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India-UAE ties gain ‘unprecedented momentum’
A mechanism on cards to carry out bilateral trade in respective national currencies and to explore the establishment of “an integrated single window solutions and virtual corridor”
Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority and Abu Dhabi Executive Council Member (centre), attends the 10th meeting of the India-UAE high level joint task force on investments meeting. Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade (right) and Dr Ahmed Abdulrahman Al Banna, Ambassador of the UAE to India (left), were also present. — Wam
Signifying an “unprecedented momentum” in the UAE-India ties, both nations agreed on Tuesday to study the creation of a mechanism to carry out bilateral trade in respective national currencies and to explore the establishment of “an integrated single window solutions and virtual corridor” to cut costs and time involved in trade and investment-related procedures.
At the 10th meeting of the UAE-India High-Level Joint Task Force on Investments held in Mumbai, both sides also reviewed a proposal for providing tax incentives to certain UAE sovereign investment entities aimed at boosting investment flow to India.
The meeting was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, and Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Government of India.
After reviewing the positive impact of the historic UAE-India Cepa (Comprehensive Economic Partnership Agreement) on bilateral trade since it came into force in May 2022, the co-chairs urged businessmen on both sides to benefit from the conducive trade ecosystem created under the pact. They also noted progress on various aspects of the Cepa, including the establishment of the Cepa joint committee and related sub-committees.
“The India-UAE relations are witnessing unprecedented momentum. We have several opportunities for cooperation and increasing investments, especially the key sectors such as infrastructure and technology, and especially Fintech,” said Minister Goyal.
“During the last meeting of the Joint, Task Force we had decided to fast-track the negotiations of Cepa, and we finalised the agreement in an unprecedented 88 days. I am sure that the discussions we have had today on mutually beneficial areas, such as food security and bilateral trade in national currencies, will also see similar thrust from both sides,” Goyal added.
Sheikh Hamed said several significant milestones have been reached that cement the close, growing and strategic relationship between India and the UAE since the last meeting of the Joint Task Force in October 2021.
“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. The Joint Task Force has proved effective in creating new opportunities and removing barriers. It will continue to play an important role in promoting bilateral investment in support of our respective countries’ growth ambitions.”
As per the agreement reached, the Department of Economic Development of Abu Dhabi will explore the area of cooperation with the concerned counterparties in India on implementing the proposal to establish an efficient single window solutions and virtual trade corridor.
The two sides agreed to continue bilateral discussions on providing tax incentives to UAE sovereign investment entities under the existing UAE-India Tax Treaty, and India’s response to provide the same under the existing domestic tax laws of India. Discussions also centered on enhancing bilateral investments in crucial sectors such as food security, manufacturing, infrastructure, energy and technology.
An important area discussed was the creation of a mechanism for carrying out bilateral trade in national currencies. Both sides agreed to continue ongoing discussions between Reserve Bank of India and Central Bank of the UAE on Unified Payment Interface (UPI) as a common digital payments platform.
The meeting was attended by Dr Thani bin Ahmed Al Zeyoudi, UAE State Minister for Foreign Trade; Ahmed Abdulrahman Al Banna, UAE Ambassador to India; Anurag Jain, secretary, India’s Department for Promotion of Industry and Internal Trade; as well as senior officials from relevant government authorities, investment entities and companies of both countries.
The two sides acknowledged the importance of using the Joint Task Force as a forum to address specific issues and difficulties faced by the companies when investing in each other’s countries. India set up a UAE Plus Desk in 2018 and established a Fast Track Mechanism in 2019 to identify, resolve and expedite issues faced by the UAE companies and investors in India.
The UAE Special Desk in India was commended for its efforts in leading and facilitating UAE investments across sectors.
In this regard, it was agreed that the Indian side would provide the necessary support to UAE Fast Track Mechanism in India to ensure speedy resolution of pending issues and difficulties experienced by a number of UAE companies and banks operating in India.
It was also agreed that a similar India Fast Track Mechanism would be set up in the UAE immediately to resolve issues about the Indian investors and to assist Indian companies in market entry and expansion when investing in the UAE. Issues concerning some Indian companies in the UAE were noted in this context, and it was agreed that the UAE side would provide the necessary support to ensure a speedy and mutually satisfactory resolution while the Indian side would provide the necessary support to the UAE Fast Track Mechanism in India to ensure speedy resolution of pending issues and difficulties experienced by a number of UAE companies and banks operating in India.
— issacjohn@khaleejtimes.com
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