BackCovid, investment, travel discussed during India-UAE joint task force meet
In this regard, both sides appreciated the efforts made to expedite discussions towards a well-balanced agreement that will considerably promote trade and investment between both countries
PremiumUnion Commerce Minister Piyush Goyal and Member of the Executive Council of the Emirate of Abu Dhabi Sheikh Hamed bin Zayed Al Nahyan met for the ninth meeting of UAE-India High Level Joint Task Force on Investments on in Dubai on Saturday. The discussions ranged from investments, impact of Covid-19 and normalisation of air travel.
The Joint Task Force was established in 2013 for promoting economic ties between the UAE and India. At this meeting of the Joint Task Force, the two nations took note of the impact of Covid-19 pandemic on global trade and investment. Both parties reiterated the importance of continuing to strengthen the deep economic ties between them.
The progress of ongoing discussions for the India-UAE Comprehensive Economic Partnership Agreement was reviewed also during the meeting. In this regard, both sides appreciated the efforts made to expedite discussions towards a well-balanced agreement that will considerably promote trade and investment between both countries.
The meeting also saw deliberations over ongoing efforts to amend the longstanding Bilateral Investment Treaty between the UAE and India.
At the meeting, discussions were also held on exploring mutually beneficial methods and incentives to facilitate further investment from UAE sovereign investment entities in key priority sectors in India. The positive steps made by the Indian government in this context were noted and both sides agreed to continue to focus on ways of providing tax incentives to certain UAE sovereign investment entities.
The importance of active involvement from the UAE Special Desk within Invest India in expediting the resolution of both legacy issues and current difficulties experienced by UAE companies and banks in India was discussed. The Indian side also highlighted some long-standing issues faced by Indian investors in the UAE. Both sides agreed to continue coordination and cooperation at the highest official levels for the early resolution of these issues.
Emphasising on the importance of air transport in facilitating bilateral ties and people-to-people connections, India and the UAE agreed that their respective civil aviation authorities should continue to work together on a priority basis, for their mutual benefit, to ensure the speedy normalisation of air transport operations between the two countries.
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