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India eyeing $1 trillion exports by 2030, says minister

DUBAI, March 29, 2022

India has achieved a historic high in terms of export of services, close to $250 billion, despite no tourism, travel, or hospitality services due to Covid crisis and now with a renewed enthusiasm, the country is targeting $1 trillion goods exports by 2030, said a senior minister in the cabinet led by Prime Minister Narendra Modi.
 
"I would want a larger share of the UAE market in the years to come, because for me, the target is $1 trillion of export of merchandise from India by 2030," remarked Piyush Goyal, the Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles.
 
"I would want a larger share of the UAE market in the years to come, because for me, the target is $1 trillion of export of merchandise from India by 2030," he stated.
 
"We are in the game for around $100 billion each way in the next six to seven years. We are in the game for at least $250 billion bilateral trade. I would like all our industry people to set the timeline. I think it's possible and I come with renewed enthusiasm after having achieved India's historic high of $400 billion plus exports for the first time ever," said the minister. 
 
Goyal, also the Leader of the House in Rajya Sabha, was addressing the business leaders from India and the UAE at an event yesterday along with the UAE Foreign Trade Minister, Dr Thani Bin Ahmed Al Zeyoudi and H.E. Dr. Ahmed Albanna, UAE Ambassador to India.
 
He pointed out that despite no tourism, travel, or hospitality services due to Covid, India had achieved a historic high in terms of export of services, close to $250 billion. 
 
"I want services and merchandise to reach a trillion dollar by 2030, and the UAE will play a very, very important role in this," he stated.
 
Speaking on the Comprehensive Economic Partnership Agreement (Cepa) between India and the UAE,  Goyal said, “The UAE-India partnership is the strategic partnership of the 21st century. CEPA agreement between the two countries is not about trade alone, it's about trade in goods and services. It has a huge geopolitical and economic significance and also, in some sense, a great human element.”
 
He highlighted the importance of the agreement as it gives a brand-new direction to the bilateral relationships, be it energy security, food and nutrition security and overall security of the two nations. 
 
"With new opportunities for businesses, job generation, increasing incomes, increasing opportunities for our young boys and girls, our startups, the agreement will set the door for new beginnings and have extraordinary outcomes," he added.

 




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