Abu Dhabi [UAE], September 18 : The Ministry of Commerce and Industry 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 meeting was attended by senior officials from relevant government authorities, investment entities and companies from both countries.
The UAE delegation included Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, Ahmed Jassim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, Chairman of Abu Dhabi Chamber and Chairman of UAE Chambers, Abdulnasser Alshaali, UAE Ambassador to India; and Younis Haji Al Khouri, Under Secretary of the UAE Ministry of Finance.
The Indian delegation included the Ambassador of India to the UAE, Sunjay Sudhir, and senior representatives from various Government of India departments/organisations, such as the Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of External Affairs, the Ministry of Food Processing Industry, the Ministry of Ports, Shipping & Waterways, Ministry of Health & Family Welfare, the Department of Commerce, the Department of Economic Affairs, Department of Revenue, Reserve Bank of India, National Payments Corporation of India (NPCI), Department of Space, and Invest India.
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 Ministry of Commerce and Industry
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 USD 38 billion, representing a 34 per cent increase compared to the first half of 2024 and a significant step towards the UAE's 2030 trade targets, the Ministry of Commerce and Industry stated.
By facilitating market access and private-sector collaboration, the India-UAE CEPA serves as a cornerstone of the UAE and India's economic alliance and a model for constructive cooperation in a complex and rapidly evolving global trading landscape.
The Joint Task Force reviewed the positive progress of several joint investment projects, including the Bharat Mart, a 2.7 million square feet complex located in the Jebal Ali Free Zone in the UAE. Designed to enable Indian manufacturers and exporters to showcase their products to the world, this landmark project reflects the economic synergies between the two nations.
The two sides considered the potential for various areas of future cooperation, including opportunities in the maritime and space sectors in India.
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.
Further, the Ministry of Commerce and Industry noted that the Joint Task Force reviewed a number of current issues and challenges faced by investors of the two countries, and the co-chairs directed their teams to work together, in collaboration with the relevant government entities, to resolve them in a timely and mutually acceptable manner.
At the conclusion of the meeting, Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority ("ADIA") and Co-Chair of the Joint Task Force, said: "The trade and investment relationship between the UAE and India continues to grow at an impressive rate, anchored by the dual principles of shared goals and joint success. Today's Joint Task Force meeting included positive progress updates on a number of important initiatives and also raised new areas for future cooperation. Through the ongoing commitment of the Joint Task Force delegations, this forum will continue to play a key role in broadening and deepening the economic partnership between the UAE and India."
Piyush Goyal said, "India has been on a remarkable journey as the world's fastest-growing large economy and is committed to inclusive, sustainable, and resilient growth. The UAE is an important partner in India's growth story. The partnership stands on the pillars of innovation, investment and sustainable development, and it will witness great transformation under the visionary leadership of both sides."