UAE’s largest trade partner,India to push biz to $96 bn

After pipping China as the largest trade partner with the UAE in fiscal 2009,India now expects to shore up its bilateral trade with the Middle-Eastern country to more than $96 billion in the next five years. To promote trade,India has also unveiled the India Show here wherein more than 250 businessmen are participating.

Speaking on the sidelines of the show,Federations of Indian Export Organisations president A Sakthivel said that India has become UAE’s largest trading partner in 2009 with exports worth $24 billion in fiscal year 2009. This is a growth of 56 per cent compared with the previous fiscal. “The pace at which the trade with UAE is growing,we expect it to double in the next five years. Dubai is the central hub for exports in Middle-East North African countries as well,” A Sakthivel said.

According to the provisional figures,the non-oil trade between the countries stood at $50 billion during the last fiscal. The three-day Made in India Show,which was inaugurated by UAE’s trade and commerce minister Sheikha Lubna today,has about 250 participants. “It is a good platform for exporters and we expect good business from here,” Sakthivel said.

India is the UAE’s largest trading partner,accounting for almost 15 per cent of the country’s total commodity exchange. Main items of export from India include mineral fuel,gems and jewellery,cotton yarn,marine products and meat. Imports to India mainly include petroleum products,natural and cultural pearls.