Mumbai (Maharashtra) [India], September 28 (ANI): India and the United Arab Emirates (UAE) reviewed the progress of the Comprehensive Economic Partnership Agreement (CEPA) and advanced several joint investment projects during the 14th meeting of the India-UAE high-level joint task force on investments held in Mumbai.
The meeting was co-chaired by Union Minister of Commerce and Industry Piyush Goyal and Managing Director of the Abu Dhabi Investment Authority Sheikh Hamed bin Zayed Al Nahyan.
According to the Ministry of Commerce & Industry, both sides examined the work of relevant subcommittees under the trade pact and addressed measures to expand bilateral investment flows across emerging sectors, aiming for a bilateral trade target of USD 200 billion by 2032.
The Ministry noted that bilateral trade reached USD 101.25 billion in the 2025-26 financial year, with non-oil commerce touching USD 76.2 billion in 2025. The discussions followed high-level engagements, including Prime Minister Narendra Modi’s visit to the UAE in May 2026 and the visit of Crown Prince of Abu Dhabi Sheikh Khaled bin Mohammed bin Zayed Al Nahyan to India in September 2026.
Commenting on the deliberations, Commerce and Industry Minister Piyush Goyal said:
"As the world’s fastest-growing large economy, India remains committed to inclusive, sustainable and resilient growth. The UAE is a trusted friend and partner in this journey. Today’s Joint Task Force meeting showcased positive progress under many initiatives and deliberated on future avenues of cooperation," Goyal stated.
"Grounded in collaboration in investment, innovation development and security of our people, this partnership is poised for significant transformation under the visionary leadership of both sides," he added.
Co-chair Sheikh Hamed bin Zayed Al Nahyan said, "This meeting comes at an important moment in the longstanding and growing partnership between the UAE and India. Since its establishment in 2013, our Joint Task Force has served as a valuable platform for candid dialogue, practical problem-solving and the advancement of shared economic priorities.”
"Over the years, it has helped to bring our two countries closer together by supporting investors, addressing challenges and identifying new opportunities for cooperation," he noted.
The Joint Task Force reviewed multiple joint initiatives, such as the Food Park project in Gujarat and the planned operationalisation of an Invest India office in the UAE, before the close of 2026. Both sides also welcomed Emirates NBD's acquisition of a majority stake in RBL Bank for approximately USD 3 billion, International Holding Company's USD 1 billion investment in Sammaan Capital, and an investment intent of USD 11.5 billion to set up an integrated aluminium complex in Odisha.
Discussions extended to branch openings in GIFT City by Mashreq Bank, First Abu Dhabi Bank, and Abu Dhabi National Insurance Company. The delegations evaluated central bank collaboration on local-currency settlement, payment messaging systems, and digital currencies, as well as aviation connectivity and logistics hub opportunities in Dholera, while utilising the bilateral Fast Track Mechanism to address investor concerns. (ANI)
India, UAE review CEPA progress and advance joint investment projects at 14th high-level task force meet
