India, UAE discuss mechanisms for carrying out bilateral trade in national currencies
The 10th meeting of the India-UAE joint task force on investments was co-chaired by Commerce Minister Piyush Goyal in Mumbai along with Sheikh Hamed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi. The two delegations reviewed the status of the negotiations of the India-UAE Bilateral Investment Treaty.
During the meeting, the co-chairs recognized the early trends of the positive impact of the historic India-UAE CEPA on bilateral trade between the two countries since it came into force in May 2022. The co-chairs urged businessmen on both sides to gain optimal benefits from the conducive trade ecosystem created under CEPA.
Discussions took place on ways of enhancing bilateral investments in key sectors like food security, manufacturing, infrastructure, energy, and technology.
In this context, it was agreed that the concerned authorities in both countries will explore the establishment of efficient and integrated single-window solutions and virtual trade corridors to reduce costs and time involved in trade and investment-related procedures.
Twelve rounds of negotiations have been conducted to date. Both sides noted that much progress could have been achieved since the commencement of the negotiations and therefore reiterated their commitment to accelerate the process for an early conclusion of a balanced and mutually beneficial agreement, official sources said.
[With Inputs from IANS]
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