India-UAE trade to reach $200 billion by 2032, BRICS to drive investment: Ras Al Khaimah Economic Zone official

India-UAE trade is projected to reach USD 200 billion by 2032, according to Mohammad Haseeb, the Strategic Country Manager at Ras Al Khaimah Economic Zone. Currently, bilateral trade sits at approximately USD 101 billion, having grown from around USD 73 billion prior to the India-UAE Comprehensive Economic Partnership Agreement (CEPA). Haseeb highlighted the impact of the CEPA on this growth, but also emphasized the need to boost awareness among businesses of the benefits under the agreement.

The UAE has invested nearly USD 25 billion in India over the past two decades, with an additional USD 5 billion recently committed. There are over 200,000 Indian companies operating in the UAE, underscoring the depth of the commercial relationship. This partnership has also expanded into tourism, technology, and people-to-people ties.

Notably, around 4.5 million Indians reside in the UAE, while the two nations have established cooperation in areas such as Unified Payments Interface (UPI), virtual corridors, and emerging technologies.

The role of BRICS is expected to further drive investment. As India holds the chairmanship, the UAE's participation in the grouping could open new avenues for trade and investment. Haseeb noted that the summit demonstrated an inclusive approach, providing fresh opportunities, particularly for startups. He expressed optimism about the growth potential, especially through BRICS nations, and predicted significant investment inflows.

Furthermore, growing investment engagement between Indian states and the UAE, including delegations from Punjab, Bihar, Madhya Pradesh, and Odisha, is expected to contribute to achieving the USD 200 billion trade target.