MoU signed for cooperation in the fields of Industry and Advanced Technology
The United Arab Emirates and India are fast moving towards the target of US$100 billion non-oil trade by 2030, citing 5.8% on the year growth in the first 12 months of the Comprehensive Economic Partnership Agreement (CEPA) which totalled US$50.5 billion.
This was stated after the 11 meeting of the UAE-India High Level Joint Task Force on Investments (the Joint Task Force) was held on 5 Oct Abu Dhabi.
The meeting was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority (ADIA), and Piyush Goyal, Minister of Commerce & Industry.
The CEPA, which came into force in May 2022, has helped reduce tariffs on more than 80% of product lines, eliminate barriers to trade and create new pathways for investment and joint ventures.
The Joint Task Force delegations discussed the status of negotiations for the India-UAE Bilateral Investment Treaty, underscoring the need to accelerate the bilateral discussions for an early conclusion of a balanced agreement that benefits both countries and their investors.
The two sides also discussed ways and incentives for encouraging further growth in investment flows from UAE sovereign investment entities into India.
Among important agenda topics were the establishment of Abu Dhabi–India Virtual Trade Corridor, which aims to increase overall trade volumes by developing data exchange systems to facilitate paperless trade between the two countries, improving efficiencies and security.
Both sides agreed to continue coordination and cooperation between the respective counterparties of both countries for the early implementation of this milestone.
The Joint Task Force witnessed the signing of an MOU between the UAE Ministry of Industry & Advanced Technology and the Ministry of Commerce & Industry, related to cooperation in the fields of Industry and Advanced Technology.
The MOU will promote cooperation in sectors such space, healthcare, renewable energy, artificial intelligence, among others. The two sides aim to develop cooperation efforts and build an institutional framework to promote and develop bilateral cooperation, bearing in mind the important role of industries and advanced technologies play in the diversification and growth of economies.
Another agreement was also signed between Al Etihad Payments, a subsidiary of the Central Bank of the UAE, and the National Payments Corporation of India. The agreement creates a strategic partnership to develop the UAE’s Domestic Card Scheme (DCS). The UAE DCS is a key element of the Central Bank of the UAE’s Financial Infrastructure Transformation programme which aims to position the UAE as a global leader in digital financial infrastructure.
The DCS will be the nation’s first unified, secure, and efficient card payment platform, accelerating the UAE’s transition to a digital economy by facilitating the growth of e-commerce, providing consumers with a customised offering, enhancing financial inclusion, and reducing the cost of payments.
Minister Goyal said, “This MoU opens new doors to develop cooperation efforts and build an institutional framework in the fields of emerging technologies. It would help in promoting and developing bilateral cooperation in sectors such Space, healthcare, renewable energy, artificial intelligence, and many other vital areas.” Fiinews.com
