The UAE has signed an initial agreement to protect and encourage investments with India in a bid to further strengthen trade and investment cooperation with the country.

The signing, at the Ministry of Finance (MoF), marked the successful conclusion of five rounds of negotiations between the two parties after the UAE’s team, chaired by Sheikh Hamed bin Zayed Al Nahyan, chairman of Abu Dhabi Crown Prince’s Court, made  efforts to avoid any previous challenges which prevented the signing of this agreement, said a statement.

The agreement was signed by Younis Haji Al Khouri, Undersecretary of MoF, and Kumar Mishra, secretary general of investment at the Economic Department in the Ministry of Finance India.

The initial draft of the agreement states several tasks which include facilitating capital movement and technology, removing obstacles faced in investing in India, enhancing the competitiveness and efficiency of these investments as well as protecting them from all political risks such as nationalisation, confiscation, seizures, freezing as well as other similar actions, said the statement. – TradeArabia News Service