India-UAE trade: Goyal, Sheikh Hamed bin Zayed Al Nahyan discuss next big economic push

The meeting was co-chaired by Piyush Goyal, Minister of Commerce and Industry, Government of India, and Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA).

According to a statement released by the Indian government, the UAE-India economic partnership continues to grow in scale and strategic importance. Bilateral trade reached $101.25 billion in FY 2025-26, while non-oil trade stood at $76.2 billion in 2025, reflecting the strength of commercial ties and the impact of the Comprehensive Economic Partnership Agreement (CEPA).

As India and the UAE work towards their shared ambition of achieving $200 billion in bilateral trade by 2032, both countries are expanding investment cooperation across sectors expected to drive future growth, including energy, infrastructure, technology and artificial intelligence.

The co-chairs began the meeting by noting the growth in bilateral trade and the role played by CEPA, the Bilateral Investment Treaty (BIT) and agreements covering taxation and mutual legal assistance in strengthening economic ties.

The two sides reviewed the work of CEPA’s relevant subcommittees and discussed measures to further strengthen trade resilience amid an increasingly complex geopolitical and economic environment.

The Joint Task Force also reviewed progress on several joint investment projects and areas of cooperation, including the Food Park project in Gujarat.

Both sides noted the expected operationalisation of the Invest India office in the UAE before the end of 2026.

They welcomed Emirates NBD’s approximately $3 billion acquisition of a majority stake in RBL Bank, International Holding Company’s (IHC) $1 billion investment in Sammaan Capital, and a joint investment intent of $11.5 billion for the establishment of an integrated aluminium complex in Odisha.

The two sides also noted the opening of branch offices of Mashreq Bank, First Abu Dhabi Bank (FAB) and Abu Dhabi National Insurance Company (ADNIC) at GIFT City in Gujarat.

They also reviewed energy cooperation under the memoranda of understanding signed during Prime Minister Narendra Modi’s visit to the UAE in May 2026.

Financial-sector cooperation remains an important pillar of the India-UAE economic partnership.

The co-chairs reviewed progress made by the central banks of the two countries on initiatives related to local-currency settlement, the integration of payment and messaging systems, and central bank digital currencies.

The two sides noted that these initiatives could make bilateral trade and investment more efficient, accessible and resilient, and agreed to take steps to support their timely implementation.

The delegations also identified several areas with potential to increase two-way investment flows, including energy, industry, logistics, infrastructure, technology and artificial intelligence, space, food security, agricultural innovation and cooperation in the start-up ecosystem.

Civil aviation cooperation between Abu Dhabi and India was also discussed, with the aim of enhancing air connectivity and supporting the broader economic relationship.

In this context, the two sides explored investment opportunities and potential cooperation in developing an aviation and logistics hub in Dholera, Gujarat.

At the conclusion of the meeting, the co-chairs acknowledged the contribution of the ambassadors, officials and technical teams from both countries to the continued work of the HLJTFI.

Commenting on the 14th meeting, Piyush Goyal said: “As the world’s fastest-growing large economy, India remains committed to inclusive, sustainable and resilient growth. The UAE is a trusted friend and partner in this journey. Today’s Joint Task Force meeting showcased positive progress under many initiatives and deliberated on future avenues of cooperation.”

He added: “Grounded in collaboration in investment, innovation development and security of our people, this partnership is poised for significant transformation under the visionary leadership of both sides.”

Sheikh Hamed bin Zayed Al Nahyan said: “This meeting comes at an important moment in the longstanding and growing partnership between the UAE and India. Since its establishment in 2013, our Joint Task Force has served as a valuable platform for candid dialogue, practical problem-solving and the advancement of shared economic priorities.”

“Over the years, it has helped to bring our two countries closer together by supporting investors, addressing challenges and identifying new opportunities for cooperation,” he added.

What is HLJTFI?

The High-Level Joint Task Force on Investments (HLJTFI) was established in 2013 to promote trade, investment and economic ties between India and the UAE.

Since its formation, it has provided a platform for the two countries to discuss opportunities and prospects for investment in India and the UAE, while also serving as a mechanism to address issues faced by investors from both countries.