India, UAE Central Banks Advance Local Currency Trade and Digital Payments at Joint Task Force Meeting
Abu Dhabi, UAE – Sep 18: The Ministry of Commerce and Industry has announced that the Central Banks of India and the UAE are moving forward with strategic initiatives to enable bilateral trade in local currencies, integrate payment systems, and cooperate on Central Bank Digital Currencies (CBDCs).
The decision emerged during the latest meeting of the India–UAE High-Level Joint Task Force on Investments held in Abu Dhabi on Thursday. The forum was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), and India’s Union Minister of Commerce and Industry Piyush Goyal.
According to the ministry, both sides “commended the strong progress made to date while reiterating their commitment to finalising implementation in the near future.”
Growing Economic Ties
The UAE delegation included Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, Ahmed Jassim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, Abdulnasser Alshaali, UAE Ambassador to India, and Younis Haji Al Khouri, Under Secretary of the Ministry of Finance.
On the Indian side were Ambassador Sunjay Sudhir and senior officials from departments including the DPIIT, External Affairs, Food Processing, Ports and Shipping, Health, Commerce, Revenue, the Reserve Bank of India, NPCI, Department of Space and Invest India.
Established in 2013, the Joint Task Force provides a key forum for strengthening economic ties and resolving investor challenges. This latest meeting reviewed a range of trade and investment topics, including ongoing efforts to boost bilateral investment flows and explore new areas of cooperation.
Trade Momentum and Flagship Projects
The co-chairs recognised the positive momentum of bilateral trade following the India–UAE Comprehensive Economic Partnership Agreement (CEPA) signed in May 2022. In the first half of 2025, bilateral non-oil trade reached nearly USD 38 billion, a 34 per cent increase compared to the same period in 2024, marking a significant step toward the UAE’s 2030 trade targets.
Among the key projects discussed was Bharat Mart, a 2.7 million-square-foot complex in the Jebel Ali Free Zone designed to showcase Indian manufacturers and exporters to global markets — a landmark venture reflecting the two nations’ economic synergies.
The delegations also examined future cooperation opportunities in sectors such as maritime and space, and directed their teams to work closely with relevant government entities to resolve investor issues in a timely, mutually beneficial manner.
Leaders’ Statements
“Sheikh Hamed bin Zayed Al Nahyan praised the impressive growth of UAE–India trade and investment ties anchored on shared goals and joint success,” noting that the Joint Task Force will “continue to play a key role in broadening and deepening the economic partnership between the UAE and India.”
Piyush Goyal described the UAE as “an important partner in India’s growth story,” adding:“Our partnership stands on the pillars of innovation, investment and sustainable development, and it will witness great transformation under the visionary leadership of both sides.”
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