Short Article

23-10-2023 | 18:55 PM

India-UAE High Level Joint Task Force on Investments

The Eleventh meeting of the UAE-India High Level Joint Task Force on Investments (‘the Joint Task Force’) was held in Abu Dhabi.

Key Highlights:

• The UAE-India High Level Joint Task Force on Investments was established in 2013.
• To promote trade, investment and economic ties between India and the UAE.The Task Force has provided an effective mechanism for discussion on opportunities & prospects for investments in both countries as well as resolution of issues faced by investors of the two countries.
• The two countries reviewed the progress made on the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India, which came into force in May 2022.
• The CEPA has helped reduce tariffs on more than 80 percent of product lines, eliminate barriers to trade and create new pathways for investment and joint ventures.
• In the first 12 months of the CEPA, bilateral non-oil trade reached US$50.5 billion representing a growth of 5.8% compared to the corresponding period a year earlier.
• The two countries are now fast moving towards the target of US$100 billion non-oil trade by 2030.
• It is a joint initiative between the UAE Ministry of Economy and India’s Ministry of Commerce and Industry.
• The bridge is expected to act as a one-stop platform that offers training sessions and knowledgesharing on important topics such as market access, investment funds, venture capital, incubators and the respective business landscape in each country.
• The corridor aims to increase overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, improving efficiencies and security.