11th Meeting of the India-UAE High Level Joint Task Force on Investments

Source: The post is based on the article “11th Meeting of the India-UAE High Level Joint Task Force on Investments” published in“PIB” on 6th October 2023

What is the News?

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

What is the UAE-India High Level Joint Task Force on Investments?

The UAE-India High Level Joint Task Force on Investments was established in 2013.

Aim: 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.

What are the key highlights from the 11th meeting of the UAE-India Joint Task Force on Investments?

Reviewed the implementation of CEPA: 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.  

India-UAE Start-Up Bridge: 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 knowledge-sharing on important topics such as market access, investment funds, venture capital, incubators and the respective business landscape in each country.

Discussed the establishment of Abu Dhabi – India Virtual Trade Corridor: 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.