Earlier this week, India and the UAE agreed a goal to boost non-oil trade from USD 48 billion to USD 100 billion by 2030.
In the inaugural meeting of the Joint Committee of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the target of USD 100 billion in non-oil trade was established.
The agreement went into effect on May 1 of the previous year.
“We have a mutually agreed (for a) target of USD 100 billion bilateral trade by 2030,” Piyush Goyal, the minister of commerce and industry, told reporters following the meeting.
The oil trade will not be included in the $100 billion goal.
Additionally, it was decided to form a few councils and subcommittees.
It was also determined at the meeting to form a new subcommittee to address concerns about the trade of services.
An India-UAE CEPA council would be established, according to Goyal, to help the agreement’s implementation even further.