Union commerce minister Piyush Goyal on Friday said an interim trade deal with the UAE will be operationalised by the second quarter of 2022.

In an interview with Parikshit Luthra on the sidelines of Dubai Expo 2020, Goyal said India today is looked upon as the most trusted, efficient and emerging economy in the world.

"Prime Minister Narendra Modi has built relations across the world with world leaders and has shown to the world the new India that is emerging - an India which is technology savvy, an India which is full of innovation, invention and efficiency. This is the new India that is going to be showcased at the India Pavilion in Dubai Expo 2020," he said.

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"UAE and India have been traditional trading partners. In the last few years, the relationship between the two leaders of the two nations has exponentially grown, the trust factor is immense. In fact, the UAE royal family has committed to invest $75 billion into India. So the trade deal would be a partnership or FTA between two friends and we launched the FTA negotiations on September 22," Goyal

"Dr Thani, the minister of trade from UAE, expressed the desire that we should move towards a full-fledged agreement as quickly as possible, maybe even start off with an early interim agreement. We are hoping that we will be able to draw the contours of the larger FTA with the interim agreement probably somewhere between December 2021 and January 2022," he added.

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Also, watch CNBC-TV8's Parikshit Luthra in conversation with Shivaz Rai, chief executive officer of DU Digital Global who said there is a significant jump in the number of Indians looking to work and settle in UAE.

Watch the video for more.

(Edited by : Jomy Jos Pullokaran)