UAE-India High-Level Task Force Meeting Fuels Economic Expansion

The 13th meeting of the UAE-India High-Level Joint Task Force on Investments is currently taking place in Abu Dhabi. Co-chaired by Union Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, the meeting aims to evaluate the Comprehensive Economic Partnership Agreement (CEPA), the Double Taxation Treaty, and foster central bank cooperation while seeking new investment avenues in sectors like space and maritime.

Since the implementation of CEPA in May 2022, bilateral merchandise trade has witnessed remarkable growth, surging from USD 43.3 billion in FY21 to USD 83.7 billion in FY24, with increasing trade in non-oil sectors, according to the Commerce Ministry. Goyal will also chair the UAE-India Business Council roundtable with UAE's Minister of Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, engaging top business leaders from both nations.

Key meetings are also slated with UAE's National Security Adviser, Sheikh Tahnoun bin Zayed Al Nahyan, along with prominent figures like Ahmed Jasim Al Zaabi and Syed Basar Shueb of IHC. Formed in 2013, the HLTFI is a pivotal platform for resolving investor issues and strengthening economic ties. The previous meeting in Mumbai in 2024 ratified the Bilateral Investment Treaty signed during PM Modi's UAE visit.

The ongoing expansion of the UAE-India Comprehensive Strategic Partnership spans trade, technology, energy, defence, and food security. UAE stands as one of India's main strategic partners, with their partnership driven by extensive political engagement and robust economic collaboration.

The UAE-India CEPA Council's launch of the Start-up Series has attracted over 10,000 Indian entrepreneurs, emphasizing the program's role in propelling Indian businesses onto the global stage.

(With inputs from agencies.)