Context:
Recently, 13th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) was held in Abu Dhabi. The meeting aimed to strengthen economic ties between the two countries, focusing on trade, investment, and cooperation in various sectors.
Key Outcomes of the meeting:
The meeting reviewed the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which has led to a significant increase in bilateral trade.
· In the first half of 2025, bilateral non-oil trade reached nearly US$38 billion, representing a 34% increase compared to the first half of 2024.
· The Joint Task Force reviewed the progress of several joint investment projects, including the Bharat Mart, a 2.7 million square feet complex located in Jebal Ali Free Zone in the UAE.
· The two sides considered potential areas of future cooperation, including opportunities in the maritime and space sectors in India.
· On-going strategic initiatives between the Central Banks of India and the UAE to enable bilateral trade in local currencies and cooperation on Central Bank Digital Currencies were also discussed.
About India-UAE High Level Joint Task Force on Investments (HLJTFI):
The India-UAE High Level Joint Task Force on Investments (HLJTFI) was established in 2013 to strengthen economic ties between the two countries. It provides a platform for promoting investment opportunities, fostering economic growth, and addressing challenges faced by investors.
Key Objectives
· Promote Investment: Encourage investment between India and the UAE by identifying opportunities and facilitating collaboration.
· Foster Economic Growth: Enhance economic ties between the two countries, promoting mutual growth and development.
· Address Challenges: Resolve issues and challenges faced by investors in both countries, ensuring a conducive business environment.
About India-UAE Comprehensive Economic Partnership Agreement (CEPA):
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement (FTA) signed by the two nations on February 18, 2022, and enacted on May 1, 2022.
· It is India's first deep FTA in the Middle East, designed to eliminate tariffs on most goods and provide preferential market access, significantly increasing bilateral trade and economic cooperation.
· The agreement covers trade in goods and services, investment, intellectual property, and digital trade, and has accelerated trade growth, aiming for over $100 billion in goods and $15 billion in services trade within five years.
About Bharat Mart:
Bharat Mart, which is being built by UAE’s major logistics company DP World, is envisaged as a marketplace that provides Indian traders, exporters, and manufacturers access to markets in the Middle East, Africa and Eurasia.
· The facility will offer the benefits of free zone and mainland retail markets, as well as provide Indian companies with access to world-class logistics of DP World. The project is expected to be completed in 2026.
Conclusion:
The 13th meeting of the India-UAE HLJTFI marked a significant step in strengthening economic ties between the two countries. With a focus on promoting investment, resolving issues, and exploring new areas of cooperation, the meeting reflected the growing partnership between India and the UAE. As both countries continue to work together, the HLJTFI is expected to play a key role in driving growth and development in the region
