India, UAE discuss bilateral investment treaty
India, UAE discuss bilateral investment treaty | Mint Mint
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India and UAE Discuss Bilateral Investment Treaty
India and the UAE on Thursday discussed a bilateral investment treaty that could see the UAE invest in India’s renewable energy, health, semiconductor, and asset monetization sectors, the union commerce ministry said.
Review of Comprehensive Economic Partnership Agreement (CEPA)
Leaders from both countries reviewed progress made on the implementation of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which came into force in May 2022.
Assessment of Indian Investments into the UAE
The UAE-India High Level Joint Task Force on Investments that took place in Abu Dhabi also assessed progress made on the creation of a mechanism to fast-track Indian investments into the UAE.
The Indian side called for strengthening the mechanism, especially for investments in priority sectors such as renewable energy and energy transition, the commerce and industry ministry added.
Change in Approach to Bilateral Investment Treaties (BITs)
Mint reported earlier that India may no longer stick to the template for bilateral investment treaties (BIT) that it adopted after terminating most of these treaties in 2016. The change in the approach comes at a time when India is negotiating investment treaties and free-trade agreements with some of its top trading partners, including the UK and the EU.
The union government had annulled BITs that were based on old model texts framed in 1993 after receiving adverse judgments in multibillion-dollar disputes in international courts. To prevent this, the model BIT included the clause “exhaustion of local remedies”, emphasizing state rights over investor rights in effect.
Strategic Partnership Agreement for UAE’s National Domestic Card Scheme (DCS)
Meanwhile, both countries also entered into a strategic partnership agreement that will see them work to operationalize the UAE’s national domestic card scheme (DCS). The DCS aims to facilitate the growth of e-commerce and digital transactions in the UAE, cut the cost of payments, and enhance the country’s competitiveness and position in global payments, the union commerce ministry said.
“NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has entered into a strategic partnership agreement with Al Etihad Payments for Domestic Card Scheme Implementation in UAE,” the ministry said. AEP is an indirect subsidiary of the Central Bank of UAE.
Under the agreement NIPL and AEP will work together to build, implement, and operationalize the UAE’s national domestic card scheme. “The DCS solution provided by NIPL consists of a RuPay stack and value-added services like fraud monitoring services and analytics. NIPL will also assist AEP in formulating the operating regulations for their domestic card scheme,” the ministry added. RuPay cards comprise more than 60% of cards issued in India.
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Updated: 05 Oct 2023, 07:16 PM IST
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 17: Partnerships for the Goals
The article discusses a bilateral investment treaty between India and the UAE, focusing on sectors such as renewable energy, health, semiconductor, and asset monetization. These sectors are directly related to SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 11 (Sustainable Cities and Communities). Additionally, the article mentions a strategic partnership agreement between the two countries to operationalize the UAE’s national domestic card scheme, which aligns with SDG 17 (Partnerships for the Goals).
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase the share of renewable energy in the global energy mix
- SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
- SDG 11.4: Strengthen efforts to protect and safeguard cultural and natural heritage
- SDG 17.16: Enhance the global partnership for sustainable development
Based on the article’s content, the specific targets under the identified SDGs are as follows:
– SDG 7.2: Increase the share of renewable energy in the global energy mix, as the UAE is considering investing in India’s renewable energy sector.
– SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, as the UAE is exploring investment opportunities in India’s semiconductor sector and asset monetization.
– SDG 11.4: Strengthen efforts to protect and safeguard cultural and natural heritage, as the strategic partnership agreement aims to enhance the UAE’s competitiveness and position in global payments, which includes facilitating e-commerce and digital transactions.
– SDG 17.16: Enhance the global partnership for sustainable development, as the bilateral investment treaty and strategic partnership agreement between India and the UAE demonstrate collaboration and cooperation towards common goals.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets. These indicators include:
– Share of renewable energy in the global energy mix: The article mentions that the UAE is considering investing in India’s renewable energy sector, indicating a potential increase in the share of renewable energy.
– Development of quality, reliable, sustainable, and resilient infrastructure: The article highlights the UAE’s interest in investing in India’s semiconductor sector and asset monetization, which implies a focus on developing sustainable and resilient infrastructure.
– Enhancement of competitiveness and position in global payments: The strategic partnership agreement aims to facilitate the growth of e-commerce and digital transactions in the UAE, indicating a potential indicator for measuring progress in enhancing competitiveness and position in global payments.
– Collaboration and cooperation between India and the UAE: The bilateral investment treaty and strategic partnership agreement demonstrate a commitment to enhance the global partnership for sustainable development, indicating progress towards SDG 17.16.
4. Table presenting the findings:
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase the share of renewable energy in the global energy mix | Share of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation, and Infrastructure | 9.1: Develop quality, reliable, sustainable, and resilient infrastructure | Development of quality, reliable, sustainable, and resilient infrastructure |
| SDG 11: Sustainable Cities and Communities | 11.4: Strengthen efforts to protect and safeguard cultural and natural heritage | Enhancement of competitiveness and position in global payments |
| SDG 17: Partnerships for the Goals | 17.16: Enhance the global partnership for sustainable development | Collaboration and cooperation between India and the UAE |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: livemint.com
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