India-UAE Bilateral Trade Relationship Set For Transformation: Piyush Goyal

India and the UAE are poised to enter a new chapter of robust bilateral trade relations, with both nations ready to explore expanded business opportunities and partnerships. This was stated by Piyush Goyal, Union Commerce & Industry Minister, at the UAE-India Business Forum, supported by the Confederation of Indian Industry (CII). Goyal said that the transformation of UAE would be accompanied by a shift in the India-UAE trade relationship. The event was graced by the Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

Goyal emphasised that the UAE's forward-looking vision for the next 50 years aligns closely with Prime Minister Narendra Modi's vision for a prosperous India. He noted that the Comprehensive Economic Partnership Agreement (CEPA) between the two nations will usher in a new era of bilateral trade, fostering growth across sectors and setting the stage for innovative collaborations.

H.E. Dr Thani Al Zeyoudi, UAE's Minister of State for Foreign Trade, echoed this sentiment, describing the long-standing UAE-India relationship as one built on strong friendship and collaboration. “The CEPA agreement has significantly broadened the scope for new projects and opportunities, serving as a catalyst for innovation and economic growth,” he said during the inaugural session.

Sanjiv Puri, President of CII, highlighted the role of the newly established Invest India and CII offices in the UAE, stating that these institutions will enhance business and investment opportunities. He also cited food security as a critical area for potential cooperation. While the bilateral relationship between India and the UAE has grown stronger over the years, it has seen remarkable expansion since the implementation of CEPA, Puri added.

CII Director General, Chandrajit Banerjee, praised the impact of CEPA, calling it a transformative milestone in the India-UAE economic relationship. Banerjee pointed to vast opportunities for collaboration in sectors such as healthcare, biotechnology, renewable energy, and precision technology. He also emphasised how India can leverage UAE’s capital to enhance growth in pharmaceuticals, education, supply chains, and healthcare.

H.E. Abdalla Sultan Al Owais, Vice Chairman of the UAE Federation of Chambers of Commerce and Industry, noted the massive growth in air passenger traffic between India and the UAE as a clear indicator of expanding business opportunities. He underlined the need for a trained workforce to support the aviation industry, educational institutions, and increased demand for food supply chains, hospitality, and healthcare services.

Throughout the event, distinguished speakers discussed opportunities in various sectors, including healthcare and biotechnology, artificial intelligence and emerging technologies, agri-tech, logistics and supply chains, as well as renewable energy and sustainability.

The forum underscored the potential for continued cooperation and growth between India and the UAE, marking a promising future for both nations.