In a significant development, India and the UAE have come together to set a lofty target of $100 billion in non-oil trade by 2030. The announcement of this ambitious goal reflects the shared commitment of both nations to deepen their economic partnership and explore new avenues for collaboration. The focus will be on diversifying their trade portfolio and expanding beyond the traditional oil sector.
To ensure the smooth implementation of this ambitious target, India and the UAE have taken concrete steps by establishing dedicated councils. These councils will play a crucial role in facilitating the implementation of a Free Trade Agreement (FTA) between the two countries. The FTA aims to reduce trade barriers, eliminate tariffs, and streamline customs procedures, creating a favorable business environment for both Indian and Emirati companies.
The establishment of these councils marks a significant milestone in the bilateral relations between India and the UAE. The move reflects a shared vision to strengthen economic ties and capitalize on the enormous potential that exists between the two countries. The UAE is one of India’s largest trading partners in the Gulf region, with bilateral trade reaching approximately $60 billion in 2021. With the new target of $100 billion by 2030, both nations are poised to witness a substantial increase in trade volumes.
The collaboration between India and the UAE extends beyond trade and commerce. The two countries have also been working together in sectors such as energy, infrastructure, tourism, and technology. The establishment of the councils will further bolster these efforts, enabling greater cooperation and exchange of expertise in various fields.
The enhanced economic partnership between India and the UAE is expected to bring several benefits to both countries. It will create new business opportunities, foster job creation, promote investment, and drive economic growth. Additionally, it will also strengthen people-to-people ties, as the exchange of goods and services will lead to increased cultural exchange and tourism between the two nations.
In conclusion, the joint target of achieving $100 billion in non-oil trade by 2030 demonstrates the commitment of India and the UAE to elevate their economic relationship to new heights. The establishment of dedicated councils to facilitate FTA implementation is a significant step towards realizing this goal. With a strong foundation of trade and cooperation, India and the UAE are poised to unlock immense potential and forge an even closer partnership in the years to come.