Abu Dhabi, Sept. 19 -- India and the United Arab Emirates have set an ambitious new target of achieving $100 billion in bilateral trade, excluding oil and precious metals, within three years, while agreeing to jointly develop infrastructure projects in third countries and deepen cooperation in strategic defence and aerospace sectors. The target effectively aims to double the value of trade in those commodities at present. The announcement came Thursday after the first day of the 13th India-UAE High-Level Joint Task Force on Investments meeting in Abu Dhabi, co-chaired by Union commerce minister Piyush Goyal and Abu Dhabi Investment Authority managing director Sheikh Hamed bin Zayed Al Nahyan. UAE minister of foreign trade Thani bin Ahmed Al Zeyoudi also attended the discussions. "Our exchanges reaffirmed the dynamism of our bilateral relationship-underscored by robust trade, strategic investments, and deepening institutional alignment," Goyal said, highlighting discussions on leveraging the success of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and exploring new frontiers for investment and collaboration, especially in the maritime and space sectors. The new target comes after the original $100 billion bilateral trade goal, including petroleum and precious metals, was achieved last year-just three years after the CEPA was signed. Following the 2022 free trade agreement, bilateral trade surged over 130% to $100.06 billion in 2024-25 from $43.3 billion in 2020-21, with crude oil and precious metals accounting for about $45 billion of last fiscal's shipments. The UAE is now India's third-largest trading partner and second-largest export destination after the US. To achieve the new non-oil target, both countries will focus on expanding trade in textiles and home decor, fisheries, leather and leather goods, processed food, and pharmaceuticals-all labour-intensive sectors where India enjoys distinct advantages. "There's no competition between our two countries. We support each other," Goyal said, explaining the roadmap for the ambitious target. In what they described as a "significant decision", the two sides also agreed to jointly develop infrastructure projects, mining, and housing ventures in third countries, combining India's technical capabilities and skilled workforce with the UAE's investment capital. The UAE government has allocated land to DP World in the Jebel Ali Free Trade Zone for the "Bharat Mart" project-a massive mall combining showrooms and warehouses. The first phase will cover 2.2-2.5 million square feet, with the project expected to be completed by 2027 after contracts are awarded soon. "Buyers from all over the world come here. If they like something, there's a warehouse behind it," Goyal explained, describing the integrated facility that will allow immediate inspection and shipment of goods. Building on existing collaborations that established an IIT and IIM in the UAE, India will now set up an Indian Institute of Foreign Trade campus at the Dubai Expo location. The move will benefit both the Indian diaspora and local UAE residents with access to high-level international trade education from one of India's top 50 universities. While welcoming Indian goods being sent from the UAE to other Gulf countries or African nations with clear "Made in India" labelling, Goyal emphasised that India will not encourage transshipment to the US via the UAE....