PM Modi, UAE Crown Prince usher in new era of ties with India-UAE CEPA
Feb 18, 2022
New Delhi [India], February 18 : Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan on Friday laid out an ambitious roadmap of new frontiers and a new milestone for a future-oriented partnership between India and the UAE.
The virtual summit was marked by the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by Minister of Commerce and Industry Piyush Goyal and Minister of Economy of UAE Abdulla bin Touq Al Marri in the virtual presence of the two leaders.
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to an increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years.
The Joint Vision Statement issued by the leaders commits the two countries on building on India and UAE Comprehensive Strategic Partnership to promote new trade, investment, and innovation dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare, and defence and security.
Two MOUs were signed between India and UAE. These are, MOU between APEDA and DP World & Al Dahra on Food Security Corridor Initiative and MOU between India's Gift City and Abu Dhabi Global Market on cooperation in financial projects and services.
Two other MOUs - one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.
