Daijiworld Media Network - Abu Dhabi
Abu Dhabi, Sep 18: Commerce minister Piyush Goyal, speaking in Abu Dhabi on Thursday, reaffirmed that the UAE remains a key partner in India’s growth story, with the bilateral partnership evolving rapidly on the pillars of innovation, investment, and sustainable development.
At the 2025 meeting of the High-Level Joint Task Force on Investments, co-chaired by Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), both sides reviewed the progress of ongoing initiatives and explored new areas for collaboration, including maritime, space, and financial integration.
Goyal highlighted India’s continued emergence as the world’s fastest-growing large economy, and noted that the partnership with the UAE was poised for transformation under the “visionary leadership” of both nations.
Sheikh Hamed echoed the sentiment, stating that the relationship was “anchored by the dual principles of shared goals and joint success,” and emphasised the Task Force’s role in broadening and deepening bilateral ties.
Key outcomes from the meeting included:
• Bilateral non-oil trade between the two nations reached $38 billion in the first half of 2025 — a 34% increase over the same period in 2024.
• Continued implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), signed in 2022, which is credited for boosting trade flows and private-sector cooperation.
• Review of Bharat Mart, a 2.7 million sq. ft. trade hub being developed in Jebel Ali Free Zone, aimed at giving Indian exporters a permanent showcase in the UAE.
• Encouraging progress on currency integration and digital payment systems, including work on local currency trade, cross-border payment system integration, and Central Bank Digital Currencies (CBDCs).
• Discussion on easing regulatory hurdles and resolving investment-related issues between both countries.
The Joint Task Force, formed in 2013, has played a crucial role in resolving investor concerns and aligning trade goals. Both co-chairs directed their teams to resolve current investor challenges “in a timely and mutually acceptable manner.”
With strong momentum across sectors and a significant jump in bilateral trade, the India-UAE relationship continues to be a model of economic cooperation in a fast-changing global landscape.