India-UAE trade nearing pre-war levels, says Piyush Goyal
Trade between India and the UAE will be back to pre-war levels in a few months, Union Minister for Commerce and Industry Piyush Goyal said on Monday.
“Trade between India and the UAE is coming back to pre-war levels. We are very close to it and in another few months we should get back to normal,” Goyal said after chairing the 14th India-UAE high-level joint task force on investments.
Overall, India’s exports of goods and services rose 15 per cent in the first six months of FY27 despite geopolitical issues, he added.
Comprehensive economic partnership
India and the UAE signed a comprehensive economic partnership agreement in 2022 focusing on bilateral trade and investments. Last year, bilateral trade between India and the UAE crossed $100 billion, and the two countries plan to double it by 2032.
“Trade has been impacted by the (Iran-US) war and we are looking at ways to restore it and grow it in coming years,” he added.
Goyal said both sides discussed greater cooperation in space technology, shipbuilding, ports, food security, energy and AI.
Cooperation in energy and technology
Political relations between the two countries remain strong, with four meetings between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan over the past two years.
India and the UAE are working together to develop strategic petroleum reserves and liquefied petroleum gas supplies. A study is also underway to explore construction of undersea gas pipelines from the UAE to India.
UAE commits another $25 billion
The UAE has invested $25 billion in India so far and has committed to invest another $25 billion. “Trade settlement in local currencies is also slowly increasing as exporters realise the benefits. Currently, it is in double digits and we hope it will grow further,” Goyal said
The UAE delegation at the task force meeting was led by Minister for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority.
Published on September 28, 2026