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India and the United Arab Emirates (UAE) are fast moving towards the target of USD 100 billion non-oil trade by 2030, according to the Ministry of Commerce and Industry.
In the first 12 months of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, bilateral non-oil trade reached USD 50.5 billion, representing a growth of 5.8 per cent compared to the corresponding period a year earlier, the statement from the Ministry added.
The progress of CEPA was reviewed in the 11th meeting of the UAE-India High Level Joint Task Force on Investments held in Abu Dhabi on Thursday, October 5. It was co-chaired by His Highness Sheikh Hamed bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority (ADIA), and Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Government of India.
The Joint Task Force delegations discussed the status of negotiations for India-UAE Bilateral Investment Treaty, underscoring the need to accelerate discussions for an early conclusion of an agreement that benefits both countries and their investors.
The CEPA came into force in May 2022, and was a landmark agreement designed to spark a new era of cooperation between two nations, strengthening the long-standing cultural, political, and economic ties.
It has helped reduce tariffs on more than 80 per cent of product lines, eliminate barriers to trade and create new pathways for investment and joint ventures. CEPA, bilateral non-oil trade reached US$50.5 billion, representing a growth of 5.8 per cent compared to the corresponding period a year earlier.
The two sides also discussed ways and incentives for encouraging further growth in investment flows from UAE sovereign investment entities into India.
The Indian delegation shared opportunities for investments in priority sectors like renewable energy, health, semi-conductors, and asset monetisation sectors in India.
In this regard, progress on the creation of the Fast Track Mechanism to facilitate Indian investment into the UAE was discussed.
The talks also covered the India-UAE Start-Up Bridge, 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.
Another important agenda topic was the establishment of Abu Dhabi-India Virtual Trade Corridor, which aims to increase overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, improving efficiencies and security.
Both sides agreed to continue coordination and cooperation between the respective counterparties of both countries for the early implementation of this milestone.
The co-chairs also reviewed the progress on key projects including the food security corridor related investment under I2U2 Framework into India. The project will be instrumental in addressing food security challenges, with the aim of bolstering the supply of essential food items and establishing a resilient value chain between the two nations.
