Indian minister eyes $250b UAE-India trade by 2030

Piyush Goyal, Minister of Commerce and Industry said that the Comprehensive Economic Partnership Agreement (CEPA) signed last month between the UAE and India, to be operationalised on May 1, 2022, will be a key enabler in achieving the $1 trillion goods exports target by 2030.

The free trade agreement between India and the UAE has opened huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030, the minister said on the sidelines of the inauguration of the India Jewellery Exposition Centre (IJEX) in Dubai on Tuesday.

IJEX, an initiative of GJEPC - the apex body of the gem & jewellery trade in India - is designed as a one-stop destination for the world to source Indian jewellery in Dubai.

The minister said that India is looking at increasing exports in goods and services to $2 trillion and the UAE would play a key role in achieving that target. India’s exports would cross $410 billion by end of this fiscal ending March 31, 2022. Services exports are also doing great and these may reach $250 billion by end of the current fiscal.

He urged the jewellery industry to see how the target can be achieved regarding policies by the Centre and global players to persuade the market.