Sri Lanka
USA
Canada
India
UK
UAE
The Commerce and Industry Ministry said that the Central Banks of India and the UAE are advancing strategic initiatives to enable bilateral trade in local currencies, integrate payment systems, and cooperate on Central Bank Digital Currencies.
This decision was made during the latest meeting of the India-UAE High Level Joint Task Force on Investments (‘Joint Task Force’) in Abu Dhabi on Thursday, which was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (‘ADIA’), and Union Minister Piyush Goyal.
“Ongoing strategic initiatives between the Central Banks of India and the UAE to enable bilateral trade in local currencies, the integration of payment systems in the two countries and cooperation on Central Bank Digital Currencies were also discussed, with both sides commending the strong progress made to date while reiterating their commitment to finalising their implementation in the near future,” the Commerce Ministry stated.
The Joint Task Force was established in 2013 as a key forum for strengthening economic ties between India and the UAE. Since its formation, it has provided an effective mechanism to discuss and promote opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues and challenges faced by investors of the two countries, seeking to bring these matters to a mutually beneficial conclusion, according to the Commerce and Industry Ministry.
This latest meeting considered a range of trade and investment topics, including ongoing initiatives to enhance bilateral investment flows and new areas of joint cooperation.
The co-chairs recognised the positive momentum of bilateral trade, which continues to build following the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in May 2022.
In the first half of 2025, bilateral non-oil trade reached nearly US$ 38 billion, representing a 34 percent increase compared to the first half of 2024 and a significant step towards the UAE’s 2030 trade targets, the Commerce and Industry Ministry stated. (ANI)
