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India and the UAE have witnessed substantial growth in trade since the Comprehensive Economic Partnership Agreement (CEPA) came into effect
India and the UAE have identified food parks as one of the areas for greater collaboration and investments between the two sides. This was discussed at the 12th Meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI), held in Mumbai on Monday (October 7, 2024).
It was co-chaired by India's Minister of Commerce & Industry Piyush Goyal and Abu Dhabi Investment Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan. The meeting highlighted the growing economic partnership between India and the UAE, focusing on initiatives like food parks, cross-border payment systems, and new investment avenues.
The HLJTFI, established in 2013, serves as a platform to enhance trade, investment, and economic ties between the two countries. The forum allows for discussing potential opportunities and resolving issues faced by investors from both sides. During the 12th meeting, the Co-Chairs acknowledged the strengthening of India-UAE bilateral relations, particularly in trade and investment, underpinned by the Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022.
Since CEPA’s implementation, India and the UAE have witnessed substantial growth in trade. The agreement facilitated tariff reductions on most products and created new avenues for cooperation. In the first half of 2024, non-oil trade between the two countries rose to USD 28.2 billion, a 9.8% increase from the previous year. The UAE, India’s fourth-largest foreign investor as of 2023, committed USD 3.35 billion across various sectors, tripling its investment from 2022. Meanwhile, Indian Foreign Direct Investment (FDI) into the UAE reached USD 2.05 billion in 2023, exceeding combined figures from 2021 and 2022.
New Initiatives and Agreements
Key initiatives discussed during the meeting include the development of food parks in India. This collaboration aims to enhance food security for the UAE while boosting income for Indian farmers and creating jobs in the food processing sector. Goyal emphasized that small working groups involving both countries' governments would fast-track the establishment of food corridors.
Additionally, the ADIA announced plans to set up a subsidiary at Gujarat International Finance Tec-City (GIFT City), India’s premier international financial hub. Goyal also revealed that India would establish an Invest India office in the UAE. This new office, the first in the Middle East, aims to assist UAE investors in navigating opportunities in India. “The presence of Invest India in Dubai will strengthen ties and ensure smooth communication, paving the way for more investments,” Goyal stated.
A significant development discussed was the integration of India’s Unified Payments Interface (UPI) and the UAE’s AANI platform, aimed at facilitating seamless cross-border transactions. The collaboration, led by the National Payments Corporation of India (NPCI) and Al Etihad Payments (AEP), will benefit over 3 million Indians residing in the UAE, providing them with efficient, real-time remittance services. “This interlinking will bring speed, transparency, accessibility, and cost efficiency to cross-border remittances, enhancing convenience for millions of people,” Goyal explained.
Ratification of the Bilateral Investment Treaty (BIT)
The India-UAE Bilateral Investment Treaty (BIT), signed in February 2024 during Prime Minister Narendra Modi’s visit to the UAE, was ratified and came into force on August 31, 2024. This treaty replaces the Bilateral Investment Promotion and Protection Agreement (BIPPA), which expired in September 2024. The BIT ensures continued investment protection for investors from both countries while balancing state rights to regulate policy matters.
With the UAE being India’s seventh-largest FDI source, contributing around USD 19 billion from April 2000 to June 2024, and India investing USD 15.26 billion in the UAE over the same period, the BIT is expected to boost investor confidence. Key features of the BIT include non-discriminatory treatment for investors, protection against expropriation, and provisions for dispute resolution through arbitration. “The BIT reflects our shared commitment to enhancing economic cooperation and creating a robust investment environment,” Goyal commented.
The HLJTFI reviewed existing UAE investments in India’s energy, artificial intelligence, logistics, food, and agriculture sectors, totaling approximately USD 100 billion. The two sides expressed satisfaction with the ongoing projects and the rapid progress of new initiatives such as the Virtual Trade Corridor, food parks, and Bharat Mart. Bharat Mart, a major retail and warehousing project, is progressing well, with design work advancing swiftly.
Additionally, cooperation on Central Bank Digital Currencies (CBDCs) and local currency settlements between the two countries was discussed. These measures aim to strengthen economic cooperation further and reduce dependency on international currencies.
The Indian government highlighted investment opportunities in priority sectors such as renewable energy, green hydrogen, pharmaceuticals, and genomics. The UAE expressed interest in investing in India’s aerospace sector, given the rapid growth of its aviation market.
The 12th HLJTFI meeting concluded with both sides reaffirming their commitment to enhancing bilateral ties and economic cooperation. The forum serves as a vital mechanism to discuss strategies, address challenges, and explore new opportunities for investment. As India and the UAE continue to strengthen their partnership, initiatives like CEPA, the BIT, and the integration of payment systems are expected to provide a solid foundation for further growth.
Goyal summarised the meeting’s outcomes: “India-UAE partnership stands on pillars of innovation, investment, and sustainable development. Today’s Joint Task Force meeting was crucial in reviewing and advancing our shared goals, and I encourage stakeholders to explore more avenues for collaboration.”
Sheikh Hamed bin Zayed Al Nahyan added, “The India-UAE CEPA has been a major catalyst for enhancing our economic ties. The Joint Task Force plays an important role in removing barriers and building new pathways for cooperation, and we are committed to achieving our shared ambitions.”
With these initiatives and strategic investments, India and the UAE are set to deepen their economic partnership, benefiting businesses, economies, and citizens of both nations.
It was co-chaired by India's Minister of Commerce & Industry Piyush Goyal and Abu Dhabi Investment Authority (ADIA) Managing Director Sheikh Hamed bin Zayed Al Nahyan. The meeting highlighted the growing economic partnership between India and the UAE, focusing on initiatives like food parks, cross-border payment systems, and new investment avenues.
The HLJTFI, established in 2013, serves as a platform to enhance trade, investment, and economic ties between the two countries. The forum allows for discussing potential opportunities and resolving issues faced by investors from both sides. During the 12th meeting, the Co-Chairs acknowledged the strengthening of India-UAE bilateral relations, particularly in trade and investment, underpinned by the Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022.
Since CEPA’s implementation, India and the UAE have witnessed substantial growth in trade. The agreement facilitated tariff reductions on most products and created new avenues for cooperation. In the first half of 2024, non-oil trade between the two countries rose to USD 28.2 billion, a 9.8% increase from the previous year. The UAE, India’s fourth-largest foreign investor as of 2023, committed USD 3.35 billion across various sectors, tripling its investment from 2022. Meanwhile, Indian Foreign Direct Investment (FDI) into the UAE reached USD 2.05 billion in 2023, exceeding combined figures from 2021 and 2022.
New Initiatives and Agreements
Key initiatives discussed during the meeting include the development of food parks in India. This collaboration aims to enhance food security for the UAE while boosting income for Indian farmers and creating jobs in the food processing sector. Goyal emphasized that small working groups involving both countries' governments would fast-track the establishment of food corridors.
Additionally, the ADIA announced plans to set up a subsidiary at Gujarat International Finance Tec-City (GIFT City), India’s premier international financial hub. Goyal also revealed that India would establish an Invest India office in the UAE. This new office, the first in the Middle East, aims to assist UAE investors in navigating opportunities in India. “The presence of Invest India in Dubai will strengthen ties and ensure smooth communication, paving the way for more investments,” Goyal stated.
A significant development discussed was the integration of India’s Unified Payments Interface (UPI) and the UAE’s AANI platform, aimed at facilitating seamless cross-border transactions. The collaboration, led by the National Payments Corporation of India (NPCI) and Al Etihad Payments (AEP), will benefit over 3 million Indians residing in the UAE, providing them with efficient, real-time remittance services. “This interlinking will bring speed, transparency, accessibility, and cost efficiency to cross-border remittances, enhancing convenience for millions of people,” Goyal explained.
Ratification of the Bilateral Investment Treaty (BIT)
The India-UAE Bilateral Investment Treaty (BIT), signed in February 2024 during Prime Minister Narendra Modi’s visit to the UAE, was ratified and came into force on August 31, 2024. This treaty replaces the Bilateral Investment Promotion and Protection Agreement (BIPPA), which expired in September 2024. The BIT ensures continued investment protection for investors from both countries while balancing state rights to regulate policy matters.
With the UAE being India’s seventh-largest FDI source, contributing around USD 19 billion from April 2000 to June 2024, and India investing USD 15.26 billion in the UAE over the same period, the BIT is expected to boost investor confidence. Key features of the BIT include non-discriminatory treatment for investors, protection against expropriation, and provisions for dispute resolution through arbitration. “The BIT reflects our shared commitment to enhancing economic cooperation and creating a robust investment environment,” Goyal commented.
The HLJTFI reviewed existing UAE investments in India’s energy, artificial intelligence, logistics, food, and agriculture sectors, totaling approximately USD 100 billion. The two sides expressed satisfaction with the ongoing projects and the rapid progress of new initiatives such as the Virtual Trade Corridor, food parks, and Bharat Mart. Bharat Mart, a major retail and warehousing project, is progressing well, with design work advancing swiftly.
Additionally, cooperation on Central Bank Digital Currencies (CBDCs) and local currency settlements between the two countries was discussed. These measures aim to strengthen economic cooperation further and reduce dependency on international currencies.
The Indian government highlighted investment opportunities in priority sectors such as renewable energy, green hydrogen, pharmaceuticals, and genomics. The UAE expressed interest in investing in India’s aerospace sector, given the rapid growth of its aviation market.
The 12th HLJTFI meeting concluded with both sides reaffirming their commitment to enhancing bilateral ties and economic cooperation. The forum serves as a vital mechanism to discuss strategies, address challenges, and explore new opportunities for investment. As India and the UAE continue to strengthen their partnership, initiatives like CEPA, the BIT, and the integration of payment systems are expected to provide a solid foundation for further growth.
Goyal summarised the meeting’s outcomes: “India-UAE partnership stands on pillars of innovation, investment, and sustainable development. Today’s Joint Task Force meeting was crucial in reviewing and advancing our shared goals, and I encourage stakeholders to explore more avenues for collaboration.”
Sheikh Hamed bin Zayed Al Nahyan added, “The India-UAE CEPA has been a major catalyst for enhancing our economic ties. The Joint Task Force plays an important role in removing barriers and building new pathways for cooperation, and we are committed to achieving our shared ambitions.”
With these initiatives and strategic investments, India and the UAE are set to deepen their economic partnership, benefiting businesses, economies, and citizens of both nations.
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