India, UAE In Talks To Expand Trade To USD 100 Billion: Piyush Goyal

Union minister for commerce and industry, Piyush Goyal said on Thursday that India and the United Arab Emirates (UAE) are aiming to expand the bilateral trade to make it USD 100 billion.

Speaking at the meeting with top business leaders from India and UAE hosted by the Abu Dhabi Chamber said, "Basic foundation on which I believe we are looking to expand the trade between our two countries, significantly, at least to make it USD 100 billion, very quickly."

Goyal co-chaired the 11th meeting of the India-UAE high-level joint task force to boost investments between the two countries, which saw the signing of several MoUs in different sectors.

Goyal at the meeting said, "I'm very convinced that the incredible love and affection that the people of India and the people of the UAE have for each other, the immense contribution that businesses are making to further strengthen this geopolitical strategic partnership is going to truly make this that defining partnership and brotherhood..."

"Clearly, India is a vibrant nation, on the move to become an economic powerhouse. Today the fifth largest economy in the world...It was only nine years ago, that we were a fragile five economy, amongst the weakest five economies in the world. Today as I stand before you, we are amongst the top five economies, the fifth largest GDP. In the next four years, we expect to become the world's third largest GDP," he added.

Goyal held a meeting with the India-UAE Business Council (UAE Chapter) delegation along with Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, UAE.

"With the UAE being our second largest export destination, our third largest trade partner, our fourth largest investor in terms of foreign direct investment. The Comprehensive Economic Partnership being the very first partnership that the UAE executed or entered into with any country in the world, bilaterally. All of this is in a way, the foundation on which we are working together, we are both countries that share a very rich history, a very engaging past a past that represents heritage, culture and tradition. We both are countries with huge capabilities in the present...," Goyal added.

Earlier, while elaborating on UAE's interest in investment in India, Goyal said in the days ahead a significant flow of investments both in public markets and in the manufacturing and services sector will be witnessed adding, "even moon is not the limit."

Goyal told ANI, "While at one point in time, we would say the sky is the limit, I can say now even the moon is not the limit.

Also Read: India To Become $3 Trillion Economy "Very Soon": Piyush Goyal