India, UAE target doubling bilateral trade to $200 billion by 2032

New Delhi, Jan 19 (IANS) Prime Minister Narendra Modi and the United Arab Emirates (UAE) President, Sheikh Mohamed bin Zayed Al Nahyan, on Monday, decided to double India-UAE bilateral trade to $200 billion by 2032, according to a joint statement issued on Monday after a meeting held here.

The two leaders welcomed the robust growth in trade and economic cooperation since the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022 and noted the rapid growth of bilateral trade, which reached $100 billion in FY 2024-25, the statement said.

The two leaders endorsed the outcomes of the 13th High-Level Task Force on Investments held in September 2025, and the 16th India-UAE Joint Commission Meeting and 5th Strategic Dialogue held in December 2025.

They directed their teams to work towards connecting Micro, Small and Medium Sector Enterprises (MSMEs) on both sides.

In this context, they called for the expeditious implementation of key initiatives, such as the 'Bharat Mart', the 'Virtual Trade Corridor' and the 'Bharat-Africa Setu' to promote MSME products across the Middle East, West Asia, Africa and the Eurasia region.

The leaders expressed satisfaction that the Bilateral Investment Treaty signed in 2024 has further strengthened investment flows across multiple sectors in both countries.

They also welcomed discussions on a potential UAE partnership for the development of the Special Investment Region in Dholera, Gujarat.

The envisioned partnership would include the development of key strategic infrastructure, including an international airport, a pilot training school, a maintenance, repair and overhaul (MRO) facility, a greenfield port, a smart urban township, railway connectivity, and energy infrastructure.

Highlighting the success of the first National Investment and Infrastructure Fund (NIIF) Infrastructure Fund, Prime Minister Modi invited UAE sovereign wealth funds to consider participation in the second Infrastructure Fund, scheduled for launch in 2026.

The two leaders welcomed the establishment of DP World and First Abu Dhabi Bank (FAB) branches in GIFT City (Gujarat International Finance Tec-City), reinforcing its emergence as a leading international financial center.

FAB's GIFT City branch will act as a key bridge, connecting Indian corporates and investors to its expertise and global network across the Gulf Cooperation Council and Middle East and North Africa markets.

Both sides reaffirmed their strong commitment to enhancing the UAE–India cooperation in food security, recognising its strategic importance in ensuring sustainable supply chains and long-term resilience.

They underscored the role of public-private partnerships, innovation and knowledge exchange in advancing sustainable agriculture and enhancing national food resilience in line with the national priorities of both countries.

The two leaders expressed satisfaction with the strength of the bilateral energy partnership and underscored the UAE's contribution to India's energy security.

They welcomed signing a 10-year LNG Supply Agreement between Hindustan Petroleum Corporation Limited (HPCL) and ADNOC Gas for the delivery of 0.5 million tonnes per year of liquefied natural gas, beginning in 2028.

"The two sides agreed to explore partnership in advanced nuclear technologies, including development and deployment of large nuclear reactors and Small Modular Reactors (SMRs), as well as cooperation in advanced reactor systems, nuclear power plant operations and maintenance and nuclear safety," the statement SAID.

The two leaders appreciated the deepening financial sector cooperation between the two countries.

They directed their teams to work towards interlinking the national payment platforms to enable efficient, fast and cost-effective cross-border payments.

The two leaders agreed to deepen cooperation in space sector.

In this context, they welcomed the understanding reached to collaborate on a joint initiative aimed at driving commercialisation of the sector through the advancement of space sciences and technologies.

This initiative aims to produce an integrated space ecosystem with end-to-end infrastructure and a strong industrial base. It aims to enable India–UAE joint missions, expand global commercial services, create high-skilled employment and start-ups and strengthen bilateral investment through sustainable business models.

The two leaders also decided to strengthen collaboration in science and technology and innovation, especially in the areas of artificial intelligence (AI) and emerging technologies.

"Welcoming the decision to collaborate on the establishment of a supercomputing cluster in India, they also agreed to explore cooperation in setting up data centres in India," the statement added.

--IANS

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