Addressing the press at the Mumbai BJP office, the Minister said that India and the US are friendly nations, and so are their leaders, expressing hopes for a resolution of all issues in the times ahead.
Highlighting that talks are already underway with the US, he pointed out that the US President Donald Trump had wished PM Modi on his birthday.
Commerce and Industry Piyush Goyal is visiting the UAE on 18th and 19th September, where he will co-chair the 13th India-UAE High Level Task Force on Investments, engage with top leaders and CEOs. Both sides are expected to review the Comprehensive Economic Partnership Agreement (CEPA) as well as explore new investment opportunities.
Earlier, government sources had told CNBC-TV18 that the Minister would meet his counterpart in the UAE to explore pathways to access African markets. The move aims to expand the footprint of India’s overall exports and hedge risks emanating from the global geopolitical uncertainty and the US tariffs.
While the Minister will be accompanied by delegations from different sectors, sources indicated that the visit will also expedite work on the Bharat Mart being made in the West Asian country.
India’s Prime Minister Narendra Modi and the Vice President, Prime Minister, and the Ruler of Dubai Sheikh Mohamed bin Rashid Al Maktoum had laid the foundation stone of Bharat Mart at Jebel Ali Free Trade Zone in Dubai on 14th February 2024.
Being built by the UAE’s logistics company DP World, Bharat Mart has been envisaged as a marketplace that provides Indian traders, exporters, and manufacturers access to markets in the Middle East, Africa, and Eurasia.
The facility will offer the benefits of free zone and mainland retail markets, as well as provide Indian companies with access to the world-class logistics of DP World. The project is expected to be completed in 2026.
Sources added that moving ahead, India plans to open more Bharat Marts to expand the reach of Indian goods to foreign markets, including developed countries. Sources pointed out that China already has similar 12 Dragon Marts in Africa, along with several others in different countries.
On 29th August, Minister Piyush Goyal held a bilateral meeting with Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the UAE, to further deepen the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The meeting reviewed the progress made under the CEPA and reaffirmed the shared vision of expanding bilateral trade towards the target of $100 billion non-oil, non-precious metals trade by 2030.
Discussions included collaboration in emerging sectors like renewable energy, digital infrastructure, supply chain resilience, and healthcare. While both sides underlined the need for timely trade data sharing for better monitoring under the CEPA, they agreed on convening the Sub-Committee on Services within two months. On market access and regulatory issues, both Ministers agreed to take up matters for early resolution in the CEPA Joint Committee.
