Piyush Goyal to visit UAE to explore ways to access African market, expedite work on Bharat Mart

Government sources told CNBC-TV18 that Commerce and Industry Minister Piyush Goyal is slated to visit the UAE from September 17 to 19 to meet his counterpart and explore pathways to access African markets. The move aims to expand India's export footprint and hedge risks arising from global geopolitical uncertainty and US tariffs.

While the Minister will be accompanied by delegations from different sectors, sources said the visit will also expedite work on the Bharat Mart being developed in the West Asian country. Prime Minister Narendra Modi and Sheikh Mohamed bin Rashid Al Maktoum—the Vice President, Prime Minister, and Ruler of Dubai—laid the foundation stone of Bharat Mart at Jebel Ali Free Trade Zone in Dubai on February 14, 2024.

Built by UAE logistics giant DP World, Bharat Mart is envisaged as a marketplace offering Indian traders, exporters, and manufacturers access to markets in the Middle East, Africa, and Eurasia. The facility will combine the benefits of free zone and mainland retail markets, while also providing Indian companies access to DP World’s world-class logistics. The project is expected to be completed in 2026.

Sources added that India is planning more Bharat Marts to expand the reach of Indian goods in overseas markets, including developed economies. They pointed out that China already operates 12 Dragon Marts in Africa, along with several others across different countries.

On August 29, Minister Goyal held a bilateral meeting with Dr. Thani bin Ahmed Al Zeyoudi, the UAE's Minister of Foreign Trade, to further deepen the India-UAE Comprehensive Economic Partnership Agreement (CEPA). The meeting reviewed progress under the CEPA and reaffirmed the shared goal of expanding bilateral trade towards the target of $100 billion in non-oil, non-precious metals trade by 2030.

Discussions also covered collaboration in emerging sectors such as renewable energy, digital infrastructure, supply chain resilience, and healthcare. Both sides underlined the need for timely trade data sharing to better monitor CEPA and agreed to convene the Sub-Committee on Services within two months. On market access and regulatory issues, the Ministers decided to take up pending matters for early resolution in the CEPA Joint Committee.