Currently, the bilateral trade in non-oil and non-precious metals stands at about $50-55 billion

PTI Abu Dhabi

India and the UAE have set a target to double bilateral trade in non-oil and non-precious metal to USD 100 billion over the next 3-4 years, Commerce and Industry Minister Piyush Goyal said on Thursday. Currently, the bilateral trade in non-oil and non-precious metals stands at about USD 50-55 billion.

The minister also said both sides have decided to work on modalities to invest in regions, such as Africa and the GCC (Gulf Cooperation Council), in various sectors like infrastructure, by leveraging the UAE's investment strength and India's talent pool.

"On this, today, we did conceptual discussions. What will be the modalities, who all can be involved from public and private sectors, which countries we need to focus...both sides will develop this," Goyal said. There is a huge demand for housing in Australia and New Zealand.

These issues were discussed during the 13th meeting of the India-UAE High-Level Joint Task Force on Investments here. It was co-chaired by visiting Goyal and Sheikh Hamed bin Zayed Al Nahyan, MD of Abu Dhabi Investment Authority (ADIA).

"We have set a new target to double bilateral trade in non-oil and non-precious metals to USD 100 billion in the next 3-4 years," Goyal told reporters here. He said both sides also explored new frontiers for investment and collaboration, especially in the maritime, defence, aerospace, and space sectors to drive mutual growth. 

He added that trade in local currencies is also on the rise. The trade in local currencies cuts transactions cost for traders and promotes ease of operations. Goyal is leading a 70-member business delegation here. He said India and the UAE have identified sectors such as home decor, textiles, fishery, leather and leather products, food processing and pharma to boost trade.