The central government on October 7, 2024 said bilateral investment treaty (BIT) signed between India and the UAE has been enforced from August 31, 2024.
- The BIT was signed on February 13, 2024 at Abu Dhabi, UAE, and it entered into force with effect from August 31, 2024.
- Enforcement of this pact with the UAE gives continuity of investment protection to investors of both the countries, as the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and the UAE signed in December 2013 expired on September 12 this year.
- The UAE is the 7th largest with a share of 3 per cent in the total foreign direct investment (FDI) received in India, with cumulative investment of about USD 19 billion from April 2000-June 2024.
- India also made 5% of its total overseas direct investments in the UAE to the tune of USD 15.26 billion from April 2000-August 2024.
- Both countries have also implemented a free trade agreement (FTA), which came into force on May 1, 2021.
India-FTAs
At present India has FTAs with about a dozen countries and regions. It includes:
- India-ASEAN FTA, also CECAs with Singapore and Malaysia;
- India-Japan CEPA;
- India-S. Korea CEPA;
- India-Mauritius CECPA;
- India-Mauritius CECPA;
- India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA).
