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India and the United Arab Emirates have mutually agreed to raise non-petroleum bilateral trade between the two countries to $100 billion by 2030, the South Asian nation’s trade minister said on Monday.

The central banks of both countries were also discussing rupee-dirham trade mechanism, India trade minister Piyush Goyal said after a meeting with UAE foreign trade minister Thani bin Ahmed Al Zeyoudi.

The goal to achieve $100 billion non-oil trade was set in the first meeting of the Joint Committee of India-UAE Comprehensive Economic Partnership Agreement (CEPA).

Commerce and Industry Minister Piyush Goyal said, “We have a mutually agreed (for a) target of USD 100 billion bilateral trade by 2030. 

Bilateral trade between India and UAE has seen a significant increase in the last 12 months. Our earlier target was to touch $100 billion by 2030, which had a substantial petroleum component. We have mutually agreed to up the target to $100 billion for non-metro by 2030 from the earlier $48 billion. Trade in petroleum will also be increased.”

Goyal said that an India-UAE CEPA council will be set up to further facilitate the implementation of the agreement.

UAE’s Thani bin Ahmed Al Zeyoudi said, “Trade ties with India have grown very rapidly (following CEPA). There are several areas where we are looking to provide a further fillip to our robust trading ties”