India and the United Arab Emirates (UAE) are moving closer to finalising mechanisms for bilateral trade settlement in local currencies. The issue featured prominently at the 13th Meeting of the India-UAE High-Level Joint Task Force on Investments (JTF) in Abu Dhabi, co-chaired by Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).
Both sides reviewed ongoing strategic initiatives between their central banks covering local currency trade, payment system integration, and cooperation on Central Bank Digital Currencies. Commending the progress made so far, they reiterated their commitment to implement these measures in the near future.
The co-chairs also noted the positive momentum in bilateral trade, which has accelerated since the India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into effect in May 2022.
In the first half of 2025, bilateral non-oil trade touched nearly $38 billion, up 34% year-on-year, marking significant progress towards the UAE’s 2030 trade targets. CEPA, the release said, continues to serve as a cornerstone of the economic alliance and a model for constructive cooperation.
The JTF also reviewed joint investment projects, including Bharat Mart — a 2.7 million sq. ft. complex in Jebel Ali Free Zone that will allow Indian exporters to showcase their products globally. Discussions further explored opportunities in emerging areas such as India’s maritime and space sectors.
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Established in 2013, the JTF serves as a key forum to resolve investor concerns and advance investment opportunities between the two nations. The latest meeting addressed a wide range of issues to enhance trade and investment flows while identifying new avenues of collaboration.
“India has been on a remarkable journey as the world’s fastest-growing large economy and is committed to inclusive, sustainable, and resilient growth. UAE is an important partner in India’s growth story,” Goyal said after the meeting.
Sheikh Hamed bin Zayed Al Nahyan added: “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.”
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.
The Indian side was represented by Ambassador Sunjay Sudhir and senior officials from ministries and agencies including DPIIT, the Ministries of External Affairs, Commerce, Food Processing, Ports and Shipping, and Health, along with the Department of Economic Affairs, Department of Revenue, the Reserve Bank of India, NPCI, the Department of Space, and Invest India.