Strategic Partnership Flourishes
The United Arab Emirates holds a significant position as a key strategic partner for India, with strong relationships across various sectors. These sectors include
energy, defense, technology, and food security. Since the Comprehensive Economic Partnership Agreement (CEPA) came into effect in May 2022, the economic relationship between the two countries has seen remarkable growth. Bilateral merchandise trade nearly doubled, surging from $43.3 billion in fiscal year 2021 to $83.7 billion in fiscal year 2024. This growth demonstrates a strong push towards sectors beyond oil, highlighting the diversification of the economic relationship. This robust partnership sets the stage for further collaborations and strengthens the bond between the two nations.
High-Level Meetings Planned
During the visit, Commerce Minister Piyush Goyal is scheduled to meet with key figures in the UAE. These meetings include discussions with Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security advisor and chairman of the International Holding Company (IHC). Also on the agenda are meetings with Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, and Syed Basar Shueb, MD of IHC, as well as other important stakeholders. These discussions are aimed at fostering greater collaboration and enhancing economic ties. They create an opportunity to explore fresh avenues for collaboration in various sectors. The focus is on solidifying existing partnerships and opening up new avenues for mutual growth and prosperity.
Co-Chairing Investment Forum
Piyush Goyal will co-chair the 13th India-UAE Investment Forum. This forum is a critical platform for reviewing the progress made on the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the Double Taxation Treaty. The agenda extends to discussions related to the central banks of both nations. Additionally, the forum will explore new collaborative opportunities, particularly in sectors with strong growth potential. These sectors include maritime and space. The discussions are geared toward furthering investments and trade relations, with a focus on mutual economic benefits. The ongoing dialogue aims to ensure the sustained growth of these partnerships and a stronger economic landscape for both nations.
Roundtable and Bilateral Talks
The two-day visit, scheduled from September 18-19, includes a co-chaired roundtable of the UAE-India Business Council (UIBC). This roundtable will be held in collaboration with Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of foreign trade. It also involves interactions with leading CEOs from both India and the UAE. The bilateral meetings during the visit are aimed at increasing trade, attracting more investment, and strengthening cooperation in various sectors. These high-level engagements underscore the commitment to strengthen economic cooperation. The goal is to create a framework for mutually beneficial initiatives, promoting robust economic relations between the two countries. The meetings are designed to facilitate new partnerships and strengthen the existing ones.
HLJTFI: Advancing Economic Ties
The 12th meeting of the India-UAE High Level Task Force on Investments (HLJTFI), held in Mumbai in October 2024, marked a significant milestone. During the meeting, the Bilateral Investment Treaty, signed during PM Narendra Modi’s visit to the UAE earlier that year, was ratified. Since its inception in 2013, the HLJTFI has played a vital role in enhancing economic ties and addressing investor concerns. This platform helps to create a supportive environment for investors, promoting mutual growth and addressing any obstacles that arise. The ongoing dialogue and collaboration through the HLJTFI demonstrates the commitment to a stable and prosperous economic future for both nations. The past meetings have laid the foundation for the current strong economic ties.
