Goyal co-chaired the tenth meeting of the India-UAE high-level joint task force on investments with Sheikh Hamed bin Zayed Al Nahyan, a Member of the Abu Dhabi Executive Council
India and United Arab Emirates (UAE) relations are witnessing unprecedented momentum and a large number of opportunities for cooperation exist in key sectors like infrastructure and technology, said Union Commerce Minister Piyush Goyal on Tuesday.
The Ministry of Commerce and Industry in a statement said that the co-chairs recognised the early trends of the positive impact of the historic India-UAE comprehensive economic partnership agreement (CEPA) on bilateral trade between the two countries since it entered into force in May 2022.
The co-chairs urged businessmen on both sides to gain optimal benefits from the conducive trade ecosystem created under CEPA.
“The co-chairs also noted progress on various aspects of the CEPA including the establishment of the CEPA joint committee and related sub-committees,” as per the statement.
The two delegations reviewed the status of the negotiations of the India-UAE bilateral investment treaty. Twelve rounds of negotiations have been conducted till date.
The ministry added that both sides noted that much progress could have been achieved since the commencement of the negotiations, and therefore reiterated their commitment to accelerate the process for an early conclusion of a balanced and mutually beneficial agreement.
Discussions also took place on ways of enhancing bilateral investments in key sectors like food security, manufacturing, infrastructure, energy and technology.
Goyal said that during the last meeting of the joint task force we had decided to fast-track the negotiations of CEPA, and we finalized the agreement in an unprecedented 88 days.
“I am sure that the discussions we have had today on mutually beneficial areas like food security and bilateral trade in national currencies, will also see similar thrust from both sides,” he added.
Meanwhile, Nahyan said that since the last meeting of the joint task force in October 2021, several significant milestones have been reached that serve to cement the close, growing and strategic relationship between India and the UAE.
“Within this broader context, the Joint Task Force continues to facilitate positive dialogue between our two countries as we strengthen the economic links that have helped to draw our nations together,” Nahyan added.
Nahyan said that the joint task force has proved effective in creating new opportunities and removing barriers, and it will continue to play an important role in promoting bilateral investment in support of our respective countries’ growth ambitions.