UAE-India Task Force Boosts Economic Ties & Investments
The 11th meeting of the UAE-India High Level Joint Task Force on Investments was recently held in Abu Dhabi, aiming to strengthen economic ties and investments between the two countries. The task force, established in 2013, has played a vital role in promoting trade, investment, and economic cooperation.
During the meeting, officials from both sides discussed the UAE-India Comprehensive Economic Partnership Agreement, which came into effect in May last year. This agreement aims to enhance cultural, political, and economic relations between the two nations. Since its implementation, the partnership has successfully reduced tariffs on over 80% of products. The result has been a 5.8% increase in non-oil trade between the UAE and India, reaching a value of $50.5 billion in the year following its introduction.
Furthermore, the task force deliberated on plans for a joint investment treaty and explored strategies to enhance capital flows from UAE sovereign investment organizations into India. The Indian delegation also highlighted exciting investment opportunities in various industries such as renewable energy, health, semiconductors, and asset monetization.
Another significant topic of discussion was the India-UAE Start-Up Bridge, which serves as a platform for knowledge exchange concerning market access, investment funds, venture capital, and other mutual interests. This bridge aims to foster collaboration and partnerships between start-ups in both countries.
Additionally, the meeting saw the launch of the Abu Dhabi-India Virtual Trade Corridor, an initiative designed to boost trade through the development of paperless data exchange systems. This innovative approach will facilitate smoother and more efficient trade practices between the UAE and India.
Moreover, progress was reviewed regarding the establishment of a financial-free zone in Gujarat by the Abu Dhabi Investment Authority. This free zone aims to support future investments in India and create opportunities for economic growth and development.
As a testament to the commitment towards increased cooperation, the UAE’s Ministry of Industry and Advanced Technology and India’s Ministry of Commerce and Industry signed a memorandum of understanding. This agreement seeks to enhance collaboration in crucial areas such as space, healthcare, renewable energy, and artificial intelligence.
Furthermore, a separate deal was signed between Al-Etihad Payments and the National Payments Corp. of India, marking the creation of the UAE’s first secure and unified card payment platform. This platform sets the groundwork for accelerating the UAE’s transition towards a digital economy.
The recent meeting of the UAE-India High Level Joint Task Force on Investments has paved the way for stronger economic ties and increased investments between the two nations. By prioritizing trade and cooperation in various sectors, the UAE and India are creating an environment conducive to mutual growth and prosperity.