India and the United Arab Emirates have agreed to significantly deepen their economic partnership, aiming to double bilateral trade to $200 billion by 2032, up from over $100 billion recorded in 2022. The decision was taken during high-level talks between Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, who is on an official visit to India.

Foreign Secretary Vikram Misri said both leaders emphasized expanding opportunities for MSME exports, especially to West Asian, African, and Eurasian markets. The two countries will fast-track key connectivity and trade initiatives, including Bharat-Mandh, the Virtual Train Corridor, and the Bharat-Africa Sethu, which are expected to strengthen logistics and digital trade links.

In a major financial boost, UAE-based firms DP World and First Abu Dhabi Bank have received approval to set up offices and operations in GIFT City, Gujarat, reinforcing India’s role as a global financial and logistics hub.

The two sides also agreed to work towards interlinking their national digital payment systems to ease cross-border trade and transactions. This move will build on the existing local currency settlement system and the successful launch of UPI in the UAE, marking another step towards seamless economic integration between the two nations.