India and the United Arab Emirates are targeting $100 billion in trade by 2030, excluding oil and precious metals, India’s commerce ministry said in a statement on Monday. Union commerce and industry minister Piyush Goyal and the UAE’s minister of foreign trade, Dr. Thani bin Ahmed Al Zeyoudi were reviewing bilateral trade between the two countries under the Comprehensive Economic Partnership Agreement (CEPA) that came into effect in 2022.
Both Ministers emphasized the importance of working closely in the current global scenario to strengthen the bilateral economic partnership. Goyal highlighted the resilience and inherent strengths of the Indian economy which have enabled it to surge ahead during challenging times. In the pharma sector, key issues were discussed in light of evolving geopolitical challenges. Both sides exchanged views on ways to further facilitate trade in pharmaceuticals and healthcare products. The UAE side conveyed a positive outlook on expediting registration processes and regulatory facilitation, while the Indian side highlighted its openness and readiness for inspections and audits by UAE authorities. Discussions also focused on emerging opportunities in traditional medicine, with special emphasis on ayurvedic products under the India–UAE partnership.