Mashable: India’s petroleum exports on a global level are on a decline due to the lack of consumer demand

India is in hopes to double non-petroleum trade with the Emirate.

India is looking to raise non-petroleum trade with the Emirate by 2023.

India and the United Arab Emirates are setting a target of USD 100 Billion in non-petroleum products trade in the next seven years.

As per The Economic Times, the countries have come to an agreement to raise the non-petroleum bilateral trade worth $100 billion by 2030.

The news outlet cited that on Monday, the Commerce Minister of India, Piyush Goyal said that the country is hoping to reach exports of the non-petroleum products to $100 billion from the United Arab Emirates in the next seven years.

The Indian minister Piyush Goyal said that they have agreed to “look at non-petroleum trade” instead of just looking at the “petroleum products” in the bilateral trade.

The minister also confirmed that they have come to an agreement to “double” the non-petroleum trade in the coming “seven years”. This will be done by raising imports to “100 billion dollars.”

Piyush Goyal made these remarks in a joint press conference with Thani bin ahmed Al Zeyoudi, the foreign trade minister of UAE which took place to discuss the Comprehensive Economic Partnership Agreement (CEPA).

Co-chaired the 1st Joint Committee Meeting of India-UAE CEPA along with H.E. Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, UAE.

With #IndiaUAECEPA adding new thrust to our bilateral trade & investment ties, explored ways to further build on this momentum for greater… pic.twitter.com/zJpBP6luTU

— Piyush Goyal (@PiyushGoyal) June 12, 2023
Union Minister @PiyushGoyal says India, UAE are looking forward to take the bilateral trade in the Non-petroleum products to 100 billion dollars by 2030. There is significant outcome from 1st meeting of India-UAE CEPA to expand trade, business opportunities between two countries. pic.twitter.com/DWksrp5ZQ6

— All India Radio News (@airnewsalerts) June 12, 2023
Commerce minister @PiyushGoyal said that India and UAE central banks are in active talks for India-UAE bilateral trade in local currencies under CEPA, which are progressing at a fast pace.

Dedollarization is in progress. pic.twitter.com/yyoc9IB9DD

— Dhirendra Pratap Singh  (@dheerendra075) June 12, 2023
India-UAE agree to raise non-petroleum bilateral trade to $100 billion by 2030: Piyush Goyal
https://t.co/1TCdJoBWee

via NaMo App pic.twitter.com/VBVgmfIZ0l

— Dr Raju Parmar (@DrRajuParmar76) June 13, 2023
"We have mutually agreed to target non Petroleum trade to $100 billion by 2030 from $48 billion now," Piyush Goyal, @CimGOI, said following the first meeting of the Joint Committee of the India-UAE CEPA in New Delhi. pic.twitter.com/gqgI9qMo7v

— Rishikesh Kumar (@rishhikesh) June 12, 2023
The major imports that India reportedly takes from the Emirates are petroleum crude for US$ 12,756 million which is followed by petroleum products for US$ 6,862 million.

CEPA was signed between the two countries last year and offered many benefits to UAE and India.

The Emirate’s investments in India mainly consist of sectors like sea transport, services, power, as well as construction activities.