UAE Crown Prince visit during Ganapati festival marks auspicious start of new chapter in bilateral ties: Shri Goyal

Local currency settlement, CEPA are game changers that will take ties to new heights: Shri Goyal

Union Minister of Commerce and Industry, Shri Piyush Goyal said that India-UAE bond will be the defining friendship, relationship & brotherhood of the decade and beyond. The Minister made this statement at the UAE-India Business Forum held today in Mumbai. His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE also addressed the forum.

Shri Goyal said that India-UAE partnership stands on the pillars of innovation, investment and sustainable development. Noting the occasion of Ganpati Festival, the Minister said that the visit of the Crown Prince during Ganapati festival marks auspicious start of new chapter in bilateral ties.

Shri Goyal said that the partnership holds an outstanding future going forward. He noted that the Prime Minister, Shri Narendra Modi regards UAE as an important partner in India's growth story. The Minister said that the visit of the Crown Prince is the 6th high-level visit in less than a year and is a testament to this partnership.

The Minister said that the India UAE partnership will witness great transformation under the visionary leadership of both sides. This transformation is in sync with the 50-year vision that UAE has embarked on and the Viksit Bharat@2047 transformational journey envisaged by the Prime Minister, he added.

Shri Goyal also lauded initiatives taken by both sides to promote trade including the local currency settlement, Bharat Mart being set up in JAFZA (Jebel Ali Free Zone), Dubai, and Comprehensive Economic Partnership Agreement (CEPA) to expand trade. He also said that technology and Artificial Intelligence (AI) will drive the engagement forward. Shri Goyal encouraged the stakeholders to explore investment opportunities and trade possibilities.

Shri Goyal lauded the Crown Prince for his leadership of the UAE and appreciated the transformational change witnessed under the Crown Prince. He added that India UAE relationship has matured to become a bond that can never break. Shri Goyal described the visit of the Crown Prince to the Rajghat as historic as the Crown Prince, a 3rd generation leader, planted a sapling there, succeeding his father and grandfather.

The theme of the forum was ‘Beyond CEPA: Innovation and Future-Ready Economies’, with focus on the potential of healthcare, biotechnology, renewable energy, sustainability etc.

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Local currency settlement and CEPA deepen India-UAE economic partnership, boosting trade, investment and technology collaboration. India-UAE economic partnership emphasises local currency settlement and a Comprehensive Economic Partnership Agreement to expand bilateral trade. Operational initiatives include setting up a Bharat Mart in Jebel Ali Free Zone, promoting investment and trade across healthcare, biotechnology, renewable energy and sustainability, and leveraging technology and Artificial Intelligence to drive collaboration. The forum signals sustained high-level engagement and invites stakeholders to utilise new settlement mechanisms, CEPA-derived access and trade-zone platforms to deepen commercial and sustainable development cooperation.