“A new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion within five years of the signed agreement,” the ministers said in a joint statement released on Wednesday. India is looking to boost exports through trade relationships and new pacts with a number of countries to revive its economy. With nearly $60 billion of bilateral trade, UAE is already India’s third-largest trading partner. UAE is also India’s second-largest export destination after the United States, with exports valued at about $30 billion. India’s top imports from the UAE include petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals and wood and wood products.
