UAE and India hold high-level meetings in Abu Dhabi to discuss trade and investment

Date:

London – The 11th meeting of the UAE-India High Level Joint Task Force on Investments took place in Abu Dhabi, as reported by the Emirates News Agency. The task force, established in 2013, aims to enhance trade, investment, and economic relations between the two countries.

Officials from both sides convened to discuss the UAE-India Comprehensive Economic Partnership Agreement, which came into effect in May of the previous year. The agreement focuses on fostering cultural, political, and economic ties between the two nations. It has played a significant role in reducing tariffs on over 80 percent of products. Following its implementation, non-oil trade between the UAE and India increased by 5.8 percent, reaching $50.5 billion.

The task force also addressed plans for a joint investment treaty, aiming to facilitate increased capital flows from UAE sovereign investment organizations into India. The Indian delegation emphasized investment opportunities across various sectors, including renewable energy, healthcare, semiconductors, and asset monetization.

Additionally, discussions covered the India-UAE Start-Up Bridge, which serves as a platform for knowledge exchange on market access, investment funds, venture capital, and other mutually beneficial areas. The delegates also reviewed the progress of the Abu Dhabi-India Virtual Trade Corridor, an initiative aimed at boosting trade through the development of paperless data exchange systems. They also examined the advancement of the Abu Dhabi Investment Authority’s plans to establish a financial-free zone in Gujarat, which will support future investments in India.

During the meeting, the UAE’s Ministry of Industry and Advanced Technology and India’s Ministry of Commerce and Industry signed a memorandum of understanding to strengthen cooperation in space, healthcare, renewable energy, and artificial intelligence.

Furthermore, a separate agreement was signed between Al-Etihad Payments and the National Payments Corp. of India to establish the UAE’s domestic card scheme. This unified and secure card payment platform is designed to accelerate the country’s transition to a digital economy.

The meeting of the UAE-India High Level Joint Task Force on Investments showcased the commitment of both countries to deepen economic cooperation and explore new avenues for investment. The discussions and agreements reached during the meeting are expected to further strengthen bilateral trade and open up opportunities for mutual growth and development.

Share post:

Popular

Recent
Related

For Kuwait’s new emir, Saudi ties are seen as key

Kuwait (Reuters) - Sheikh Meshal al-Ahmad al-Sabah was named...

Pope Francis deplores Israeli killings of civilians at Gaza church

Vatican City (Reuters) - Pope Francis on Sunday again...

Palestinians must find new path from Israeli rule after war, top official says

Ramallah (Reuters) - Immediately after Israel's war in Gaza...

Israel says it struck Hezbollah sites after attacks from Lebanon

Jerusalem/Beirut (Reuters) - Israel said on Sunday it had...