New Delhi, Sep 18 (IANS) The UAE is an important partner in India’s growth story, and the partnership stands on the pillars of innovation, investment and sustainable development – set to witness great transformation under the visionary leadership of both sides, Commerce Minister Piyush Goyal said in Abu Dhabi on Thursday.

The ‘High-Level Joint Task Force on Investments’ between the two nations discussed a range of trade and investment topics, including ongoing initiatives to enhance bilateral investment flows and new areas of joint cooperation.

Abu Dhabi Investment Authority (ADIA) Managing Director, Sheikh Hamed bin Zayed Al Nahyan, and Goyal co-chaired the meeting, attended by senior officials from relevant government authorities, investment entities and companies from both countries.

Goyal said India has been on a remarkable journey as the world’s fastest-growing large economy and is committed to inclusive, sustainable, and resilient growth.

Sheikh Hamed stated that the trade and investment relationship between the UAE and India continues to grow at an impressive rate, anchored by the dual principles of shared goals and joint success.

“Today’s Joint Task Force meeting included positive progress updates on a number of important initiatives and also raised new areas for future cooperation. Through the ongoing commitment of the Joint Task Force delegations, this forum will continue to play a key role in broadening and deepening the economic partnership between the UAE and India,” he said.

The Joint Task Force was established in 2013 as a key forum for strengthening economic ties between India and the UAE.

Since its formation, it has provided an effective mechanism to discuss and promote opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues and challenges faced by investors of the two countries, seeking to bring these matters to a mutually beneficial conclusion.

The Co-Chairs recognised the positive momentum of bilateral trade, which continues to build following the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in May 2022.

In the first half of 2025, bilateral non-oil trade reached nearly $38 billion, representing a 34 per cent increase compared to the first half of 2024 and a significant step towards the UAE’s 2030 trade targets.

According to a statement by the Ministry of Commerce and Industry, by facilitating market access and private-sector collaboration, the India-UAE CEPA serves as a cornerstone of the UAE and India’s economic alliance and a model for constructive cooperation in a complex and rapidly evolving global trading landscape.

The Joint Task Force reviewed the positive progress of several joint investment projects, including the Bharat Mart, a 2.7 million square feet complex located in the Jebel Ali Free Zone in the UAE.

Designed to enable Indian manufacturers and exporters to showcase their products to the world, this landmark project reflects the economic synergies between the two nations.

The two sides also considered the potential for various areas of future cooperation, including opportunities in the maritime and space sectors in India.

“Ongoing strategic initiatives between the Central Banks of India and the UAE to enable bilateral trade in local currencies, the integration of payment systems in the two countries and cooperation on Central Bank Digital Currencies were also discussed, with both sides commending the strong progress made to date while reiterating their commitment to finalising their implementation in the near future,” the official statement said.

The Joint Task Force reviewed a number of current issues and challenges faced by investors of the two countries, and the Co-Chairs directed their teams to work together, in collaboration with the relevant government entities, to resolve them in a timely and mutually acceptable manner.

–IANS

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