New Delhi [India], November 3 (ANI): India and Bahrain took a major step forward in their economic partnership by agreeing to advance talks on a Bilateral Investment Treaty and begin negotiations for a Comprehensive Economic Partnership Agreement (CEPA).

The discussions were held on Monday during the Fifth High Joint Commission (HJC) meeting held in New Delhi, co-chaired by External Affairs Minister S Jaishankar and his Bahrain counterpart Abdullatif bin Rashid Alzayani. 'It was agreed that the sixth HJC would be held in Bahrain. The dates would be finalised through diplomatic channels,' according to a release from the Ministry of External Affairs.

Discussions covered the progress made towards setting up a Joint Working Group on Trade and Investment and commencing negotiations for the CEPA. Both sides welcomed the progress made in ongoing negotiations for a Bilateral Investment Treaty, it said.

In addition, India and Bahrain agreed to start negotiations for a Double Taxation Avoidance Agreement (DTAA) to provide tax certainty and boost investor confidence.

The two ministers reviewed the progress since their last meeting in Bahrain in December 2024 and expressed satisfaction with the growing ties between the two countries. They discussed ways to strengthen cooperation across various areas, including trade, defence, security, investment, health, space, fintech, and culture.

Both sides emphasised the need to diversify trade in areas such as electronics, petroleum products, processed foods, base metals, and jewellery. The bilateral trade between India and Bahrain has reached USD 1.64 billion in the 2024-25 financial year, with India ranking among Bahrain's top five trading partners.

They also agreed to foster closer collaboration between investment authorities and the private sector. The Bahrain Economic Development Board reaffirmed its commitment to supporting Indian investments in various sectors, including manufacturing, logistics, ICT, tourism, and healthcare. The two sides noted Bahrain's sovereign wealth fund, Mumtalakat's interest in investing in India's fintech, infrastructure, and renewable energy sectors.

The meeting also reviewed cooperation in healthcare, with both countries highlighting digital health, medical research, and affordable healthcare as key areas for joint work. On space collaboration, officials said both sides were finalising a draft agreement between Bahrain's Space Agency and New Space India Limited to enhance cooperation in the sector.

India's introduction of e-visas for Bahraini nationals in July 2025 and Bahrain's decision to pardon 248 Indian nationals were noted as important steps in strengthening goodwill.

India congratulated Bahrain on its election as a non-permanent member of the UN Security Council for the 2026-27 term, and both countries agreed to coordinate their positions on global platforms. (ANI)