Mumbai: Commerce and Industry Minister Piyush Goyal on Wednesday said India’s exports have recorded a 6 per cent growth in the first five months of the current financial year and exuded confidence that the year would end “on a positive note”.
“As far as exports are concerned, I have consistently said that India’s exports are growing every year, and this year too, I expect exports to grow. Currently, we are seeing a growth of about six per cent compared to the corresponding five months of last year. I am very confident that we will end the year on a positive note,” the minister said.
“At the same time, trade talks are ongoing with the United States, the European Union, New Zealand, Chile, Peru, Oman, and several other countries,” he added.
Goyal also said: “The India-UAE FTA is the world’s fastest-growing FTA that we have ever seen. We launched it, negotiated it, finalised it, and signed it in just 88 days. Since then, our exports to the UAE have been growing very rapidly. This is a very special relationship. There are lakhs, perhaps over 25 lakh Indians living in the UAE, earning an honest livelihood and contributing positively there.”
The Commerce and Industry Minister will visit the United Arab Emirates (UAE) from September 18–19 to co-chair the 13th India-UAE High Level Task Force on Investments along with Abu Dhabi Investment Authority (ADIA) Managing Director, Sheikh Hamed bin Zayed Al Nahyan.
The meeting will review progress on the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the Double Taxation Treaty, and UAE-India Central Bank matters. Both sides will also explore opportunities for investment in key sectors, including maritime and space, that hold strong potential for growth.
During the visit, Goyal will co-chair the UAE-India Business Council (UIBC) roundtable with the UAE’s Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, and interact with CEOs of leading Indian and UAE companies. He will also hold bilateral meetings focused on strengthening trade, investment, and cooperation across priority sectors.
The Union Minister is expected to meet the UAE’s National Security Advisor and International Holding Company (IHC) Chairman, Sheikh Tahnoun bin Zayed Al Nahyan, Abu Dhabi Department of Economic Development Chairman, Ahmed Jasim Al Zaabi, and IHC Managing Director Syed Basar Shueb, along with other key private sector stakeholders.
The 12th India-UAE High Level Task Force on Investments, held in Mumbai in October 2024, saw the ratification of the India-UAE Bilateral Investment Treaty signed during Prime Minister Narendra Modi’s visit to the UAE in February 2024. Established in 2013, the task force has served as a vital platform for promoting trade and investment ties, identifying new opportunities, and resolving investor issues.
The UAE remains one of India’s most important strategic partners. Their Comprehensive Strategic Partnership is underpinned by deep political engagement, robust economic integration, and collaboration across energy, defence, technology, and food security. The CEPA, which came into force in May 2022, has nearly doubled bilateral merchandise trade from $43.3 billion in FY 2020-21 to $83.7 billion in FY 2023-24, while catalysing a structural shift towards non-oil sectors.
(IANS)
