What Did Piyush Goyal Discuss With UAE Counterpart?

New Delhi, Aug 30 (NationPress) On Friday, Minister of Commerce and Industry Piyush Goyal had an important meeting with the visiting UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi. They engaged in discussions surrounding several significant matters involving both nations, particularly focusing on bilateral trade, while reiterating their commitment to enhance the India-UAE partnership.

Piyush Goyal took to X to express: "It was an honor to welcome H.E. Dr. @ThaniAlZeyoudi, the UAE’s Minister of Foreign Trade, and I congratulated him on his new position. Our talks were centered on expanding bilateral trade and investment in essential sectors like infrastructure, energy, and technology. We reaffirmed our mutual dedication to strengthening the India-UAE relationship and exploring new growth opportunities together."

This visit from the UAE Minister is particularly significant as India aims to diversify its trading partnerships to mitigate the effects of US tariffs. The UAE stands as one of India's leading trading partners.

Although detailed information about the discussions was not immediately available, sources indicate that the talks are likely to build on the robust economic ties established under the Comprehensive Economic Partnership Agreement (CEPA).

The CEPA has now been in effect for three years since its signing on February 18, 2022.

An official statement highlights that the CEPA is a comprehensive agreement signed during a virtual summit between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE and Ruler of Abu Dhabi. It came into effect on May 1, 2022.

Since the implementation of the CEPA, bilateral trade in goods has almost doubled from $43.3 billion in FY 2020-21 to $83.7 billion in 2023-24.

For the current fiscal year up until January 2025, the trade reached $80.5 billion. The CEPA has effectively realized its potential for trade diversification, with non-oil trade hitting $57.8 billion in FY 2023-24, making up over half of the total trade.

In terms of India’s exports, non-oil exports reached $27.4 billion in FY 2023-24, demonstrating an average growth of 25.6% since the CEPA came into effect.

Sector-wise, apart from refined crude oil and gems and jewellery, significant contributors include electrical machinery, light and medium high technology goods like boilers, generators, and reactors, along with organic and inorganic chemicals. Additionally, smartphones have emerged as a key export item, with shipments valued at $2.57 billion directed towards the UAE during FY 2023-24.