In a sign of growing trade ties among BRICS nations, bilateral trade between India and the UAE crossed $100 billion mark in FY24-25, the former's Ministry of Commerce said in a statement on Thursday.
The comments came after India and the UAE successfully convened the third meeting of the Joint Committee under the India–UAE CEPA in New Delhi, which was co-chaired by Ajay Bhadoo, Additional Secretary in India's Department of Commerce, and Juma Al Kait, who serves as the Assistant Undersecretary for International Trade Affairs, UAE.
"The two sides conducted a comprehensive review of progress under CEPA and detailed discussions were held on market access issues, data sharing, allocation of Gold TRQ, anti-dumping matters, services, Rules of Origin, BIS licensing etc. The India side also briefed the UAE on its recent decision to allocate Gold TRQ through a transparent competitive bidding process," the statement added.
Besides, the two countries reaffirmed their shared commitment to expanding non-oil/non-precious metal trade towards the $100 billion target by 2030.
Additionally, the federal monarchy and the world's largest democratic state agreed to strengthen trade facilitation, regulatory collaboration, and data sharing.
India is one of the founding members of the BRICS, while the UAE formally joined the powerful geo-economic bloc earlier this year.
Last year, the two nations inked the Local Currency Settlement System (LCSS), allowing each other to trade in United Arab Emirates Dirham (AED) and Indian Rupee (INR).