India-uae-not oil trade is $ 100 billion under CEPA; Goyal calls ties a global model of wealth | Today news

New Delhi: With bilateral trade between India and the UAE accelerating under the comprehensive Economic Partnership Agreement (CEPA), the trade union trafficking and the Minister of Industry Piyush Goyal on Monday said the two nations were on track to reach their ambitious $ 100 billion target and the ratio of a “model of wealth. Goyal spoke at the Dubai-India Business Forum in Mumbai and described the surge in trade and investment as a sign of strategic maturity in ties and urged businesses from both countries to draw up collaboration in sectors. “The UAE helps to form India’s journey to a developed nation,” he said, with an emphasis on the growing width of the economic and cultural partnership. Read also | India, EU, with a view to a mutually beneficial FTA: Piyush Goyal The agreement, which was signed in February 2022 and enforced from May that year, significantly increased the merchandise of the merchandise. According to the Ministry of Trade, trade in bilateral goods has almost doubled from $ 43.3 billion in FY21 to $ 83.7 billion in FY24. Non-oil exports alone touched $ 27.4 billion in 2023–24, which clocked a 25.6% growth rate annually since CEPA came into effect. High-growth segments include electrical machinery, high-tech goods, organic chemicals and smartphones in-India exported more than $ 2.5 billion in cell phones to the UAE-last fiscal. Symbolic visit Monday’s event, organized by Dubai Chambers, saw the presence of Sheikh Hamdan Bin Mohammed Al Maktoum, Kroon Prince of Dubai, during his first official visit to India. Goyal calls the visit symbolically because it has been 100 years since the grandfather of Sheikh Hamdan, Sheikh Saeed, Mumbai visited – a nod to the historical depth of the relationship. “Mumbai and Dubai share a timeless band, and this visit confirms the strength of the relationship,” he said. The UAE not only emerged as an important trading partner, but also a critical ally in the broader strategic objectives of India. Goyal credited the close personal relationship between Premier Narendra Modi and UAE Leadership for the momentum in bilateral involvement. “In just two years, there were six high-level visits from each side-which was a reflection of how far we came,” he said. Read also | Govt confidently in the economic setback despite global challenges, says Piyush Goyal, the minister also acknowledged the support of the UAE in social and cultural spheres, including its role in building the funginarayan temple in Abu Dhabi and issuing more than two million Indians during the pandemic. “You looked after them like family,” he said. In addition to goods trading, the CEPA has caused new initiatives in education and innovation. Goyal pointed out the launch of an Indian Institute of Technology (IIT) campus in Dubai and said the plans are underway to open campuses of the Indian Institute of Management (IIM) and the Indian Institute of Foreign Trade (IIFT) as part of a deeper print in skills development. He also underlined the growing role of the UAE in India’s strategy for connectivity, logistics and Africa. “DP World has played an important role in reforming India’s logistical landscape,” Goyal notes and adds that partnerships will expand into physical and digital infrastructure. Looking ahead, he urged Indian and Emirati businesses to investigate unused opportunities in green hydrogen, fintech, AI, critical minerals, food security and even nuclear energy. “It’s just the tip of the iceberg,” he said. “With shared ambition and confidence, we can achieve much more.” Read also | Govt open for exploring alternative financing models for MSMEs: Piyush Goyal