Business

India, Israel, UAE Trilateral Could Boost Trade To US$ 110 Billion By 2030

India, Israel and UAE trilateral is likely to get a boost following the visit of Israel’s Prime Minister, Naftali Bennett, to India, earlier this month. The trilateral, signed in May last year, took off with an Israeli company (Ecoppia) providing the technology for producing a water-free robotic solar cleaning technology in India, for a project in UAE. Ecoppia’s (has over 2,700 mw of global projects in its portfolio) innovative water-free robots that would help arid regions to achieve optimal productivity and save water. The trilateral was signed in the UAE with the support of International Federation of Indo-Israel Chambers of Commerce (IFIICC). The trilateral trade between Israel, UAE and India can boost trade between the three nations to US$ 110 billion by 2030. India with its strengths, UAE with investments and Israel with its technical know-how can bring onboard immense opportunities for innovation and technology. Meanwhile, the UAE-India Comprehensive Economic Partnership Agreement (CEPA) and growing trade between Israel and both these counties had been a good base for growing economic partnership in this trilateral. Interestingly, a new grouping of Israel, the UAE, India, and the United States has gained importance since virtual talks were held between them in October last year. In person talks are scheduled for this year. The new grouping has announced partnerships in technology and infrastructure projects and are keen to enhance political and economic cooperation and maritime security. The group has been referred to as the `new Quad’. However, unlike the original quad of the US, Australia, Japan, and India, the new bloc is focused on improving regional cooperation, rather than focus on China. From US$ 200 million in 1992 (comprising mostly diamonds), merchandise trade diversified and reached US$ 6.35 billion (excluding defence) during April 2021 and January 2022, with balance of trade in India’s favour.