India-UAE High Level Joint Task Force on Investments
On November 3, 2020, India and UAE held the High-Level Joint Task Force on Investments. The task force was created in 2012.
Highlights
The task force discussed upon the following
- The positive outcomes achieved by the Joint Task Force were discussed
- The India and UAE sectors with potential for economic growth were identified
- The existing UAE Plus (a special desk) and the Fast Track Mechanism created in 2018 to resolve challenges faced by the UAE investors in India were reviewed.
- India and UAE are implementing a comprehensive strategic partnership agreement.
Recent Development
India and UAE recently strengthened their Defence Cooperation. This will help India achieve its target of 5 billion USD of defence exports in five years.
India-UAE
UAE is the 10th largest investor of India (as of 2015). When PM Modi visited UAE, UAE-India Infrastructure Fund was set up with an ambitious target of 75 billion USD to support infrastructure of India.
UAE is the sixth largest source of crude oil for India (as of 2015). The Abu Dhabi National Oil Company and Indian Strategic Petroleum Reserves Limited signed a Memorandum of Understanding to establish Strategic Petroleum Reserve in India.
UAE and Belt Road Initiative
The UAE has signed a trade deal of 3.4 billion USD in 2019. China is the second largest trading partner of UAE. UAE is the major gateway for Chinese exports to the middle east.
UAE and United States
US is one of the closest allies of UAE. Both the countries are close friends. The US recently brokered the historic Abraham Accord between the UAE and Israel. With this, UAE became the first major Arab state to recognize Israel. After UAE, Bahrain recognized Israel.
UAE Oil Reserves
UAE holds seventh largest crude oil reserves in the world. In November 2019, Abu Dhabi announced that it has discovered seven billion barrels of oil. This raised the crude oil reserves of UAE to 105 billion barrels.
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Month: Current Affairs - November, 2020