India has decided to set up Fast Track Mechanism in UAE to resolve issues faced by Indian businesses and investors in UAE.
Key points
- Co-chairing the 10th Meeting of the India-UAE High Level Joint Task Force on Investments in Mumbai, Commerce and Industry Minister Piyush Goyal said, India-UAE relations also witnessing unprecedented momentum and large number of opportunities for cooperation exist in key sectors like infrastructure and technology.
- Both countries also decided to explore establishment of efficient and integrated Single Window Solutions and Virtual Trade Corridors to reduce time and cost in trade.
- A Joint Task Force was established in 2013 to promote trade, investment and economic ties between the UAE and India.
- This was the first meeting of the Joint Task Force since the signing of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in February2022. The CEPA came into force on May 1, 2022.
- The India-UAE CEPA is the first deep and full free trade Agreement to be signed by India with any country in the past decade.
- The Agreement is a comprehensive agreement, which will cover Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, Government Procurement, IPR, Investment, Digital Trade and Cooperation in other Areas.
- The CEPA is a major trade agreement set to transform bilateral economic, trade and investment ties and propel economic growth.
- Both these historic landmarks provide a clear roadmap for continued strengthening of the Comprehensive Strategic Partnership between the two countries at an accelerated pace.
