Mumbai: Indian authorities announced that India and the UAE have engaged in discussions aimed at deepening their Comprehensive Economic Partnership Agreement. This was revealed following a bilateral meeting in Mumbai between India's Minister of Commerce and Industry, Piyush Goyal, and the UAE's Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi.
According to Kuwait News Agency, the discussions focused on the importance of working closely in the current global scenario to enhance the bilateral economic partnership. The Indian minister emphasized the resilience and strengths of the Indian economy, and both sides expressed their commitment to collaborating with partners for mutual benefit.
The ministers reviewed the progress made under the Comprehensive Economic Partnership Agreement and reaffirmed their shared goal of expanding bilateral trade to achieve a target of USD 100 billion in non-oil and non-precious metals trade by 2030. Discussions also touched upon collaboration in emerging sectors such as renewable energy, digital infrastructure, supply chain resilience, and healthcare.
The Indian side applauded the formation of the Emirates Drug Establishment, recognizing its role in addressing concerns of Indian pharmaceutical companies. Both ministers agreed to address market access and regulatory issues to expedite resolutions.
Further, the Indian minister welcomed the UAE's increasing investments in India's infrastructure, logistics, and food processing sectors, appreciating Thani's leadership in advancing multilateral trade cooperation. Initiatives like the Local Currency Settlement System and Bharat Mart in the UAE were acknowledged as significant trade facilitators.
The meeting highlighted the India-UAE partnership as a pivotal alliance of the 21st century, characterized by innovation, sustainability, and shared prosperity. The UAE minister noted that despite global challenges, the partnership remains a resilient growth driver, with India now positioned as the world's fourth-largest economy and a technological and agricultural powerhouse, using the UAE as a strategic gateway to Africa, the Middle East, and Europe.