India and UAE Discuss Strengthening Trade, Investment, and Economic Ties
India and the UAE discussed ways to enhance trade and investment relations during the 14th meeting of the High-Level Joint Working Group in Mumbai, where they reviewed trade priorities and cooperation prospects in energy, technology, and the financial sector.
Translated by Qiyas from كونا — Original source
New Delhi, September 28 (KUNA) -- India and the United Arab Emirates discussed ways to enhance their trade, investment, and economic ties today during the 14th meeting of the Joint High-Level Working Group on Investments, held in Mumbai. Established in 2013, the working group aims to strengthen commercial, investment, and economic relations between the UAE and India. Since its inception, it has served as an effective mechanism for exploring opportunities and prospects for boosting bilateral investments, as well as a platform for addressing challenges faced by investors in both countries.
The Indian Ministry of Commerce and Industry stated in a press release that the meeting was co-chaired by Indian Commerce and Industry Minister Piyush Goyal and Sheikh Hamad Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA). The two sides discussed several trade and investment priorities, including initiatives to expand bilateral investment flows, explore new and emerging areas of cooperation, and address mutual concerns.
The ministry noted that bilateral trade reached $101.25 billion in the 2025-2026 fiscal year, while non-oil trade amounted to $76.2 billion in 2025, reflecting the resilience of trade relations between the two nations and the impact of the Comprehensive Economic Partnership Agreement (CEPA). It added that both countries are striving to raise bilateral trade to $200 billion by 2032, while continuing to expand investment cooperation in sectors that support future growth, including energy, infrastructure, technology, and artificial intelligence.
The two sides highlighted the notable growth in trade between the two countries and the role played by the CEPA, the Double Investment Treaty, and other agreements related to taxation and mutual legal assistance in strengthening bilateral ties. They also reviewed the work of the sub-committees established under the CEPA and discussed ways to enhance trade resilience amid an increasingly complex geopolitical and economic environment.
Both sides pointed to expectations that the "Invest in India" office in the UAE will begin operations before the end of 2026. They welcomed recent investment moves, including Emirates NBD’s acquisition of a majority stake in RBL Bank for approximately $3 billion, Global Holdings’ $1 billion investment in Saman Capital, and a joint investment plan worth $11.5 billion to establish an integrated aluminum complex in Odisha.
The two sides also reviewed energy cooperation under memoranda of understanding signed during Prime Minister Narendra Modi’s visit to the UAE in May 2026.
Financial sector cooperation remains a key pillar of the economic partnership between the two countries. Both sides reviewed progress made by the Central Bank of the UAE and the Reserve Bank of India regarding settlement in local currencies, linking payment systems, financial correspondence, and central bank digital currencies. (End)
