Emirates News Agency – Mohamed bin Zayed, Indian Prime Minister attend signing of Comprehensive Economic Partnership Agreement during virtual UAE-India Summit
NEW DELHI/ABU DHABI, 18th February, 2022 (WAM) — His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, and Narendra Modi, Prime Minister of India, today witnessed the signing of the India-UAE Comprehensive Economic Partnership Agreement (India-UAE CEPA) by the Ministers of Commerce and Industry and Economy of the two countries .
This happened during the virtual summit held today by the two leaders, during which they discussed various aspects of the strategic partnership between the two countries and new prospects for its development.
The India-UAE CEPA is the first bilateral trade agreement concluded by the UAE, and it is also India’s first bilateral trade agreement in the MENA region. CEPA is an important initiative in bilateral relations during the pandemic and a major trade agreement that will launch a new era of strategic cooperation between the two countries. It will transform bilateral economic and investment relations, open up emerging trade routes between Africa and Asia, promote global trade liberalization and propel economic growth in a post-Covid world.
“The United Arab Emirates, under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, continues to solidify its global position as a gateway for trade and investment,” said His Highness Sheikh Mohamed bin Zayed. Al Nahyan. “India is one of our most important strategic partners, and this agreement brings us closer than ever. The agreement we reached today with Prime Minister Modi not only deepens our economic and trade relationship with a close partner, but opens a new phase of globalization cooperation for us.”
His Highness added, “The historic economic agreement demonstrates our leaders’ commitment to the Bold 50 Projects, launched in our pursuit of the next 50 years of progress and prosperity. Future generations will benefit from this forward-looking vision aimed at boosting growth and doubling our trade with the world and strengthening the UAE’s knowledge and innovation-driven economy. This agreement promises to deliver significant benefits to UAE businesses and India, including reduced tariffs and improved market access, while breathing new life into trade corridors from Africa to Asia and laying the foundations for growth and prosperity that will benefit the entire region. ”
Prime Minister Narendra Modi said, “I am pleased with the signing today of the Comprehensive Economic Partnership Agreement between our two nations. It should be noted that such an important agreement was concluded in a record time of less than 3 months. Such agreements generally take The agreement demonstrates the deep friendship, shared vision and trust between our countries. I am confident that this will usher in a new era in our bilateral economic relations, and the bilateral trade volume will increase from $60 billion to $100 billion. in the next 5 years.”
Bilateral relations between India and the UAE have grown stronger in all areas of mutual interest over the past few years; the two sides signed a comprehensive strategic partnership in 2017. The leaders of the two countries have remained in regular contact over the past few years, particularly during the COVID-19 pandemic, as the two nations have worked closely together in critical areas health care and food security to fight the pandemic. . Ministerial visits between the two parties have taken place regularly. This strategic partnership laid the foundations of the CEPA signed today between the two countries.
Bilateral trade, investment and energy ties between India and the UAE have remained strong. The signing of CEPA reflects these long-standing bilateral trade and investment ties. The two sides are also strengthening their cooperation in new areas of renewable energy such as green hydrogen, climate action, start-ups, skills, fintech and health technologies. The UAE is India’s third-largest trading partner and bilateral trade is expected to exceed US$60 billion in the current fiscal year. India is the UAE’s largest trading partner for non-oil exports, accounting for almost 14% of the UAE’s total non-oil exports to the world. CEPA could increase the total value of bilateral trade to more than US$100 billion within five years. The landmark trade agreement is expected to set the roadmap for a shared vision of the future envisioning stronger, more resilient economies that deliver sustainable well-being for people in both countries.
The signing took place in the presence of Abdullah bin Touq Al Marri, Minister of Economy, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Piyush Goyal, Indian Minister of Commerce and Industry, and Dr. Ahmed Abdurahman Al Banna, from the United Arab Emirates. Ambassador to India.