India said it plans to double bilateral trade with the UAE to $200 billion by 2032, in a step toward diversifying its partnerships as a deal with the Asian country’s biggest trading partner, the U.S., remains elusive.
In a whirlwind, three-hour long meeting late Monday between UAE’s President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi in New Delhi, both countries’ state-owned companies signed a 10-year liquefied natural gas supply agreement.
Under the deal, the Abu Dhabi National Oil Company, which is owned by the Abu Dhabi government, will supply LNG worth up to $3 billion for a period of 10 years, starting 2028, to India’s state-owned Hindustan Petroleum Corporation
With this deal, India is now UAE’s largest customer of LNG and will account for 20% of sales by 2029, ADNOC said in a release.
Both countries also discussed “a wide range of issues aimed at further strengthening the multifaceted India-UAE friendship,” Prime Minister Modi said in a post on X.
