Union Commerce and Industry Minister Piyush Goyal has set off on a two-day official trip to the United Arab Emirates (UAE) beginning Thursday. His primary agenda is to co-chair the 13th edition of the India-UAE High Level Task Force on Investments alongside Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).
The high-level task force will review crucial aspects of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), matters linked to the Double Taxation Treaty, and discussions between the two central banks. Both governments are also expected to assess promising avenues for future investments in priority sectors such as maritime industries and outer space, which hold major growth potential.
During his visit, Goyal will also preside over the UAE-India Business Council (UIBC) roundtable along with Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of Foreign Trade. The event will bring together top corporate leaders from both nations to explore opportunities in trade and industry. He is also scheduled to hold one-on-one bilateral meetings aimed at advancing cooperation across priority sectors and enhancing overall economic ties.
The minister is further expected to meet influential Emirati leaders, including Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s National Security Advisor and Chairman of the International Holding Company (IHC). His discussions will also extend to Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi’s Department of Economic Development, and Syed Basar Shueb, Managing Director of IHC, along with other senior private sector representatives.
The last session of the task force, held in Mumbai in October 2024, marked the ratification of the India-UAE Bilateral Investment Treaty signed earlier in February 2024 during Prime Minister Narendra Modi’s UAE visit.
Established in 2013, the India-UAE task force continues to play a critical role in fostering bilateral economic ties, identifying new opportunities for collaboration, and resolving challenges faced by investors. Over the years, the UAE has remained one of India’s most valued strategic allies, with cooperation extending to energy, defense, technology, and food security.
Since the CEPA came into force in May 2022, bilateral merchandise trade has surged significantly—from $43.3 billion in FY 2020-21 to $83.7 billion in FY 2023-24. The agreement has helped diversify trade beyond oil, reinforcing the Comprehensive Strategic Partnership between the two nations.
