Lok Sabha Question No. 1709 (UNSTARRED), answered on 2021-12-08
Subject: Talks with UAE
Ministry: COMMERCE AND INDUSTRY
Asked by: Asaduddin Owaisi

## GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY (DEPARTMENT OF COMMERCE)

## LOK SABHA UNSTARRED QUESTION NO. 1709

## TO BE ANSWERED ON 08 th  DECEMBER, 2021

## TALKS WITH UAE

## 1709.  SHRI ASADUDDIN OWAISI:

Will the Minister of COMMERCE & INDUSTRY ( वाणिज्य एवं उद्योग मंत्री ) be pleased to state:

- (a) whether the Minister of Commerce was on a visit to UAE recently;
- (b) if so, the outcome of the meeting;
- (c) whether any roadmap was chalked out for robust investment;
- (d) if so, the details thereof; and
- (e) the other issues discussed, which are bottlenecks in the trade between the two countries?

## ANSWER

okf.kT; ,oa m|ksx ea=ky; esa jkT; ea=h ¼Jherh vuqfiz;k iVsy½

## THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY (SMT. ANUPRIYA PATEL)

- (a) to (e) : Yes. The Commerce and Industry Minister visited UAE from 1 st  - 3 rd  October, 2021. During the visit, the Minister inaugurated Indian Pavilion at World Expo 2020, Dubai on 1 st October 2021 and co-chaired with His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi in the 9 th  Meeting of the India-UAE High Level Joint Task Force on Investments on 2 nd  October, 2021.  During the visit, a comprehensive dialogue was held between the two countries encompassing the entire gamut of bilateral commerce and economic relations with detailed discussions on new opportunities for trade and investment. Both the sides agreed to continue coordination and cooperation at the highest official levels for the early resolution of all the outstanding issues and exploring ways to facilitate investment in areas of mutual interest with potential for economic growth. The details of issues discussed and outcomes of the meeting have been  stated  in  Joint  Press  Release  after  the  conclusion  of  the  meeting.  Joint  Press Release is enclosed at Annexure .

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## Ministry of Commerce & Industry

## 9th Meeting of the India-UAE High Level Joint Task Force on Investments

Posted On: 02 OCT 2021 6:54PM by PIB Delhi

His  Highness  Sheikh  Hamed  bin  Zayed  A1  Nahyan,  Member  of  the  Executive  Council  of  the  Emirate  of  Abu Dhabi, and Shri Piyush Goyal, Minister of Commerce  &  Industry, Consumer Affairs, Food & Public Distribution,  and  Textiles,  Government  of  India,  co-chaired  the  ninth  meeting  of  the  UAE-India  High  Level Joint  Task  Force  on  Investments  ('the  Joint  Task  Force')  today  in  Dubai.  Senior  officials  representing  relevant government authorities and various investment entities from both countries took part in the meeting. The  Joint  Task  Force  was  established  in  2013  as  a  key  forum  for  promoting  economic  ties  between  the  UAE and  India,  which  were  further  strengthened  by  the  signing  of  the  Comprehensive  Strategic  Partnership Agreement between the two countries in  January 2017 by Indian Prime Minister  Shri Narendra Modi and His Highness Sheikh Mohamed  bin  Zayed  A1  Nahyan,  Crown  Prince of Abu Dhabi  and  Deputy  Supreme Commander of the UAE Armed Forces. At  this  ninth  meeting  of  the  Joint  Task  Force,  the  two  sides  noted  the  impact  of  the  COVID -19  pandemic  on global trade and investment and reiterated the importance of continuing to strengthen the deep economic ties between  the  two  countries.  Both  sides  recognised  the  collaboration  between  India  and  UAE  during  this difficult  period and appreciated the leadership provided by the two countries in their regions to confront the pandemic. The meeting reviewed the positive outcomes achieved through the work of the Joint Task Force to date, and the  two sides agreed to  continue exploring  ways  to facilitate investment  in areas of mutual  interest with   the potential for economic growth. The  progress  of  ongoing  discussions  for  the  India-UAE  Comprehensive  Economic  Partnership  Agreement, which  will  be  a  significant  and  wide-reaching  step  in  promoting  trade  and  investment  between  the  two countries, was reviewed during the meeting. In this regard, both sides appreciated the efforts made to expedite discussions  towards  a  well-balanced  agreement  that  will  considerably  deepen  bilateral  economic  ties  and benefit the economies of both countries. Participants  also  considered  ongoing  efforts  to  amend  the  UAE  and  India's  longstanding  Bilateral  Investment Treaty and noted the importance of concluding the negotiation process as soon as possible. At  the  meeting,  discussions  were  also  held  on  exploring  mutually  beneficial   methods  and  incentives  to facilitate  further  investment  from  UAE  sovereign  investment  entities  in  key  priority  sectors  in  India.  The positive steps made by the Indian government in this context were noted and both sides agreed to continue to focus on ways of providing tax incentives to certain UAE sovereign investment entities. The importance of active involvement from the UAE  Special Desk within Invest India, the National Investment  Promotion  Agency  of  India,  in  expediting  the  resolution  of  both  legacy issues  and  current difficulties experienced by UAE companies and banks in India was discussed. The Indian side also

Annexure highlighted  some  long-standing  issues  faced  by  Indian  investors  in  the  UAE.  Both  sides  agreed  to  continue coordination and cooperation at the highest official levels for the early resolution of these issues. Given the importance of air transport in facilitating bilateral ties and people-to-people connections, both sides agreed that their respective civil aviation authorities should continue to work together on a priority basis, for their mutual benefit, to ensure the speedy normalisation of air transport operations between the two countries. Commenting on the ninth meeting of the Joint Task Force, His Highness Sheikh Hamed bin Zayed A1  Nahyan, CoChair of the Joint Task Force and Member of the Executive Council of the Emirate of Abu Dhabi, said: "India  and  the  UAE  share  a  broad  and  deep  strategic  partnership,  and  this  has  helped  bilateral  economic  ties continue  to  strengthen  despite  the  challenges  of  the  COVID-19  pandemic.  The  Joint  Task  Force  offers  an important  platform for dialogue between  our  two  countries,  raising new  opportunities  for trade  and investment,  and  removing  bottlenecks  to  further  cooperation.  Looking  ahead,  India  and  the  UAE  sh are ambitious goals to expand trade and investment activities between our countries, and the Joint Task Force will continue to play an important role in achieving these objectives." Shri  Piyush  Goyal,  Co-Chair  of  the  Joint  Task  Force  and  Minister  of  Commerce  &  Industry,  Consumer Affairs, Food & Public Distribution, and Textiles, Government of India, said: "India  and  UAE  have  longstanding  ties  which  have  become  stronger  in  the  recent  times  and  our  continued engagement  even  during  the  pandemic  reflects  the  priority  this  partnership  holds  for  both  our  nations.  Our leadership  accords  a  special  place  to  our  relationship  with  the  UAE  and  our  bilateral  forums  like  the  Joint Task  Force  provide  effective  mechanisms  to  build  on  our  long-standing  friendship.  Given  the  strong  growth prospects of the Indian economy, we look forward to increased investment from the UAE in diverse sectors of India.  We  are  sure  that  the  world  will  continue  to  witness  greater  achievements  in  the  India -UAE  partnership in the future."

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DJN

(Release ID: 1760406)