On November 3, 2020 India hosted the 8th Meeting of the India-UAE(United Arab Emirates) High Level Joint Task Force on Investments(the Joint Task Force) virtually due to the ongoing COVID-19 pandemic. The meeting was co-chaired by Piyush Goyal, Union Minister of Railways, Commerce & Industry and Consumer Affairs and Public Distribution, Government of India and His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi.
- Senior officials from both countries participated in the meeting.
Note– India and UAE noted the positive outcomes that were achieved by the Joint Task Force and also expressed satisfaction at the level of bilateral trade and investment to date.
Terms agreed by India & UAE:
i.Both countries agreed to further explore ways to facilitate investments in key sectors in order to strengthen the economic ties .
ii.India & UAE agreed to maintain their dialogue and further build on the considerable achievements of the Joint Task Force.
iii.Both sides agreed that the two civil aviation authorities need to continue to work combinedly on a priority basis, for their mutual benefit, to ensure speed normalization of air transport operations between the two countries.
- This was agreed in recognizing the vital importance of civil aviation to the economies of both sides.
iv.The two countries agreed that the recent COVID-19 challenges had enhanced the need to encourage investment and cooperation in areas of mutual interest with an aim to stimulate economic activity.
- To this end, discussions were held on a wide range of sectors and subjects of mutual interest.
v.Both sides reiterated the importance of addressing specific perceived barriers to trade, namely issues relating to anti-dumping duties and measures etc., between the two countries, with an aim to further reinforce the trade and economic ties between them.
- To this end, India and UAE agreed to coordinate the efforts and encourage mutual cooperation at the highest official levels in the areas of anti-dumping and to immediately consider these issues with the aim to seek mutually beneficial solutions.
Discussion and Review:
i.India & UAE reviewed the existing UAE special desk (‘UAE Plus’) and the Fast Track Mechanism created in 2018, to ease the investments and resolve challenges experienced by UAE investors in India.
ii.In this context, both sides agreed to make the best use of these mechanisms to further facilitate bilateral cooperation.
iii.The issues related to the development and operation of UAE-based funds to invest in India, that includes the SEBI Foreign Portfolio Investor Regulations 2019, were also discussed.
iv.The other key point of discussion focused on cooperation and potential investments in key sectors in India including the healthcare and pharmaceutical industry, etc.,
- In 2012, the Joint Task Force was created as a key forum to further deepen the existing strong economic ties between the UAE and India.
- As the 2 countries strengthen the Comprehensive Strategic Partnership Agreement signed in January 2017, the mechanism has gained more importance.
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ii.On August 25, 2020, the 17th meeting of the India-Vietnam Joint Commission on Trade, Economic, Scientific and Technological Cooperation was held virtually which was co-chaired by India’s External Affairs Minister Subrahmanyam Jaishankar and his Vietnamese counterpart Pham Binh Minh.
About United Arab Emirates(UAE):
Capital– Abu Dhabi
Currency– UAE Dirham
Piyush Goyal– Rajya Sabha, Maharashtra