Overview

• Commerce Minister Piyush Goyal and ADIA’s Sheikh Hamed bin Zayed co‑chaired the 13th High‑Level Joint Task Force on Investments, setting a $100 billion target for non‑oil, non‑precious metal trade within three to four years.
• In the first half of 2025, bilateral non‑oil trade reached nearly $38 billion, up 34% year on year, as CEPA‑era merchandise trade nearly doubled to $83.7 billion in FY24 from $43.3 billion in FY21.
• Both sides moved operational facilitation forward, with work on UPI‑based remittances in the UAE progressing and an Indian Income Tax officer now posted at the embassy to speed financial information exchange.
• New priorities include investment in maritime, space, defence and aerospace, plans to co‑develop infrastructure in third countries such as across Africa and the GCC, and progress on local‑currency settlement, payment‑system links and CBDC cooperation.
• Goyal said Bharat Mart tendering has begun with opening targeted by early 2027, and India described recent US trade talks as positive, with reports indicating he may visit Washington soon to continue negotiations.