NEW DELHI 4 November 2020: Recognising the critical importance of civil aviation to the economies of both countries, India and UAE have agreed that the two civil aviation authorities should continue to work together on a priority basis to ensure speedy normalisation of air transport operations between the two countries.
This was one of the outcomes of the eighth meeting of the UAE-India High Level Joint Task Force on Investments hosted virtually by India yesterday. It was co-chaired by H.H. Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, and Piyush Goyal, Minister of Railways and Commerce & Industry, Government of India. Senior officials from both countries participated in the meeting.
Both sides reviewed the existing UAE special desk (‘UAE Plus’) and the Fast Track Mechanism created in 2018 to facilitate investments and to resolve any challenges experienced by UAE investors in India. In this context, both sides agreed to make the best use of these mechanisms to further facilitate bilateral cooperation, said official news agency Wam.
India has agreed to look into facilitating further direct investments of UAE-based funds into India, in light of SEBI Foreign Portfolio Investor Regulations 2019.
Other key points of discussion at the meeting focused on opportunities for cooperation and potential investments in key sectors in India including the healthcare and pharmaceutical industry, mobility and logistics, food and agriculture, energy and utilities and others.
The Joint Task Force was created in 2012 as a crucial forum for further deepening the already strong economic ties between the UAE and India. The mechanism has assumed greater importance as the two countries entrench the Comprehensive Strategic Partnership Agreement signed in January 2017.
The two sides noted the positive outcomes achieved by the Joint Task Force and expressed satisfaction at the level of bilateral trade and investment to date. They agreed upon the need to further explore ways to facilitate investments in key Indian and UAE sectors with potential for economic growth, and to maintain their dialogue and further build on the considerable achievements of the Joint Task Force.
At this latest meeting of the Joint Task Force, the two sides agreed that the recent challenging circumstances of Covid-19 made it even more important to encourage investment and cooperation in areas of mutual interest with the purpose to stimulate economic activity.
To this end, discussions were held on a wide range of sectors and subjects of mutual interest, including on the presentations made by the Indian side on the margins of this eighth meeting.
With an aim to further strengthen the excellent trade and economic ties between the two countries, both sides reiterated the importance of addressing specific perceived barriers to trade between the two countries. These include issues relating to anti-dumping duties and measures, as well as any tariff and regulatory restrictions. To this end, both sides agreed to coordinate efforts and promote mutual cooperation at the highest official levels in areas of anti-dumping and to consider these issues promptly with the objective of seeking mutually beneficial solutions.
The UAE, meanwhile, identified sectors where further facilitation is needed to enhance growth and promote bilateral trade and investments.