aerospace, and space sectors to drive mutual growth.

He added that trade in local currencies is also on the rise. The trade in local currencies cuts transactions cost for traders and promotes ease of operations. Goyal is leading a 70-member business delegation here.