India, UAE Set $200 Billion Trade Target By 2032 As PM Modi And Sheikh Mohamed Bin Zayed Al Nahyan Deepen Strategic Partnership
India and the United Arab Emirates on Monday agreed to significantly deepen their Comprehensive Strategic Partnership, setting an ambitious target of doubling bilateral trade to USD 200 billion by 2032, as Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan held wide-ranging talks during the latter’s official visit to India.
Sheikh Mohamed bin Zayed Al Nahyan arrived in New Delhi on January 19 at the invitation of PM Modi. This marked his fifth visit to India in the past decade and his third official visit since assuming office as President of the UAE.
During their meeting, the two leaders reviewed the full spectrum of bilateral cooperation and expressed satisfaction over the steady strengthening of ties across political, economic, strategic and people-to-people domains. They noted that trade between the two countries has witnessed robust growth since the signing of the Comprehensive Economic Partnership Agreement (CEPA) in 2022, reaching USD 100 billion in FY 2024–25.
To further boost economic engagement, both sides decided to intensify cooperation among Micro, Small and Medium Enterprises (MSMEs) and called for the early implementation of initiatives such as Bharat Mart, the Virtual Trade Corridor and Bharat-Africa Setu to promote MSME products across West Asia, Africa and Eurasia.
The leaders welcomed progress under the Bilateral Investment Treaty signed in 2024 and explored potential UAE participation in the development of the Special Investment Region at Dholera in Gujarat. The proposed partnership could include strategic infrastructure such as an international airport, greenfield port, smart township, railway connectivity, energy infrastructure and aviation-related facilities. PM Modi also invited UAE sovereign wealth funds to participate in the second National Infrastructure Investment Fund (NIIF) Infrastructure Fund, slated for launch in 2026.
Both sides highlighted growing financial cooperation, welcoming the establishment of DP World and First Abu Dhabi Bank branches in GIFT City, strengthening India’s position as an international financial hub.
Energy cooperation remained a key pillar of the partnership, with the leaders welcoming the signing of a 10-year LNG supply agreement between HPCL and ADNOC Gas for 0.5 million tonnes per annum beginning in 2028. They also agreed to explore cooperation in advanced nuclear technologies, including large reactors and Small Modular Reactors, following India’s enactment of the SHANTI law to facilitate civil nuclear collaboration.
