CEPA expected to boost India-UAE trade from USD 60 billion to 100 billion in five years
Feb 18, 2022
New Delhi [India], February 18 : The India-UAE Joint Vision Statement on bilateral ties envisages enhancement of maritime cooperation contributing to the maintenance of peace and security in the region as the main pillar of defence and security relations between the two countries.
It also reaffirms the commitment to fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.
The statement notes economic partnership through CEPA would result in an increase of bilateral trade from US $ 60 billion to USD 100 billion in 5 years. The two sides will expedite work on a dedicated investment zone for UAE companies and joint ventures with a focus on setting up a food corridor and establishment of a dedicated India Mart in Jebel Ali Free Zone.
The two sides will create investment opportunities for Indian investors in establishing specialised industrial advanced technology zones in Abu Dhabi, with a specific focus in areas of logistics and services, pharmaceuticals, medical devices, agriculture, agri-tech, steel and aluminium.
To step up energy partnership, India and UAE will promote collaboration opportunities to support India's energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India's growing economy.
There will also be mutual support in energy transition and focused work on a low-carbon future.
The two sides agreed to support each other's clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies.
They agreed to expand cooperation and collaborate on critical technologies and mutually promote e-businesses and e-payment solutions and promote start-ups from both countries.
On food security, the two sides acknowledged the need to enhance the resilience and reliability of food supply chains. India and UAE agreed to expand cooperation through enhanced bilateral food and agriculture trade and, promote and strengthen the infrastructure and dedicated logistic services connecting farms to ports to final destinations in the UAE.
The statement also notes collaboration in research, production and development of reliable supply chains for vaccines and enhancing investments by UAE entities in the rapidly growing health infrastructure in India as well as collaborating in providing health care in underprivileged countries.
