NEW DELHI: The central banks of India and the UAE are in discussion on trade deal in local currencies under the comprehensive economic partnership agreement (CEPA), commerce minister Piyush Goyal said on Monday.
Meanwhile, he said both countries are looking at $100 billion in bilateral trade without including petroleum products by 2030. Speaking after the first meeting of the joint committee here, he said India’s exports to the UAE recorded a remarkable growth of 12%, reaching $31.6 billion in 2022-2023.
“Both countries have made significant progress on this issue. The central banks are in talks and our finance ministry is very supportive…given the high-level engagement of both sides given the active pursuit of working together, not only on a rupee-dirham trade but also other digital technologies will become a part of the UAE-India framework,” Goyal said. “In the coming months we will await for final outcomes very soon,” he added.
“We are willing to address any challenge you may face in a fast track manner, be it sustainability, volatility, uncertainties of the Ukraine conflict,” Goyal said. “We will soon see Abu Dhabi Investment Authority set up in the Gift City. Most of the glitches and questions and issues have been resolved which will accelerate the inward investment coming into India,” Goyal added. A growing number of investors from the UAE are ready to invest in India’s energy, emerging technologies, food and health, food and security, defence etc, as per Goyal.
The minister while quoting a Bloomberg report said the UAE and India have zero chances of recession. He said India will grow from a $3.5 trillion economy to a $35 trillion economy in 25 years. “We would like to see this CEPA play an important role in this whole journey of 25 years. We are two economies that complement each other,” Goyal stated.