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India-UAE expanding trade beyond oil and precious metals, $100 bn target set by both nations

Economic Times

Economic Times · 2d ago

India-UAE expanding trade beyond oil and precious metals, $100 bn target set by both nations

India and UAE aim to expand trade beyond oil and precious metals, targeting $100 billion in non-oil, non-precious metals trade. During the 13th India-UAE High-Level Joint Task Force on Investments in Abu Dhabi, Commerce Minister Piyush Goyal announced deepening ties in textiles, food processing, leather, pharmaceuticals, and fisheries. The nations also plan to develop infrastructure projects in third countries, highlighting their growing strategic and economic partnership, reinforced by a significant Indian business delegation.

Related News

India-UAE Trade at $100 bn since signing CEPA

Economic Times

Economic Times · 2m ago

India-UAE Trade at $100 bn since signing CEPA

Since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in February 2022, bilateral trade between the two nations has surged to $100.06 billion in FY25, up from $72.87 billion in FY22. India's merchandise exports to the UAE increased from $28.04 billion in 2021-22 to $36.63 billion in 2024-25, marking a 7% growth.

Gold punches through $3,500 to hit record high on rate-cut bets

Economic Times

Economic Times · 18d ago

Gold punches through $3,500 to hit record high on rate-cut bets

Gold prices hit a record high of $3,501.59 per ounce, driven by expectations of Federal Reserve rate cuts and increasing uncertainties about its future. The precious metal, considered a safe haven during economic and political instability, benefits from a lower interest rate environment. The ongoing trade tensions under U.S. President Donald Trump have added to market turmoil, further bolstering gold's appeal as investors seek safety. This rise continues the multiyear rally in precious metals.

India’s exports to US soar to record $11.2 bn in March, trade surplus widens sharply

Business Today

Business Today · 4m ago

India has proposed a tariff removal on particular US imports, including steel, auto components, and pharmaceuticals, under a reciprocal and limited agreement. The proposal aims to allow duty-free entry for certain US industrial goods up to a defined quota, enhancing trade relations. However, imports exceeding this quota would incur standard duties, maintaining a balance in trade benefits between both nations while fostering international commercial exchanges.

US, India teams begin trade talks after Washington slapped 'unfair and unreasonable' tariffs on New Delhi

Economic Times

Economic Times · 4d ago

US, India teams begin trade talks after Washington slapped 'unfair and unreasonable' tariffs on New Delhi

India and the US have commenced trade talks aimed at resolving issues stemming from high tariffs that have affected exporters. This dialogue marks the first high-level engagement since the US imposed significant tariffs on Indian goods over its Russian crude oil purchases. Both nations aim to negotiate a Bilateral Trade Agreement, expected to be concluded by 2025. Discussions have primarily occurred virtually, with the current talks serving as a precursor to further negotiations.

More Indian exporters availing benefits of free trade pacts with Australia, UAE

Economic Times

Economic Times · 3m ago

More Indian exporters availing benefits of free trade pacts with Australia, UAE

The issuance of preferential certificates of origin by India under free trade agreements (FTAs) with Australia and the UAE has significantly increased in 2024-25, reflecting the rising benefits for Indian exporters. The number of certificates issued rose by 19% for Australia and 24.7% for the UAE compared to the previous year. This indicates enhanced utilization of these FTAs, promoting India's competitiveness globally and strengthening trade relations with partner nations.

China defends Russian oil buys after Trump's tariff threats

Economic Times

Economic Times · 1m ago

China defends Russian oil buys after Trump's tariff threats

China defended its Russian oil purchases as legitimate, countering U.S. scrutiny after India faced secondary sanctions for similar transactions. The Chinese Foreign Ministry emphasized their lawful energy trade with Russia, stating they will prioritize national interests. President Trump hinted at imposing additional tariffs on China, similar to India's situation. Despite this, U.S.-China relations have slightly stabilized, with both nations agreeing to pause tariffs and continue negotiations toward a potential deal.

Dubai to foster startups with Indian talent

Startup News FYI

Startup News FYI · 2y ago

Dubai to foster startups with Indian talent

Dubai aims to attract tech talent from India to boost its startup ecosystem and achieve its goal of doubling GDP by 2033. The UAE and India plan to expand non-oil trade to $100 billion by 2030 under the Comprehensive Economic Partnership Agreement (CEPA). Dubai is discussing partnerships with Indian manufacturers interested in using the emirate as a distribution hub. Indian companies and NRIs generate about one million jobs in the UAE, and Dubai is eager to strengthen its digital talent pool and investments in various sectors. Dubai's favorable business environment and location make this growth feasible.

India to focus on robust pacts with developed nations: Piyush Goyal

Economic Times

Economic Times · 3m ago

India to focus on robust pacts with developed nations: Piyush Goyal

India aims to forge robust trade agreements with developed countries, focusing on collaboration rather than competition, according to Commerce Minister Piyush Goyal. India has initiated free trade agreements (FTAs) with the UK and deals with Australia, the UAE, and European Free Trade Association, while discussions continue with the US and EU. The move shifts focus from ASEAN agreements, aiming to prevent indirect market access for competitors, and enhances trade ties with nations like Chile, Peru, and Gulf region countries.

Trump urges EU to impose 100% tariffs on India, China to pressure Putin: Sources

Economic Times

Economic Times · 10d ago

Trump urges EU to impose 100% tariffs on India, China to pressure Putin: Sources

U.S. President Donald Trump urged the EU to impose up to 100% tariffs on China and India as a strategy to pressure Russian President Vladimir Putin. This request aims to target China's and India's substantial purchases of Russian oil, which support Russia's economy amid its ongoing invasion of Ukraine. The U.S. indicated willingness to implement similar tariffs if the EU complies, seeking a unified stance against Russia beyond just sanctions.

Magnets, chips & a tech tug-of-war - The Economic Times

Economic Times

Economic Times · 3m ago

Magnets, chips & a tech tug-of-war - The Economic Times

Indian automakers are negotiating with China for stable rare earth magnet supplies after China's export controls affected production. These controls respond to U.S. limits on AI chips, affecting global trade talks. While the U.S.-China trade truce temporarily eased tensions, India aims to secure better terms with both nations by distinguishing between strategic and commercial interests. China’s restrictions on rare earths are seen as tactical to maintain its tech edge, but nations like India are pushing for reliable supply chains.

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