India said on Monday that the seventh meeting of UAE-India joint task force on investments reviewed progress to enhance trade opportunities between the two countries.
The meeting on Sunday was co-chaired by Minister of Commerce and Industry Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, who is Managing Director of Abu Dhabi Investment Authority (ADIA) and Chairman of Abu Dhabi Crown Prince's Court.
The two countries are implementing a comprehensive strategic partnership agreement signed in January 2017 by Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
"The task force has acquired new significance in promoting and facilitating investments between the two countries and in addressing mutual concerns," said an official statement.
"At the seventh meeting of the task force, the two sides expressed satisfaction at the progress made in mutually identified areas aimed at promoting bilateral trade and investments, and took note of the successful outcomes of the recent visit of Prime Minister Modi to UAE."
Both sides also discussed issues relating to the tax treatment of ADIA's wholly-owned subsidiaries at Abu Dhabi Global Market (ADGM). The Indian side agreed to give an early consideration and mutually beneficial solution to the issue in a way that could facilitate ADIA's investments in India.
In the context of the air services agreement between India and UAE and memorandum of understanding with the Emirates of Abu Dhabi, Dubai, Ras-Al-Khaimah and Sharjah, both sides discussed the implementation of these bilateral agreements.
To increase the confidence of business communities in both countries, officials stressed the importance of judicial cooperation through recognition and enforceability of court judgment in civil and commercial cases besides arbitration awards in each other's country.
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