September 18, 2025
The focus was on strengthening CEPA, which has doubled trade since FY21
Both sides reviewed progress on local currency trade and digital payment integration
Non-oil trade rose 34% in the first half of 2025, nearing US$38 billion
Joint projects such as Bharat Mart and new cooperation in maritime and space were discussed
Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority, co-chaired the 13th meeting of the India-UAE High-Level Joint Task Force on Investments (HLTFI) in Abu Dhabi. UAE’s Minister of Foreign Trade, Dr Thani Al Zeyoudi, also attended.
The meeting was built on the Comprehensive Economic Partnership Agreement (CEPA), which has significantly boosted bilateral trade since May 2022. Official figures show merchandise trade with the UAE rising from US$43.3 billion in FY21 to US$83.7 billion in FY24, with notable growth in non-oil sectors.
Goyal stressed that the latest discussions opened new areas for collaboration, particularly in maritime and space, with the aim of advancing mutual growth. The agenda also reviewed CEPA’s progress, the Double Taxation Treaty, and cooperation between the two countries’ central banks.
During his visit, Goyal is also set to co-chair the UAE-India Business Council roundtable with Dr Al Zeyoudi, meeting top business leaders from both nations. His schedule includes discussions with UAE National Security Advisor and IHC Chairman Sheikh Tahnoun bin Zayed Al Nahyan, Abu Dhabi Department of Economic Development Chairman Ahmed Jasim Al Zaabi, and IHC Managing Director Syed Basar Shueb.
Since its establishment in 2013, the HLTFI has served as a central forum for addressing investor concerns and fostering economic ties. The previous session, held in Mumbai in October 2024, confirmed the Bilateral Investment Treaty signed during Prime Minister Narendra Modi’s UAE visit earlier that year. The partnership has since expanded beyond trade into technology, energy, defence and food security.
At the latest meeting, India and the UAE advanced talks on settling bilateral trade in local currencies. Both governments reviewed progress on integrating payment systems and cooperation on central bank digital currencies. Officials expressed confidence that these mechanisms would be rolled out soon.
Non-oil trade between the two countries reached nearly US$38 billion in the first half of 2025, a 34% rise from the previous year. This progress, officials noted, supports the UAE’s 2030 trade targets. CEPA remains central to this momentum, serving as both a cornerstone of the economic partnership and a model of bilateral cooperation.
Joint investment projects were also reviewed, including Bharat Mart, a 2.7 million sq. ft. facility in Jebel Ali Free Zone that will give Indian exporters a global showcase. Officials also explored emerging opportunities in maritime and space.
After the meeting, Goyal described India as the fastest-growing major economy, committed to inclusive and sustainable development, with the UAE as a vital partner in that growth. Sheikh Hamed bin Zayed Al Nahyan said the economic relationship continued to expand rapidly, anchored in shared goals and mutual success.
The UAE delegation included its Minister of Foreign Trade, the Chairman of the Abu Dhabi Department of Economic Development, the Chairman of Abu Dhabi Chamber and UAE Chambers, and the UAE Ambassador to India. Representing India were Ambassador Sunjay Sudhir and senior officials from ministries and agencies, including Commerce, External Affairs, Food Processing, Ports and Shipping, Health, Economic Affairs, Revenue, the Reserve Bank of India, NPCI, the Department of Space, and Invest India.
Source: CNBC