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Abu Dhabi, India and the UAE on Thursday discussed the status of talks for a proposed Bilateral Investment Treaty and emphasised on the need to accelerate the discussions for an early conclusion of a balanced agreement. The issue came up for discussions 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 Abu Dhabi Investment Authority (ADIA), and Commerce and Industry Minister Piyush Goyal.
“The Joint Task Force delegations discussed the status of negotiations for the India-UAE Bilateral Investment Treaty, underscoring the need to accelerate the bilateral discussions for an early conclusion of a balanced agreement that benefits both countries and their investors,” an official statement said.
The two sides also discussed ways and incentives for encouraging further growth in investment flows from the UAE sovereign investment entities into India.
In this context, the Indian side shared opportunities for investments in priority sectors such as renewable energy, health, semi-conductors and asset monetisation sectors in the country.
The commerce and industry ministry said the progress on the creation of the Fast Track Mechanism to facilitate Indian investment in the UAE was also discussed.
The Indian side requested for strengthening the mechanism, especially for facilitation of investments in priority sectors such as renewable energy and energy transition.
“Both sides agreed to use this channel as a means of developing more competitive and accommodating ecosystems that can enable the private sector to fully pursue expansion opportunities in each other’s markets,” it 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 resolution of issues faced by the investors.
During the meeting, the co-chairs reviewed the progress made on the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which came into force in May 2022.
In the first 12 months of the agreement, bilateral non-oil trade reached USD 50.5 billion, an increase of 5.8 per cent compared to the corresponding period a year earlier.
The two countries are fast moving towards the target of USD 100 billion non-oil trade by 2030, as per the statement.
Further, they also talked about the establishment of Abu Dhabi – India Virtual Trade Corridor, which aims to increase the overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, improving efficiencies and security.
“Both sides agreed to continue coordination and cooperation between the respective counterparties of both countries for early implementation of this milestone,” it said.
The two sides also discussed the progress of 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 into 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 the India-UAE trade and investment relationship continues to flourish.
Goyal said the progress of the food corridor project gains great significance, which received more clarity.
It was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA), and Commerce and Industry Minister Piyush Goyal.
“The Joint Task Force delegations discussed the status of negotiations for the India-UAE Bilateral Investment Treaty, underscoring the need to accelerate the bilateral discussions for an early conclusion of a balanced agreement that benefits both countries and their investors,” an official statement said.
The two sides also discussed ways and incentives for encouraging further growth in investment flows from the UAE sovereign investment entities into India.
In this context, the Indian side shared opportunities for investments in priority sectors such as renewable energy, health, semi-conductors and asset monetisation sectors in the country.
The commerce and industry ministry said the progress on the creation of the Fast Track Mechanism to facilitate Indian investment in the UAE was also discussed.
The Indian side requested for strengthening the mechanism, especially for facilitation of investments in priority sectors such as renewable energy and energy transition.
“Both sides agreed to use this channel as a means of developing more competitive and accommodating ecosystems that can enable the private sector to fully pursue expansion opportunities in each other’s markets,” it 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 resolution of issues faced by the investors.
During the meeting, the co-chairs reviewed the progress made on the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which came into force in May 2022.
In the first 12 months of the agreement, bilateral non-oil trade reached USD 50.5 billion, an increase of 5.8 per cent compared to the corresponding period a year earlier.
The two countries are fast moving towards the target of USD 100 billion non-oil trade by 2030, as per the statement.
Further, they also talked about the establishment of Abu Dhabi – India Virtual Trade Corridor, which aims to increase the overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, improving efficiencies and security.
“Both sides agreed to continue coordination and cooperation between the respective counterparties of both countries for early implementation of this milestone,” it said.
The two sides also discussed the progress of 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 into 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 the India-UAE trade and investment relationship continues to flourish.
Goyal said the progress of the food corridor project gains great significance, which received more clarity.
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