India, UAE aspire to expand bilateral trade to $100 billion: Piyush Goyal

Business Thursday 11/January/2024 08:42 AM
India, UAE aspire to expand bilateral trade to $100 billion: Piyush Goyal

Ahmedabad: Union Commerce Minister Piyush Goyal said that India and UAE aspire to expand their bilateral trade to $100 billion.

While addressing the 'UAE India Business Summit' held at the 10th edition of Vibrant Gujarat Global Summit, the Minister underscored the multifaceted nature of the India-UAE partnership, encompassing collaborations in space exploration, security, education, and climate action.

Goyal said that both countries are looking for newer propositions from industry and business to further enhance their partnership.

He said bilateral trade has increased under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). He also highlighted key collaborations such as the India-Middle East-Europe economic corridor and initiatives to promote Rupay and facilitate direct trade between rupee and dirham.

He envisioned the India-UAE partnership as a defining alliance of the 21st century, rooted in shared history and aspirations for mutual progress.

Goyal acknowledged their pivotal roles in bolstering the UAE-India business relationship across various sectors, notably mentioning the plan to establish a Bharat Park in the Jebel Ali Free Zone under Sultan Ahmed bin Sulayem's guidance.

He expressed confidence that this initiative would open myriad opportunities for international trade between the two nations and beyond, significantly elevating India's global visibility.

Citing India's demographic advantage and its young, aspirational population, the Minister invited investors to participate in India's growth story, underscoring the nation's potential to offer substantial returns and contribute to the dreams and aspirations of its 1.4 billion people.

Earlier in the day, Prime Minister Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar.

The theme of this year's summit is 'Gateway to the Future' and includes the participation of 34 partner countries and 16 partner organisations.

The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions.