New Delhi: Commerce and industry ministry on Monday said that India and the UAE agreed to take steps for the timely implementation of initiatives relating to settlement of trade in local currency, integration of payment and messaging systems, and central-bank digital currencies. “These issues are important as they have the potential to make bilateral trade and investment more efficient, accessible and resilient,” the ministry said in a statement.
The statement came after discussion in the 14th meeting of the India-UAE high-level joint task force on investments (HLJTFI) held in Mumbai. The crucial meeting was co-chaired by commerce and industry minister Piyush Goyal and managing director of Abu Dhabi Investment Authority (ADIA) Sheikh Hamed bin Zayed Al Nahyan.
“The co-chairs reviewed the progress made by the central banks of the UAE and India on initiatives relating to local-currency settlement, the integration of payment and messaging systems, and central-bank digital currencies. It was noted that these initiatives have the potential to make bilateral trade and investment more efficient, accessible and resilient,” the ministry said.
“The two sides agreed to take steps to work together to support their timely implementation. The areas where two-way investment flows can be enhanced include energy, industry, logistics, infrastructure, technology and artificial intelligence, space, food security, agricultural innovation and the startup ecosystem,” it said.
“Civil aviation cooperation between Abu Dhabi and India was also discussed at the meeting, with the aim of enhancing air connectivity to support the broader economic relationship. Also, investment opportunities and collaboration in developing an aviation and logistics hub in Dholera (Gujarat) were also explored,” it added.
As per latest government data, the bilateral trade has reached $101.25 billion in 2025-26. “The non-oil trade touched $76.2 billion last year. The two nations have implemented a Comprehensive Economic Partnership Agreement (CEPA) in May 2022,” it said.
