Both the sides were aiming for a bilateral trade (both goods and services) of $100 billion in the next five years from about $60 billion in the pre-pandemic year of FY20.

India and the UAE can go well beyond the target they have set under the recently-signed free trade agreement (FTA) and look for an annual bilateral trade of $250 billion by 2030, taking advantage of the window of opportunities opened by the pact, commerce and industry minister Piyush Goyal said on Tuesday.

Both the sides were aiming for a bilateral trade (both goods and services) of $100 billion in the next five years from about $60 billion in the pre-pandemic year of FY20. The India-UAE Comprehensive Economic Partnership Agreement (CEPA) will come into force on May 1.

Goyal said the top 5 sectors that will benefit the most from the FTA are gems and jewellery, textiles and leather products, pharmaceuticals, steel and petrochemicals.

He referred to the melt and pour agreement between India and the UAE and added that it would encourage investors set up steel plants in the UAE.

According to the pact, the UAE will allow as many as 99% of Indian goods (in value term) at zero duty in five years from about 90% in the first year. Similarly, India would allow duty-free access to 80% of goods from the UAE now and it would go up to 90% in 10 years.

Goyal exhorted the gems and jewellery industry to almost triple their annual exports target to $100 billion soon. Earlier, the Gem and Jewellery Export Promotion Council has said the country’s exports to the UAE will rise substantially to $10 billion soon on the back of the CEPA.

https://www.financialexpress.com/economy/india-uae-trade-can-potentially-hit-250-billion-by-2030-commerce-and-industry-minister-piyush-goyal/2475526/