Abu Dhabi, India and the UAE on Thursday discussed the status of talks on a proposed Bilateral Investment Treaty and stressed the need to accelerate discussions for an early conclusion of a balanced agreement. The issue was raised during the eleventh meeting of the UAE-India High-Level Joint Task Force on Investments (Joint Task Force), held here.
It was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), and Minister of Trade and Industry Piyush Goyal.
“The Joint Task Force delegations discussed the status of negotiations on the Bilateral Investment Treaty between India and the UAE, and underlined the need to accelerate bilateral discussions for early conclusion of a balanced agreement that will benefit both countries and their investors is coming,” said an official statement.
The two sides also discussed ways and incentives to stimulate further growth of investment flows from the UAE’s state investment entities to India.
In this context, the Indian side shared opportunities for investments in priority sectors such as renewable energy, healthcare, semiconductors and the asset monetization sectors in the country.
The Ministry of Commerce and Industry said progress in establishing the Fast Track Mechanism to facilitate Indian investments in the UAE was also discussed.
The Indian side requested strengthening of the mechanism, especially to facilitate investments in priority sectors such as renewable energy and energy transition.
“Both sides agreed to use this channel as a means to develop more competitive and accommodating ecosystems that can enable the private sector to fully pursue expansion opportunities in each other’s markets,” the report said.
The Joint Task Force was established in 2013 to promote trade, investment and economic ties between India and the UAE.
It has provided an effective mechanism for discussion on opportunities and prospects for investments in both countries, as well as for resolving problems faced by investors.
During the meeting, the Co-Chairs assessed progress made in the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which came into effect in May 2022.
In the first 12 months of the agreement, bilateral trade, excluding oil, amounted to $50.5 billion, an increase of 5.8 percent compared to the corresponding period a year earlier.
According to the statement, the two countries are moving quickly towards the target of $100 billion in non-oil trade by 2030.
Furthermore, they also discussed the establishment of the Abu Dhabi – India Virtual Trade Corridor, which aims to increase overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, increasing efficiency and security improved.
“Both sides agreed to continue coordination and cooperation between the respective counterparts of both countries for early implementation of this milestone,” the report said.
The two sides also discussed progress on plans for the ADIA to establish a presence in Gujarat International Finance Tec-City (GIFT City), a financial free zone in Gujarat, with the aim of facilitating future investments in India.
The Indian side invited other Sovereign Wealth Funds in the UAE to establish a similar presence in India.
Nahyan said the activities of the joint task force will play an important role in maintaining momentum, exploring new opportunities and ensuring that the trade and investment relationship between India and the UAE continues to flourish.
Goyal said the progress of the food corridor project assumes great significance, adding clarity.
It was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), and Minister of Trade and Industry Piyush Goyal.
“The Joint Task Force delegations discussed the status of negotiations on the Bilateral Investment Treaty between India and the UAE, and underlined the need to accelerate bilateral discussions for early conclusion of a balanced agreement that will benefit both countries and their investors is coming,” said an official statement.
The two sides also discussed ways and incentives to stimulate further growth of investment flows from the UAE’s state investment entities to India.
In this context, the Indian side shared opportunities for investments in priority sectors such as renewable energy, healthcare, semiconductors and the asset monetization sectors in the country.
The Ministry of Commerce and Industry said progress in establishing the Fast Track Mechanism to facilitate Indian investments in the UAE was also discussed.
The Indian side requested strengthening of the mechanism, especially to facilitate investments in priority sectors such as renewable energy and energy transition.
“Both sides agreed to use this channel as a means to develop more competitive and accommodating ecosystems that can enable the private sector to fully pursue expansion opportunities in each other’s markets,” the report said.
The Joint Task Force was established in 2013 to promote trade, investment and economic ties between India and the UAE.
It has provided an effective mechanism for discussion on opportunities and prospects for investments in both countries, as well as for resolving problems faced by investors.
During the meeting, the Co-Chairs assessed progress made in the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which came into effect in May 2022.
In the first 12 months of the agreement, bilateral trade, excluding oil, amounted to $50.5 billion, an increase of 5.8 percent compared to the corresponding period a year earlier.
According to the statement, the two countries are moving quickly towards the target of $100 billion in non-oil trade by 2030.
Furthermore, they also discussed the establishment of the Abu Dhabi – India Virtual Trade Corridor, which aims to increase overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, increasing efficiency and security improved.
“Both sides agreed to continue coordination and cooperation between the respective counterparts of both countries for early implementation of this milestone,” the report said.
The two sides also discussed progress on plans for the ADIA to establish a presence in Gujarat International Finance Tec-City (GIFT City), a financial free zone in Gujarat, with the aim of facilitating future investments in India.
The Indian side invited other Sovereign Wealth Funds in the UAE to establish a similar presence in India.
Nahyan said the activities of the joint task force will play an important role in maintaining momentum, exploring new opportunities and ensuring that the trade and investment relationship between India and the UAE continues to flourish.
Goyal said the progress of the food corridor project assumes great significance, adding clarity.
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