India-UAE Trade Deal Targets $200 Billion by 2032

New Delhi: India and the United Arab Emirates (UAE) on Monday announced a significant trade and investment partnership, aiming to double bilateral trade to $200 billion by 2032. The agreement covers multiple key sectors including energy security, defense cooperation, space, food exports, investment, and advanced computing.

The deal was finalized during a one-day visit of UAE President Sheikh Mohammed bin Zayed Al Nahyan to India. Following discussions with Prime Minister Narendra Modi, Foreign Secretary Vikram Mishra briefed the media, highlighting the growing economic ties between the two nations since the implementation of the Comprehensive Economic Partnership Agreement (CEPA). He also noted that the UAE has become India’s second-largest supplier of Liquefied Natural Gas (LNG).

Energy Sector Cooperation

In the energy domain, Hindustan Petroleum Corporation Limited (HPCL) and ADNOC Gas signed a Sales and Purchase Agreement. Under this agreement, India will receive LNG supplies for 10 years starting 2028, strengthening energy security despite global price fluctuations.

Trade, Investment, and Infrastructure

To boost trade and investment, several initiatives were agreed upon. A Letter of Intent was signed between the Gujarat government and UAE to develop the Dholera Special Investment Region (DSIR), a major industrial and infrastructure hub. Additionally, First Abu Dhabi Bank (FAB) and global port operator DP World will begin operations in GIFT City, Gujarat, enhancing India’s position as a regional hub for finance and trade services.

Dholera Special Investment Region

The DSIR is set to become a key industrial and economic center, featuring an international airport, new port, smart urban township, railway connectivity, energy infrastructure, and aviation training & maintenance facilities.

Agricultural Exports

In agriculture, India’s Agricultural & Processed Food Products Export Development Authority (APEDA) and the UAE Ministry of Climate Change & Environment signed a Memorandum of Understanding (MoU). This agreement focuses on food security and technical standards, easing market access for Indian agricultural and processed food products in Gulf countries.

Conclusion

The India-UAE trade deal marks a strategic deepening of bilateral economic ties, with comprehensive cooperation spanning energy, infrastructure, agriculture, and investment, positioning both nations for sustained growth and mutual prosperity.