The India-UAE Excessive Stage Joint Process Pressure on Investments (HLJTFI) gathered for its twelfth assembly in Mumbai on Monday, October 7. The assembly was co-chaired by Commerce and Trade Minister Piyush Goyal and Abu Dhabi Funding Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan. In the course of the assembly, the co-chairs acknowledged the continued development and strengthening of the bilateral relationship between India and the UAE, spanning numerous issues together with these associated to commerce and investments. The India-UAE Bilateral Funding Treaty, signed throughout Prime Minister Narendra Modi’s go to to the UAE in February 2024, has been ratified by either side and entered into pressure with impact from August 31, 2024, in accordance with an official assertion.
Goyal mentioned that the federal government will open an Make investments India workplace in Dubai, the UAE, which can function a devoted level of contact for potential UAE traders searching for to spend money on India.
The Indian Union Minister additionally mentioned that Abu Dhabi Funding Authority (ADIA) will set up a subsidiary at GIFT Metropolis in Gujarat. “This underlines the sturdy curiosity from UAE’s institutional traders in India’s rising and dynamic economic system, and GIFT Metropolis’s fame as world-class monetary companies centre, working underneath a robust regulator and a strong authorized framework,” the assertion talked about.
“India-UAE partnership stands on the pillars of innovation, funding and sustainable growth. The Joint Process Pressure assembly immediately was helpful to take inventory of all of the laudable initiatives that India and the UAE have collectively undertaken, similar to native forex settlement, digital commerce hall, Bharat Mart, and so forth,” mentioned the Commerce and Industries Minister.
“With the sturdy framework now supplied by India-UAE CEPA and Bilateral Funding Treaty, I encourage stakeholders to additional discover funding alternatives and commerce prospects,” Goyal added.
He additionally acknowledged meals parks among the many key areas for larger collaboration and investments between India and the UAE.
Established in 2013 to advertise commerce, funding, and financial ties between India and the UAE, HLJTFI has supplied an efficient mechanism to debate alternatives and prospects for additional investments in India and the UAE. It additionally acts as a discussion board to resolve points confronted by traders of the 2 international locations.
The co-chairs acknowledged numerous areas throughout the assembly, together with the fast rise in bilateral commerce underneath the Complete Financial Partnership Settlement (CEPA), which got here into pressure in Could 2022.
The Joint Process Pressure additionally reviewed the working of the India-UAE CEPA, which was one of many fastest-ever negotiated Free Commerce Agreements.
This landmark settlement is designed to stimulate elevated commerce and increase the buying and selling relationship between the 2 international locations, the commerce ministry mentioned.
Within the final two years, the CEPA has helped scale back tariffs on the vast majority of product traces, sought to handle different obstacles to commerce, and created new avenues for cooperation.
Because of the deal, bilateral commerce has risen persistently, with non-oil commerce rising to $28.2 billion within the first half of 2024, a 9.8 per cent year-on-year improve, the ministry famous.
It additionally highlighted that the settlement has spurred FDI on either side, representing “actual development with actual, on-the-ground influence”. The settlement has additionally led to job creation in India and fast development in exports from labour-oriented sectors, it mentioned.
Contemplating the strategic agreements and initiatives signed throughout Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed Al Nahyan’s latest official go to to India, the 2 sides famous the present and future investments and tasks of UAE entities in key sectors of the Indian economic system, together with vitality, synthetic intelligence, logistics, and meals and agriculture, totalling roughly $100 billion.
The assembly additionally reviewed UAE investments in Indian infrastructure belongings.
Throughout Monday’s assembly, the 2 sides reviewed progress on a number of key initiatives, a couple of of which have been beforehand introduced by Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan. Either side additionally expressed satisfaction on the fast tempo of implementation.