India, UAE discuss pharma, local currency settlement system

New Delhi: India and the UAE have discussed collaboration in emerging sectors such as renewable energy, digital infrastructure, supply chain resilience and healthcare, and the need for timely trade data sharing for better monitoring under their bilateral trade pact, the government said Monday.

The statement came after commerce and industry minister Piyush Goyal met Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the UAE last week wherein they noted the importance of initiatives such as the Local Currency Settlement System (INR–AED) and Bharat Mart in the UAE as enablers of trade facilitation.

The meeting reviewed the progress made under the India–UAE Comprehensive Economic Partnership Agreement (CEPA) as part of which they aim $100 billion non-oil, non-precious metals trade by 2030.


“The Indian side welcomed the formation of the Emirates Drug Establishment and its role in addressing concerns of Indian pharmaceutical companies. On market access and regulatory issues, both ministers agreed to take up matters for early resolution in the CEPA Joint Committee,” the commerce and industry ministry said in a statement.

Goyal welcomed UAE’s growing investments in India’s infrastructure, logistics, and food processing sectors.

“In the pharma sector, key issues were discussed in light of evolving geopolitical challenges. Both sides exchanged views on ways to further facilitate trade in pharmaceuticals and healthcare products,” the ministry said, adding that the UAE conveyed a positive outlook on expediting registration processes and regulatory facilitation, while New Delhi highlighted its openness and readiness for inspections and audits by UAE authorities.

Discussions also focused on emerging opportunities in traditional medicine, with special emphasis on ayurvedic products under the India–UAE partnership.

In the food sector, APEDA launched the Bharati Scheme to incubate food and agritech start-ups, under which more than 100 companies will be supported to build and scale brands and forge business-to-business tie-ups. The UAE addressed concerns of the Indian food and beverages industry, including issues relating to high retail prices, price norms and mandatory testing for rice consignments, according to the statement.