India-UAE economic pact will be foundation stone for next era of success: UAE Minister

New Delhi [India], February 18 : UAE Minister of Economy Abdulla bin Touq Al Marri on Friday said the Comprehensive Economic Partnership Agreement (CEPA) signed today with India will be the foundation stone for this next era of success.
Al Marri made these remarks after India and UAE signed CEPA today.
Speaking at joint press conference, UAE Minister of Economy, Abdulla bin Touq Al Marri said, "By signing this agreement, the United Arab Emirates and India are writing a momentous new chapter in our shared history."
Al Marri said that the UAE-India Comprehensive Economic Partnership Agreement is a milestone for both nations that builds on decades of enterprise and exchange to establish a new era of progress and prosperity for people in both countries.
Al Marri highlighted that last summer, in preparation for the nation Golden Jubilee, the UAE government launched a series of bold initiatives to pave the way for the 50 years of growth and opportunity. "The goal was clear to double the size of our economy from 1.4 trillion Dirham's to 3 trillion Dirhams by 2030," he said.
"This required bold new strategies for diversification, including embracing the Fourth Industrial Revolution, integrating advanced technology across the economy, enhancing our research and development capabilities when incubating the industries of the future," the UAE Minister said.
As the world enters into the third year of the COVID-19 pandemic, UAE Minister said the pandemic impact on the free flow of goods has affected every aspect of economic life, from manufacture to construction, from retail to medicine. It understood the importance of strong reliable transparent global supply chains. It challenged us to expand international trade ambitions, he added.
Talking about India-UAE Comprehensive Economic Partnership Agreement, Al Marri said, our agreement on terms of a deal of this size, scope and importance within five months demonstrates the power of our shared vision.
He further said that he is confident that the UAE-India Comprehensive Economic Partnership Agreement will be regarded as an achievement.
Al Marri highlighted that the leaders of the G-20 summit in 2020 said that "trade is now more important than ever."
"And as we emerge from the global pandemic, this CEPA will uphold our commitment to a free, fair, inclusive and non discriminatory, transparent, predictable, stable, trade and investment environment," he added.
UAE Minister further noted "the UAE and India are going to keep our markets open. And together we can help redraw the global economic map. The benefits for both parties are clear. And we are confident that will be shared by the whole Middle East, North Africa and South Asia region."
"The UAE has turned the page on next 50 years. We're entering the third phase of our economy story. We're transitioning to new industries, new capabilities, new partnerships. This CEPA with our last long lasting, trusted ally will be the foundation stone for this next era of success," he said.