India, UAE in agreement to boost trade to $100 billion by 2027

India and the UAE signed an agreement aimed at boosting bilateral trade to $100 billion from the current $60 billion over the next five years, an Indian foreign ministry statement said.

The accord signed by India’s Commerce and Industry Minister Piyush Goyal and UAE Economy Minister Abdulla bin Touq Al-Marri is intended at benefiting business through enhanced market access and reduced tariffs. Details were not immediately available.

The two sides set out a roadmap for cooperation in sectors including energy, trade, climate action, emerging technologies, skills and education, food security, healthcare, defense and security.

The UAE is India’s third-largest export destination after the US and China with exports reaching nearly $16 billion for 2020-21.

More than 3 million Indians employed in the Gulf state send home billions of dollars in remittances every year.

India’s Prime Minister Narendra Modi and Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al-Nahyan, held a virtual summit and oversaw the signing of the agreement by the two ministers in New Delhi.