India fast-tracks mechanism for biz and investments in UAE
Oct 11, 2022
New Delhi [India], October 11 : In Mumbai, officials of India and UAE on Tuesday held the tenth meeting of high-level joint task force to fast-track mechanism for investments in UAE.
Commerce Minister Piyush Goyal and Emirate of Abu Dhabi Executive Council Member Sheikh Hamed bin Zayed Al Nahyan co-chaired the meeting on Tuesday, an official statement said.
The joint task force was established in 2013 to promote trade, investment and economic ties between the UAE and India. This was the first meeting of the joint task force since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and unveiling of the Joint UAE-India Vision Statement in February 2022 during the virtual summit between Narendra Modi, Prime Minister of India, and Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.
The CEPA is a major trade agreement set to transform bilateral economic, trade and investment ties and propel economic growth. Both these historic landmarks provide a clear roadmap for continued strengthening of the comprehensive strategic partnership between the two countries at an accelerated pace.
During this tenth meeting of the Joint Task Force, the co-chairs recognised the early trends of positive impact of the historic India-UAE CEPA on bilateral trade between the two countries since it entered into force in May 2022.
The co-chairs urged businessmen on both sides to gain optimal benefits from the conducive trade ecosystem created under CEPA. The co-chairs also noted progress on various aspects of the CEPA including establishment of the CEPA joint committee and related sub-committees.
The two delegations, the official statement said, reviewed the status of the negotiations of the India-UAE Bilateral Investment Treaty. It added that twelve rounds of negotiations had been conducted till date. Both sides noted that much progress could have been achieved since the commencement of the negotiations, and therefore reiterated their commitment to accelerate the process for an early conclusion of a balanced and mutually beneficial agreement.
The statement revealed that an important area discussed was the creation of a mechanism for carrying out bilateral trade in national currencies. Referring to the ongoing discussions between Reserve Bank of India and Central Bank of the United Arab Emirates on Unified Payment Interface (UPI) as a common digital payments platform, both sides agreed to continue discussions.
