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Goyal eyes $250b UAE-India trade by 2030

CEPA — signed last month between the UAE and India — to be operationalised on May 1, 2022 and will be a key enabler in achieving the $1 trillion target.

India is on track to more than double the size of its economy in eight years as one of the fastest-growing global economies sets its eyes on achieving a $1 trillion goods exports target by 2030, Piyush Goyal, Minister of Commerce and Industry said on Tuesday.

The Comprehensive Economic Partnership Agreement (CEPA) signed last month between the UAE and India, to be operationalised on May 1, 2022, will be a key enabler in achieving the $1 trillion target, Goyal said.

The free trade agreement between India and the UAE has opened huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030, the minister told Khaleej Times on the sidelines of the inauguration of the India Jewellery Exposition Centre (IJEX)in Dubai on Tuesday. IJEX, an initiative of GJEPC — the apex body of the gem & jewellery trade in India — is designed as a one-stop destination for the world to source Indian jewellery in Dubai.

“Prime Minister Narendra Modi Ji aims to make India No. 1 in the world not only in terms of “Made in India” gems and jewellery sector but also “Designed in India” jewellery.

Present at the inaugural event were Dr Aman Puri, consul-general of India, Dubai; Dr Srikar Reddy, joint secretary; Colin Shah, chairman, GJEPC; Lachlan Gyde, executive director, Ithara; Vipul Shah, vice chairman, GJEPC; and Sabyasachi Ray of GJEPC.

“IJEX 2022 will probably be the first serious engagement between UAE and India after the signing of the CEPA, which will be coming into force on May 1. I am sure that this Centre will play an important role in helping us meet ambitious targets for the trade relations between UAE and India. The Indian government is actively promoting Brand India, and the gem and jewellery is one of the main focus sectors in our engagement of expanded global outreach.”

“India has the potential to become the global gem and jewellery champion. It should tap new markets, develop incisive marketing tools, create irresistible, contemporary designs for the world market that will help in promoting Brand India. The Indian gem and jewellery sector can easily achieve the $100 billion target. You have the “will do” spirit and passion. I wish IJEX a huge success and I am sure this will be a window for the finest Indian jewellers to the UAE and the world,” said Goyal.

The minister said that India is looking at increasing exports in goods and services to $2 trillion and the UAE would play a key role in achieving that target. India’s exports would cross $410 billion by end of this fiscal ending March 31, 2022. Services exports are also doing great and these may reach $250 billion by end of the current fiscal.

"The UAE has made commitments about their interest to invest in Indian infrastructure, manufacturing & logistic sector. A huge delegation recently visited Jammu & Kashmir too. India wants a larger share of the UAE market as it sets its eyes on achieving $1 trillion goods exports by 2030,” he said.

The minister said the CEPA, which comes into force on May 1, is a great signal for the Gem & Jewellery sector. “The sector has contributed nearly 10 per cent ($35 billion) to India's $400 billion goods exports. Let’s aim for $100 billion exports from the sector going forward.”

He urged the jewellery industry to see how the target can be achieved regarding policies by the Centre and global players to persuade the market.

He said India is right on course to achieve its ambitious trillion-dollar export target as it hopes to look at the entire GCC region for a broader economic partnership in the coming years. "It is also a journey that we are embarking on with the UK, EU, Australia and Israel.” — issacjohn@khaleejtimes.com