India and the UAE have agreed to double bilateral trade to $200 billion by 2032, setting one of the most ambitious commercial targets between the two nations. Commerce and Industry Minister Piyush Goyal announced the goal after the 14th meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai on Monday, which he co-chaired with Sheikh Hamed bin Zayed Al Nahyan, managing director of the Abu Dhabi Investment Authority.

Bilateral trade reached $101.25 billion in fiscal 2025-26, while non-oil trade touched $76.2 billion in 2025, building on gains since the Comprehensive Economic Partnership Agreement took effect in May 2022. Goyal also said the UAE has already invested around $25 billion in India and is signalling an additional $25 billion of investment intent, with an eventual target of $100 billion.

Concrete steps welcomed at the meeting included Emirates NBD’s roughly $3 billion acquisition of a majority stake in RBL Bank and International Holding Company’s $1 billion investment in Sammaan Capital. The two sides also agreed to implement trade settlement in local currencies, integrate payment systems and advance central bank digital currencies.