10th India -UAE High Level Joint Task Force on Investments held in Mumbai
The 10th meeting of the UAE-India High Level Joint Task Force on Investments took place in Mumbai on 11 October 2022. It was co-chaired by the Union Minister for Commerce and Industry Piyush Goyal and His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi.
The Joint Task Force was established in 2013 to promote trade, investment and economic ties between the UAE and India.
This was the first meeting of the Joint Task Force since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and unveiling of the Joint UAE-India Vision Statement in February 2022 during the virtual summit between India’s Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan.
India -UAE Trade relation
- The United Arab Emirates is the third largest trading partner of India after the United States and China in 2021-22.
- In 2021 – 22, total trade between India and the UAE was $72.8 billion, with India’s exports of $28 billion and imports of $44.8 billion.
- UAE is a major market for Indian commodities such as basmati rice, tea, electrical equipment, apparel and machinery among others.
- One of the key goals of the CEPA is to increase bilateral trade between the UAE and India over $100 billion in the next five years, including raising services trade beyond $15 billion.
- Besides trade, the UAE is a major employment destination for Indians. Of the nearly 90 lakh Indians living in West Asia, Emirates is home for 34 lakh of them, who work there in the finance industry, hospitality, medical sector, oil industry, construction and others.
United Arab Emirate (UAE)
- It is a federation of seven Emirates of Abu Dhabi, Dubai, Sharjah, Ras Khaimah, Ajmain, Fujairah, Umm -Al-Quwain. It is an Arabian country.
- Abu Dhabi is the largest of the emirates and is the centre of UAE oil business.
- It is situated in the West Asia /Middle East region of the world in the Arabian Peninsula.
- UAE in its present form came into existence in 1971.
Capital of UAE: Abu Dhabi
Currency: Emirati Dirham
President of UAE: Sheikh Mohamed bin Zayed Al Nahyan. He is the king of Abu Dhabi and the supreme commander of the UAE Armed Forces.
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