In a significant step toward deepening economic collaboration, India’s Union Minister of Commerce and Industry, Piyush Goyal, concluded a two-day visit to the United Arab Emirates (UAE) on September 19, 2025. The visit underscored the robust strategic partnership between the two nations, with a focus on expanding investments, trade, and cooperation across emerging sectors. Minister Goyal co-chaired the 13th Meeting of the India-UAE High-Level Joint Task Force on Investments and participated in the UAE-India Business Council Roundtable, engaging with key dignitaries, business leaders, and potential investors to explore new avenues for mutual growth.

The centerpiece of the visit was the 13th Meeting of the India-UAE High-Level Joint Task Force on Investments, held in Abu Dhabi on September 18, 2025, and co-chaired by Minister Goyal and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA). Senior officials from both governments, including representatives from India’s Department for Promotion of Industry and Internal Trade (DPIIT) and Ministry of External Affairs, as well as UAE’s Ministry of Finance, participated in the deliberations. The meeting reviewed progress in bilateral trade and investments, highlighting the positive impact of the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022. Non-oil bilateral trade surged to nearly US$38 billion in the first half of 2025, marking a 34% increase from the same period in 2024. Discussions emphasized enhancing investment flows and addressing investor challenges. Key topics included the integration of payment systems, bilateral trade in local currencies, and cooperation on Central Bank Digital Currencies (CBDCs), with both sides committing to swift implementation. The meeting also spotlighted joint projects like the Bharat Mart—a 2.7 million square feet trade complex in Dubai’s Jebel Ali Free Zone aimed at promoting Indian products globally—and explored opportunities in maritime and space sectors. At the UAE-India Business Council Roundtable, Minister Goyal engaged with UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, to discuss manufacturing, infrastructure, and potential joint ventures in third-country markets. Additional meetings with prominent UAE figures, including Sheikh Tahnoon bin Zayed Al Nahyan (Deputy Ruler of Abu Dhabi) and Mohamed Hassan Alsuwaidi (Minister of Investment), focused on energy security, advanced technologies such as artificial intelligence (AI), genomics, and data centers. UAE investors expressed keen interest in India’s startup ecosystem, logistics, banking, and fintech sectors, buoyed by India’s reforms for ease of doing business.

The visit yielded several tangible outcomes, reinforcing the Comprehensive Strategic Partnership between India and the UAE. Both nations agreed to jointly develop infrastructure projects in third countries, particularly in mining and housing, leveraging India’s technological expertise and the UAE’s investment capabilities. New sectors for trade expansion were identified, including textiles, fisheries, pharmaceuticals, leather and leather goods, home decor, and food processing. The Joint Task Force committed to resolving ongoing investor issues in a timely manner and advancing strategic initiatives like local currency settlements. Minister Goyal highlighted the potential for non-oil, non-gold bilateral trade to double to US$100 billion, emphasizing the role of CEPA in driving this growth. The discussions also paved the way for deeper collaboration in emerging areas like AI and genomics, with a shared vision for sustainable economic prosperity. Overall, the visit strengthened political, diplomatic, economic, and people-to-people ties, aligning with the UAE’s 2030 trade goals and India’s ambition to become a global economic powerhouse.

India and the UAE share a dynamic trade relationship, with the UAE ranking as India’s third-largest trading partner and second-largest export destination. Bilateral trade has shown resilience and growth, supported by CEPA, despite global economic challenges. Below is a detailed breakdown of trade figures for the last three fiscal years (April-March), based on official data from India’s Directorate General of Commercial Intelligence and Statistics (DGCI&S). All figures are in US$ million. In fiscal year 2021-22, India’s exports to UAE were 28,044.91, India’s imports from UAE were 44,833.92, and total bilateral trade was 72,878.83. In 2022-23, exports were 31,608.82, imports 53,232.42, and total trade 84,841.24. In 2023-24, exports were 35,625.19, imports 48,018.10, and total trade 83,643.29. The trade basket between India and the UAE is dominated by energy products, precious metals, and high-value goods. Key trends show increasing diversification beyond oil and gold. Major exports from India to UAE include petroleum products, which are consistently the top export, with shares ranging from 18.93% in 2023-24 to 25.48% in 2022-23, and values of US$5,721.32 million in 2021-22, US$8,055.35 million in 2022-23, and US$6,744.52 million in 2023-24. Gold and other precious metal jewelry are growing significantly, with shares from 9.98% to 15.88%, and values of US$2,799.46 million in 2021-22, US$3,219.90 million in 2022-23, and US$5,658.71 million in 2023-24. Telecom instruments and broadcasting equipment are a key high-tech export, with shares around 7-8%, and values of US$2,116.17 million in 2021-22, US$2,708.40 million in 2022-23, and US$2,661.44 million in 2023-24. Other notable exports include gems and jewellery, food items such as cereals, sugar, fruits, and vegetables, textiles, chemicals, and engineering goods. Major imports from UAE to India include pearls, precious, and semi-precious stones, which are the leading import, with shares from 19.06% to 22.06%, and values of US$9,890.45 million in 2021-22, US$10,148.57 million in 2022-23, and US$9,356.29 million in 2023-24. Petroleum crude is fluctuating but significant, with shares from 18.66% to 31.64%, and values of US$12,304.83 million in 2021-22, US$16,840.67 million in 2022-23, and US$8,958.44 million in 2023-24. Petroleum products are a steady contributor, with shares around 17-19%, and values of US$7,859.82 million in 2021-22, US$10,209.10 million in 2022-23, and US$8,216.23 million in 2023-24. Other imports include minerals, metals, and chemicals. Trade volumes peaked in 2022-23, driven by higher energy prices, before stabilizing in 2023-24. Early data for 2024-25 indicates continued growth, with exports exceeding US$36.63 billion and total trade reaching US$100.06 billion as of mid-year.

Minister Goyal’s visit stands as a beacon of the unbreakable bond between India and the UAE, igniting a shared passion for innovation, growth, and transformative progress. Through trailblazing initiatives like CEPA and the Joint Task Force, this partnership is not merely evolving—it’s soaring toward unprecedented heights, unlocking boundless opportunities for deeper engagement, monumental investments, and vibrant business ecosystems. As these two dynamic nations boldly confront global uncertainties, their synergistic collaboration in third countries and cutting-edge technologies like AI and genomics promises to redefine international alliances, inspiring the world with a blueprint for unity, resilience, and enduring success. Together, India and the UAE are not just building economies—they are crafting a legacy of hope, empowerment, and infinite potential for generations to come.