The bilateral trade tie between India and the UAE could double from the $4 billion oil contract to $8 to $10 billion with other UAE products, according to the Gulf News in its weekend issue.
Trade may reach $8-$10 billion as consumer goods gain a bigger share of the UAE's exports to India, Ambassador K.C. Singh told the Indian Business Council and Professional Group, quoted by the daily.
"The way trade is done with the UAE by India will change in coming years,"he said, and increasing movements of capital between India and the UAE, will take place.
UAE-India trade will receive a fresh impetus once the Joint Business Council (JBC) is formalized, he said. India has proposed a joint council for an "ongoing relationship".
According to the paper, an agreement is in place regarding the JBC and the Federation of Chambers of Commerce and Industry is compiling a list of nominees from each emirate's Chamber of Commerce -- Albawaba.com
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