India, UAE finalise agreements to double trade to $200bn by 2032
NEW DELHI: India and the UAE finalised a series of agreements on Monday, hoping to double bilateral trade to $200 billion by 2032.
The United Arab Emirates president, Sheikh Mohamed bin Zayed Al Nahyan, met India’s Prime Minister Narendra Modi in the national capital as part of a visit aimed at bolstering the bilateral and strategic partnership.
The meeting largely focused on strengthening cooperation across trade, energy, defence and emerging technologies, India’s foreign secretary Vikram Misri told reporters, reaffirming the comprehensive strategic ties that have expanded over the past decade.
India and the UAE have emerged as major economic partners in recent years. Trade gained momentum after the two nations signed a comprehensive economic partnership agreement in February 2022, reducing tariffs and expanding market access for goods and services. Since then, bilateral trade has surpassed $100 billion, and the two leaders have set a target to double that by 2032.
India also signed a pact to import 0.5 million metric tonnes of liquefied natural gas annually for 10 years from 2028 from the UAE, as well as a letter of intent to conclude a framework agreement for a strategic defence partnership, Misri said.
Deals were also concluded in the space and food sectors, while the UAE pledged an unspecified amount of investment in Modi’s home state of Gujarat for the development of a special investment region with infrastructure such as airports, ports and smart urban townships, Misri said.
The visit assumes significance amid heightened tensions and diplomatic churn in West Asia, particularly following recent developments involving Iran and the broader region.
There have been simmering tensions between Saudi Arabia and the UAE over Yemen, and the unsettling political scenario continues to play out in Gaza.
The visit also highlights the strategic depth of the India‑UAE relationship and underscores the intent of the two nations to remain close partners at a time of regional uncertainty and global realignments.
US President Donald Trump last Friday invited Modi to join the Board of Peace on Gaza. Indian authorities have not commented on whether the invite has been accepted, but Modi has in the past extended help in bringing the war to an end.
“India‑UAE relationship is warm, growing and multifaceted. In the context of turmoil in West Asia, and how the Trump administration’s plan for Gaza is shaping up, and the crisis with Iran, it’s a moment for both nations that want stability in the region to exchange notes,” said Harsh Pant, vice‑president of foreign policy at New Delhi‑based think tank the Observer Research Foundation.
India has deep economic and diaspora links across West Asia, and New Delhi has sought to maintain close engagement with key regional partners, including the UAE, as it navigates an increasingly complex geopolitical landscape.
(With inputs from AP/RSS)
