India, Arab States aim to double trade to USD 500 billion by 2030; boost energy, space, counter-terrorism cooperation

New Delhi [India], February 1 (ANI): India and the Member States of the League of Arab States (LAS) have agreed to significantly deepen their strategic partnership under the Executive Program of the India-Arab Cooperation Forum, 2026-2028, with an ambitious target of doubling bilateral trade to USD 500 billion by 2030, up from the current level of USD 240 billion.
According to the statement issued on Saturday, the Executive Program, built on the Manama Declaration of 2016 and the institutional framework established in 2008, outlines a comprehensive roadmap to strengthen cooperation across trade, energy security, digital innovation, space, and counter-terrorism, among other sectors.
Under the economic pillar, both sides agreed to intensify trade and investment ties through the India-Arab Partnership Conference, to be held every two years alternately in India and Arab States, with the 7th India-Arab Partnership Conference set to take place in 2026 in an Arab country.
The two sides also agreed to promote greater engagement between businesses, especially micro, small and medium enterprises (MSMEs), through sector-specific trade fairs, joint capacity-building programmes, and enhanced market access initiatives.
"To double trade between India and LAS to USD 500 billion by 2030, from the current trade of USD 240 billion... To encourage joint programs to enhance the competitiveness of small and medium-sized enterprises, facilitate their access to markets, and support training and capacity-building initiatives for SME development agencies," the statement read.
"To promote the exchange of expertise, capacity building, and knowledge transfer in the field of SME development, contributing to enhanced competitiveness and job creation, through joint programs for training, technical support, and skills development, implemented in coordination with the competent national authorities of India, Arab League member states and the Secretariat General of the Arab League," it added.
India and Arab States further agreed to explore the establishment of a local currency settlement mechanism, voluntarily and subject to feasibility studies, to facilitate trade, reduce dependence on foreign currencies, and lower transaction costs.
Cooperation in digital payment systems, including possible technical integration of national payment platforms, was also discussed.
In energy cooperation and green transition, both sides recognised the strong existing partnership in the energy sector and agreed to enhance trade in hydrocarbons, facilitate reciprocal investments across the oil and gas value chain, and strengthen collaboration in renewable energy, green hydrogen, and clean technologies.
"The two sides, welcoming the strong cooperation between India and Arab States in the field of energy, called for enhanced cooperation aimed at energy security, support for renewable energy and energy efficiency; the promotion of the green transition; and clean energy technologies... To enhance bilateral trade in hydrocarbons between India and the member states of the League of Arab States... To facilitate reciprocal investments across the oil and gas value chain, including exploration, production, and strategic petroleum reserves," the statement read.
Arab States were encouraged to join the International Solar Alliance and participate in the Global Biofuel Alliance. The statement further noted that the Third India-Arab Energy Forum will be held in 2027 in an Arab state.
To expand cooperation in space and advanced technologies, the two sides agreed to establish an India-Arab Space Cooperation Working Group.
The Working Group will explore collaboration in joint remote sensing missions for climate monitoring, agriculture, urban planning, disaster management, space research, and academic exchanges, as well as private sector participation in space activities and capacity-building of Arab scientists and engineers at Indian institutions. The first meeting of the India-Arab Space Cooperation Working Group will be held in India in 2027, according to the statement.
In cooperation on digital technologies, innovation, and startups, India and Arab States agreed to link their startup ecosystems and establish an India-Arab Startup and Innovation Partnership Platform with a partnership focused on priority sectors such as health-tech, fintech, agri-tech and green technologies, while ensuring data privacy, cybersecurity and compliance with national laws.
Both sides are also committed to strengthening cooperation in artificial intelligence, including joint research, capacity-building, and ethical deployment of AI technologies.
Reaffirming their shared commitment to combat terrorism in all its forms, both sides agreed to explore mechanisms to counter terrorism, radicalisation, and transnational crime.
Cooperation will include capacity-building, knowledge exchange, and enhanced coordination within international counter-terrorism bodies, covering both digital and maritime domains.
India and the LAS also adopted the 'New Delhi Declaration' following the second India-Arab Foreign Ministers' Meeting, held on January 31, 2026, with both sides reaffirming a "zero tolerance" approach toward terrorism and calling for an urgent overhaul of the United Nations Security Council (UNSC) to reflect contemporary global realities. (ANI)