India and the UAE will aim to ensure speedy normalisation of air transport operations between the two countries.
Accordingly, the need for normalisation of air transportation, was discussed at the ninth meeting of the 'UAE-India High Level Joint Task Force on Investments' held in Dubai on Saturday.
"Given the importance of air transport in facilitating bilateral ties and people-to-people connections, both sides agreed that their respective civil aviation authorities should continue to work together on a priority basis, for their mutual benefit, to ensure the speedy normalisation of air transport operations between the two countries," the Ministry of Commerce & Industry said .
Saturday's meeting was co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Member of the Executive Council of the Emirate of Abu Dhabi, and Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles.
The Joint Task Force was established in 2013 as a key forum for promoting economic ties between the United Arab Emirates (UAE) and India, which were further strengthened by the signing of the 'Comprehensive Strategic Partnership Agreement' between the two countries in January 2017.
Besides, the meeting reviewed the progress of ongoing discussions for the 'India-UAE Comprehensive Economic Partnership Agreement'.
"In this regard, both sides appreciated the efforts made to expedite discussions towards a well-balanced agreement that will considerably deepen bilateral economic ties and benefit the economies of both countries."
According to the statement, participants also considered the ongoing efforts to amend the UAE and India's longstanding 'Bilateral Investment Treaty' and noted the importance of concluding the negotiation process as soon as possible.
"At the meeting, discussions were also held on exploring mutually beneficial methods and incentives to facilitate further investment from UAE sovereign investment entities in key priority sectors in India. The positive steps made by the Indian government in this context were noted and both sides agreed to continue to focus on ways of providing tax incentives to certain UAE sovereign investment entities."
"The importance of active involvement from the UAE Special Desk within Invest India, the National Investment Promotion Agency of India, in expediting the resolution of both legacy issues and current difficulties experienced by UAE companies and banks in India was discussed."
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)