The target of $100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President, R Dinesh said on Sunday.

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He said that the free trade agreement between India and the UAE, which was implemented in May 2022, has resulted in a surge in bilateral trade and investments.

Dinesh was here to participate in global investors' event 'Investopia' and various bilateral meetings, including with many participants at the WTO (World Trade Organisation) Ministerial Conference.

"The target to achieve $100 billion in non-oil trade between India and UAE is ambitious but I do believe that it is achievable and recent developments are encouraging in this regard," said the CII president.

He said that the agreement, officially dubbed as a comprehensive economic partnership agreement, covers duty-free access to all labour-intensive sectors such as gems and jewellery, textiles and apparel, leather, pharmaceuticals, medical devices and many engineering products.

The bilateral trade has already touched $84.9 billion in 2022-23 and India is now the UAE's top non-oil trading partner.

"India's vast consumer base and growing manufacturing capabilities offer an attractive market for UAE goods, while the UAE's status as a global trade hub facilitates Indian export access to international markets," he said.

The UAE is a major supplier of crude oil to India. Oil shipments account for a major share of bilateral trade between the countries.

"This agreement is a game-changer, offering opportunities for businesses in services ranging from telecommunications, construction and development, education, environment, financial sector, health services, tourism and films, hospitality, maritime and air transport services, among others," he added.

The pact, he said, also paves the way for both Indian and UAE companies to come together to be a part of global supply chains and encourage manufacturing in both countries.

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"Notably, FDI (foreign direct investment) from the UAE to India has more than tripled, reaching $3.35 billion in 2022-23. In our discussions, I find that we are well positioned to leverage this for 'Make in India' and 'Made in Emirates' to work hand in hand," Dinesh said.

He added that joint ventures and technology transfers would enhance production, leading to diversification and value addition.

"Streamlining logistics, promoting cross-border e-commerce and supporting startups will further boost trade dynamics," he said, adding that collaborations in sustainable industrial development, technology transfer and energy security is vital, with promising opportunities for UAE firms in India's energy, regional connectivity and maritime sectors.

Healthcare and education are some other areas in India where good opportunities are visible for UAE’s investors.

Additionally, cooperation in energy security and trade, particularly in green hydrogen and energy storage, is advantageous for India, given the UAE's significant role as a crude and LPG source, he said.

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"Advancements in fintech collaboration, exemplified by the acceptance of the RuPay card in the UAE, underscores the commitment to this partnership," he said.