Union Minister of Commerce and Industry, Piyush Goyal, embarked on a significant two-day visit to the United Arab Emirates from September 18-19, 2025, to co-chair the 13th India-UAE High Level Task Force on Investments (HLJTFI). This crucial diplomatic mission aims to review and enhance the India-UAE bilateral trade agreement, marking a pivotal moment in strengthening economic cooperation between both nations.
The visit sees Minister Goyal collaborating with Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), demonstrating the high-level commitment both countries maintain toward advancing their economic partnership. The timing of this visit underscores the urgency and importance placed on accelerating trade relations under the existing framework.
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Comprehensive Review of Trade Agreement Progress
The primary objective of this ministerial visit centres on evaluating the progress made under the India-UAE bilateral trade agreement, specifically the Comprehensive Economic Partnership Agreement (CEPA). The CEPA was signed on February 18, 2022, and entered into force on May 1, 2022, establishing a robust foundation for enhanced economic cooperation between the two nations.
Bilateral trade reached $85 billion in 2024, driven by the Comprehensive Economic Partnership Agreement signed in 2022. This remarkable achievement demonstrates the effectiveness of the India-UAE bilateral trade agreement in facilitating increased commercial exchanges and investment flows between both countries.
The review process encompasses multiple dimensions of the trade relationship, including assessment of tariff reductions, non-tariff barriers elimination, and the implementation of various provisions outlined in the original agreement. This comprehensive evaluation ensures that the India-UAE bilateral trade agreement continues to deliver tangible benefits for businesses and economies on both sides.
Ambitious Trade Targets and Future Projections
The meeting reaffirmed the shared vision of expanding bilateral trade towards the target of USD 100 billion non-oil, non-precious metals trade by 2030. This ambitious target reflects the tremendous potential inherent in the India-UAE bilateral trade agreement and the commitment of both governments to maximise its benefits.
The focus on non-oil and non-precious metals trade represents a strategic shift toward diversifying the economic relationship beyond traditional commodity exchanges. This approach strengthens the foundation of the India-UAE bilateral trade agreement by encouraging innovation, technology transfer, and value-added manufacturing cooperation.
From US$180 million annually in the 1970s, the bilateral trade has reached its highest level of US$100.06 billion in FY 2024-25. Today, the UAE ranks as India’s third-largest trading partner and second-largest export destination, with exports over US$36.63 billion in FY 2024-25. These statistics underscore the remarkable transformation achieved through sustained diplomatic efforts and the implementation of the India-UAE bilateral trade agreement.
Investment Opportunities and Sectoral Focus
Discussions will explore investment opportunities in priority areas such as maritime and space, indicating the forward-looking approach adopted in enhancing the India-UAE bilateral trade agreement. These emerging sectors represent significant growth potential and technological collaboration opportunities for both nations.
The maritime sector cooperation aligns with both countries’ strategic geographic positions and their roles in global shipping and logistics networks. Space technology collaboration reflects the growing importance of satellite communications, earth observation, and space exploration in driving economic development and innovation.
Discussions included collaboration in emerging sectors such as renewable energy and digital infrastructure, further expanding the scope of the India-UAE bilateral trade agreement beyond traditional trade boundaries. These sectors represent the future of economic cooperation and sustainable development initiatives.
Strategic Importance of HLJTFI Framework
The 13th India-UAE High-Level Task Force on Investments serves as the primary mechanism for implementing and monitoring the India-UAE bilateral trade agreement. This institutional framework ensures continuous dialogue, problem-solving, and strategic planning between both governments and their respective business communities.
The HLJTFI meetings provide a platform for addressing implementation challenges, identifying new opportunities, and adapting the India-UAE bilateral trade agreement to changing global economic conditions. This adaptive approach ensures the agreement remains relevant and effective in achieving its intended objectives.
Regular high-level consultations through the HLJTFI framework demonstrate the political will and commitment necessary to maximise the benefits of the India-UAE bilateral trade agreement. These meetings facilitate direct communication between key decision-makers and enable rapid resolution of trade-related issues.
Banking and Financial Cooperation Enhancement
The ministerial visit addresses crucial aspects of financial cooperation that support the broader objectives of the India-UAE bilateral trade agreement. Banking sector collaboration facilitates trade financing, currency exchange mechanisms, and investment flows between both countries.
Enhanced financial cooperation reduces transaction costs for businesses operating under the India-UAE bilateral trade agreement framework. This improved efficiency encourages greater participation from small and medium enterprises, expanding the agreement’s impact across diverse economic sectors.
The development of robust financial infrastructure supports the long-term sustainability of trade growth targets outlined in the India-UAE bilateral trade agreement. These foundational improvements create conditions for sustained economic partnership expansion.
Conclusion: Strengthening Economic Partnership
Minister Piyush Goyal’s visit to the UAE represents a critical milestone in advancing the India-UAE bilateral trade agreement and deepening economic cooperation between the two nations. The comprehensive agenda addressing trade, investment, and financial cooperation demonstrates the multifaceted approach required for successful international economic partnerships.
The ambitious targets set for 2030 reflect confidence in the framework established by the India-UAE bilateral trade agreement and the commitment of both governments to achieve unprecedented levels of economic integration. This visit underscores the strategic significance of the India-UAE economic partnership in the global economy and sets the stage for continued growth and cooperation in the years to come.
