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India-Bahrain Agreement: India and Bahrain on Monday announced the start of negotiations on an ambitious trade agreement and finalization of an investment agreement.
India-Bahrain Agreement: India and Bahrain on Monday announced the start of negotiations on an ambitious trade agreement and finalization of an investment agreement. In the meeting held in New Delhi, External Affairs Minister S. Jaishankar and Bahrain’s Foreign Minister Abdullatif bin Rashid Alzayani discussed further strengthening bilateral relations. The two countries also agreed to begin negotiations on a Double Taxation Avoidance Agreement (DTAA), which will increase tax certainty and encourage trade and investment. According to officials, this initiative will give a new impetus to the economic relations between India and Bahrain. Alzaini arrived on Sunday on a two-day visit to India, with a special focus on trade, investment and defense cooperation. The talks come at a time when the West Asian region is going through conflict and geopolitical instability and both countries are keen to strengthen regional stability and partnership. In the meeting, Jaishankar reiterated India’s support for the Gaza peace plan.
Both countries will work together
He expressed hope that this would lead to a permanent and sustainable solution to the conflict in the region. In their talks, Jaishankar and Alzaini talked about promoting bilateral cooperation in the fields of defence, security, economic, trade, investment, health, fintech, space, culture. According to a joint statement issued after the Jaishankar-Alzaini talks, both sides also resolved to work towards further development and diversification of trade in sectors such as electronics, petroleum, processed foods, base metals and gems and jewellery. About 3,32,000 Indian citizens live in this Gulf country, which is about one-fourth of the total population of 15 lakh of that country. India is one of the top five trading partners of Bahrain. The statement said that in the talks, both sides talked about starting negotiations on Comprehensive Economic Partnership Agreement (CEPA) on trade and investment. The statement said that this initiative will further promote trade and investment between the two countries.
Emphasis on increasing bilateral cooperation
Both countries welcomed the progress made in the ongoing negotiations for a bilateral investment treaty. According to the joint statement, both sides also agreed to develop a common understanding to initiate negotiations for a Double Taxation Avoidance Agreement (DTAA). The statement said both sides expressed hope for increased future cooperation in the areas of defense and security and cited the visit of three Indian naval ships to Bahrain last month. The statement said both sides unequivocally condemned terrorism, in all its forms and manifestations, and reiterated their strong commitment to combat terrorism, including cross-border terrorism. Both sides strongly condemned the armed terrorist attack in Pahalgam on 22 April and expressed solidarity with the victims and their families. Both sides also committed to combating the threat of terrorism by enhancing bilateral and multilateral cooperation. This includes intelligence sharing, capacity building and cyber security.
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