India-UAE High-Level Joint Task Force 12th Meeting: Renewed Investment Treaty and CEPA Drive Trade Expansion

 


On August 31, 2024, the renewed Bilateral Investment Treaty (BIT) between India and the United Arab Emirates (UAE) officially came into effect, ensuring continued investment protection for investors from both nations. The BIT, signed on February 13, 2024, in Abu Dhabi, replaces the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) signed in December 2013, which is set to expire on September 12, 2024. According to the Ministry of Finance, the new agreement safeguards the long-term partnership between India and the UAE, fostering confidence for investors.

The UAE is India’s seventh-largest foreign direct investor, contributing approximately 3% of total Foreign Direct Investment (FDI) inflows, with cumulative investments totaling USD 19 billion between April 2000 and June 2024. The 12th Meeting of the India-UAE High-Level Joint Task Force on Investments (HLJTFI) was recently held in Mumbai, co-chaired by India’s Commerce and Industry Minister, Shri Piyush Goyal, and H.H. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).

Since its establishment in 2013, the HLJTFI has been a vital platform for promoting trade and investment ties, resolving investor concerns, and identifying new areas of economic cooperation between the two nations. During this 12th meeting, the Co-Chairs emphasized the robust growth in bilateral trade and investment relations, underpinned by the Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022. Non-oil trade between the two countries rose to USD 28.2 billion in the first half of 2024, marking a 9.8% year-on-year increase.

The renewed BIT and the broader economic framework set the stage for stronger bilateral cooperation, with the UAE’s rising investments in India expected to spur further economic growth in the years ahead.

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