India and the UAE are looking to double bilateral trade in non-oil and non-precious metal sectors to USD 100 billion over the next 3-4 years, said Commerce and Industry Minister, Piyush Goyal, on Thursday.
In Abu Dhabi, where Goyal had travelled with a 70-member business delegation to attend the 13th meeting of the India-UAE High-Level Joint Task Force on Investments, the minister said the two sides had discussed ways to explore new frontiers for investment and collaboration in the maritime, defense, aerospace, and space segments to drive mutual growth.
"We have set a new target to double bilateral trade in non-oil and non-precious metals to USD 100 billion in the next 3-4 years," Goyal told reporters.
Currently, bilateral trade in non-oil and non-precious metals stands between India and the UAE stands at about USD 50-55 billion.
The minister had also co-chaired the meeting with Sheikh Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Investment Authority.
Also Read: Goyal to discuss trade, investment, bank matters during UAE visit
Saying trade in local currencies is on the rise, Goyal said it helps cut transactions cost for traders and promotes ease of operations. He also added that both sides had decided to work on modalities to invest in regions such as Africa and the GCC (Gulf Cooperation Council) in sectors like infrastructure by leveraging the UAE's investment strength and India's talent pool.
India-US talks “progressing in the right direction”
The Union Minister for Commerce and Industry said US-India trade talks, which were reinitiated only recently, were moving in the “right direction” and that the two countries are “natural partners”.
"Talks are moving positively... it's moving in right direction... India and the US are natural partners... Talks are making good progress and in right direction," Goyal told reporters on Thursday.
After a long stalemate followed by hiked tariff imposition by US President Donald Trump on India’s imports, things seem to have warmed between Trump and India’s Prime Minister Narendra Modi after the two exchanged warm compliments via social media.
On September 16, Assistant US Trade Representative for South and Central Asia, Brendan Lynch, travelled to New Delhi on an “informal” visit to discuss ways to get back on the negotiation table.
"Negotiations are going on, and we look at it as a situation. It's not a friction. America is our trusted partner," Goyal said.
The commerce ministry stated later that the day-long discussions with the visiting US team on the bilateral trade deal were “positive” with both sides agreeing to push for an “early and mutually beneficial conclusion of the agreement”.
"It was decided to intensify efforts to achieve early conclusion of a mutually-beneficial trade agreement," the ministry said after a seven-hour meeting with US officials was concluded.
This was the first visit by a high-ranking US trade official after the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market.
In February, leaders of the two countries had directed officials to negotiate a proposed Bilateral Trade Agreement (BTA), the first tranche of which they hoped would conclude by fall of 2025. While five rounds of negotiations were held, the sixth round slated for August was called off following the imposition of the high import duties that America said were “penalty” for buying Russia crude oil.
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