India and the United Arab Emirates (UAE) will finalise the implementation of settlement of bilateral trade in local currencies and integration of their respective payment systems in the near future.
Finalising financial integration
At the meeting of India-UAE High Level Joint Task Force on Investments in Abu Dhabi on Thursday, the ongoing strategic initiatives between central banks of both countries were discussed and other item of the agenda was cooperation on Central Bank Digital Currencies (CBDC).
Commerce and Industry Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA) co-chaired the meeting. At the meeting both sides commended the progress made so far on local currency trade, linking of payment systems and CBDCs.
Boosting investment and trade beyond currency
The meeting also reviewed the progress on several joint investment projects, including the Bharat Mart, a 2.7 million square feet complex located in 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, a commerce ministry statement said.
The potential for various areas of future cooperation, including opportunities in the maritime and space sectors in India was also discussed. They also 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.
From the Indian side, the Ministry of External Affairs, Food Processing Industry, Ports, Shipping and Waterways, Department of Economic Affairs, Revenue, Reserve Bank of India, National Payments Corporation of India (NPCI), Department of Space and Invest India were among the participants.
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.
India and UAE signed a Comprehensive Economic Partnership Agreement (CEPA) in 2022 and since then trade between them has gone up substantially. In 2024-25 India’s imports from the UAE stood at $ 63.4 billion and exports at $ 36.6 billion.
Both sides have set a target of $ 100 billion non-oil trade by 2030. In the first half of 2025, bilateral non-oil trade reached nearly US$38 billion, representing a 34% increase compared to the first half of 2024.