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Informist, Monday, Sept. 28, 2026

 

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--Minister Goyal: Working with UAE to expand strategic oil reserves in India 
--CONTEXT: Trade Minister Goyal speaking at India-UAE task force on invest 
--Minister Goyal:Exploring possibility of UAE becoming key source of LPG, LNG 
--Minister Goyal: India merchandise exports up over 15% Apr 1-Sept 21 
--Minister Goyal: Trade between India, UAE coming back to pre-war levels

 

NEW DELHI – Given the geopolitical situation and global uncertainties, India is working with the United Arab Emirates to expand the presence of strategic petroleum reserves in the country, Commerce Minister Piyush Goyal said Monday. "UAE being a trusted partner, we are working with them to look at expanding strategic petroleum reserves in India," Goyal said following the 14th meeting of the India-UAE high-level joint task force on investments in Mumbai. "The studies are going on, and we will see significant ramp up of investments from the UAE in this area."

 

India is also exploring the possibility of the UAE becoming a more important source of liquefied petroleum gas and liquefied natural gas, he added. "Study is going on if we can also look at sub-sea pipelines, underwater ocean pipelines, through which gas can be transported and stored in India for more energy resilience and security," Goyal said.

 

 

The development comes amid the ongoing war in West Asia, which is now in its seventh month and has wreaked havoc in the global energy supply chain. However, Goyal highlighted that trade between India and the UAE is coming back to pre-war levels.

 

"We are very close to it, another few months and we should get back and beyond the pre-war levels," he said. "This is a very critical issue. Trade has been impacted by the war, and we are finding ways and means to restore it both to the pre-war level and grow it in the years to come." The minister also underlined that despite the global challenges, India's merchandise exports have risen over 15?tween Apr. 1 and Sept. 21. 

 

In 2022, India and the UAE signed a Comprehensive Economic Partnership Agreement and set a target of reaching $200 billion in bilateral trade by 2032. India and the UAE have bilateral trade of around $101.25 billion. India exported goods worth $37.36 billion to the UAE in the financial year 2025-26 (Apr-Mar) and imported goods worth $63.89 billion. 

 

UAE has shown intent to invest $25 billion in India in the near future, with the ultimate objective of taking investments from the UAE to $100 billion in the years to come, he said. "The large Indian diaspora in UAE is the backbone of our partnership," Goyal said. "Their contribution strengthens the bond between our two nations."  

 

At the meeting, both the countries discussed a range of topics, including investments, trade facilitation, taxation, logistics, market access, energy, and local currency settlement for trade, Goyal said. On the shipping front, India has identified six areas in which it can co-operate with the UAE--ship ownership, development of modern ports, manufacturing of ships, repair and maintenance of ships, ship breaking and container manufacturing, he said.

 

Both the nations are also looking to ramp up cooperation in the segment of space technology, food security, agricultural innovation, expanding logistics, working on artificial intelligence and emerging technologies, and fintech, he added.   End

 

US$1 = INR 95.98

 

Reported by Pratiksha

Edited by Himanshi Gupta

 

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