Dubai — To double two-way non-oil and non-precious metal trade between India and the UAE to $100 billion in the next three or four years is "absolutely achievable," Indian Prime Minister Narendra Modi Economic Advisory Council member Professor Gaurav Vallabh claimed.
Addressing the Future Food 2025 conference in Dubai, Vallabh said that the milestone is a testament to the robust bilateral relationship, the presence of India's diaspora in the UAE, and the common vision presented under the Global South framework. "CEPA was just the beginning, the removal of tariff barriers opens the door, but frictions other than tariffs need to be resolved all the time. Both nations are committed, and I am certain we will achieve this $100 billion target," he added.
Signed in 2022, the Comprehensive Economic Partnership Agreement (CEPA) has already enhanced trade flows. Vallabh emphasized, nonetheless, that "cutting tariffs alone won't get us where we need to go," and calling for the establishment of an empowered group to address issues in real time.
Future-looking, Vallabh identified three sectors as key to fuelling growth: food and agriculture, technology, and tourism. He pointed to the UAE's $2 billion investment in food parks in India, the possibilities of collaboration in AI and robotics, and complementary strengths between India's tourism sector and the UAE's global position.
He further stated that increasing trade is most in accordance with both India's Viksit Bharat 2047 vision and the UAE's Vision 2031 strategy. With India set to become the third-largest economy in the world by 2028, Vallabh insisted that building the trade partnership would not only be in the interest of both nations but also be a model for cooperation throughout the Global South.
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