India and the UAE are on track to achieve $100 billion in non-oil trade, Union Commerce and Industry Minister Piyush Goyal said on Tuesday.
Speaking at the Dubai-India Business Forum in Mumbai, Goyal highlighted the deepening strategic partnership between the two nations and described the Comprehensive Economic Partnership Agreement (CEPA) as “a defining moment” in bilateral ties.
“Our goal to take non-oil trade to $100 billion is within reach. The speed and scale at which our partnership is growing is truly inspiring,” he said.
The forum, organised by Dubai Chambers, was attended by Dubai Crown Prince Sheikh Hamdan bin Mohammed Al Maktoum, who is on a two-day official visit to India.
Goyal lauded the UAE’s pivotal role in India’s outreach to Africa and acknowledged the impact of investments in logistics and digital infrastructure. He particularly appreciated DP World’s contribution to India’s logistics ecosystem transformation.
Describing the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE as a “defining moment,” Goyal expressed confidence that the goal of achieving $100 billion in non-oil trade is within reach.
On the education front, he announced ongoing efforts to deepen academic collaboration. “After the launch of an IIT campus in Dubai, we are now planning to establish campuses of the Indian Institute of Management and Indian Institute of Foreign Trade,” he said.
He also thanked the UAE for its support to the Indian diaspora, especially during the COVID-19 pandemic. “Over 2 million Indians call the UAE home, and you have cared for them like your own family,” he added.
Quoting Prime Minister Narendra Modi, Goyal said, “India is not just a workforce, we are a world force.” He noted that India is on track to become the fourth-largest economy by 2025 and the third-largest by 2027, with ambitions to reach a $30-35 trillion economy by 2047.
Goyal invited greater investment and collaboration in emerging sectors such as nuclear energy, critical minerals, green hydrogen, fintech, food security, and advanced manufacturing. “This is just the tip of the iceberg. We have many mountains yet to climb,” he said, urging businesses from both countries to seize the opportunities ahead.
