India,UAE discuss areas of cooperation to strengthen economic ties

News:The seventh meeting of the UAE-India High Level Joint Task Force on Investments was held in Abu Dhabi,UAE.

Facts:

About the task force:

• The Task Force was established in 2012 as a key forum to promote economic ties between the UAE and India. 
• It aims to promote and facilitate investments between the two countries and in addressing mutual concerns.
• Further, the task force has acquired more importance since the Comprehensive Strategic Partnership Agreement was signed in 2017.

About the meeting:

• The meeting reviewed the significant progress made to enhance bilateral trade and investment between the two countries.
• The countries discussed the issues relating to the tax treatment of the Abu Dhabi Investment Authority(ADIA) for investment in India.
• India has agreed to give an early consideration and mutually beneficial solution to the issue in a way that could facilitate ADIA’s investments in India.
• The countries also expressed satisfaction on the progress made by the Task Force including (a)the signing of a bilateral agreement for the promotion and protection of investments which is now being renegotiated as a Bilateral Investment Treaty (BIT) (b) the UAE’s contribution to India’s strategic petroleum reserve among others.