Minister Goyal Departs for a 2-Day Journey to the United Arab Emirates on Thursday
The Union Minister for Commerce and Industry, Piyush Goyal, is set to visit the United Arab Emirates (UAE) from September 18-19, 2024. This visit comes at a time when the India-UAE relationship is flourishing, particularly in the economic sphere.
The Comprehensive Economic Partnership Agreement (CEPA), which came into force in May 2022, has been instrumental in this growth. The CEPA has nearly doubled bilateral merchandise trade from $43.3 billion in FY 2020-21 to $83.7 billion in FY 2023-24.
During his visit, Goyal will co-chair the 13th India-UAE High Level Task Force on Investments with Sheikh Hamed bin Zayed Al Nahyan. This task force, established in 2013, has served as a vital platform for promoting trade and investment ties, identifying new opportunities, and resolving investor issues.
Goyal will also interact with CEOs of leading Indian and UAE companies, providing an opportunity to discuss ongoing projects and explore possibilities for future collaboration. The bilateral meetings focused on strengthening trade, investment, and cooperation across priority sectors are expected to yield valuable insights.
Both sides will explore opportunities for investment in key sectors, including maritime and space. The UAE, one of India's most important strategic partners, has shown keen interest in these areas, and this visit could pave the way for significant advancements.
Goyal will also hold a roundtable with Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, to discuss the UAE-India Business Council (UIBC) matters. The UIBC plays a crucial role in fostering economic ties between the two nations.
In addition, the Union Minister will meet Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development, and Syed Basar Shueb, Managing Director of IHC. These meetings will provide a platform for discussing ways to further enhance economic cooperation between India and the UAE.
The visit will also include a meeting with Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's National Security Advisor and Chairman of International Holding Company (IHC). This meeting will review progress on the India-UAE CEPA, the Double Taxation Treaty, and UAE-India Central Bank matters.
The India-UAE Bilateral Investment Treaty, ratified during Prime Minister Narendra Modi's visit to the UAE in February 2024, will undoubtedly be a key topic of discussion. The 12th India-UAE High Level Task Force on Investments, held in Mumbai in October 2024, had ratified this treaty.
The visit aims to catalyse a structural shift towards non-oil sectors, further strengthening the comprehensive strategic partnership based on deep political engagement, robust economic integration, and collaboration across energy, defence, technology, and food security.
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