India, UAE sign Comprehensive Economic Partnership Agreement

Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit yesterday evening. Both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors.

Prime Minister Modi and the Crown Prince issued a Joint vision statement - Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone. The Statement establishes a roadmap for a future-oriented partnership between India and UAE and identifies focus areas and outcomes.

The shared objective is to promote new trade, investment and innovation dynamic in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security.

A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement, CEPA. It was signed by Commerce and Industry Minister 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.

Prime Minister Modi and the Crown Prince of Abu Dhabi also released Joint Commemorative Stamp on the occasion of the 75th anniversary of India's independence and 50th year of UAE's foundation. During the Summit, two MOUs were signed between Indian and UAE entities were also announced.

The Prime Minister thanked the Crown Prince of Abu Dhabi for taking care of the Indian community during the Covid pandemic. He also invited him to pay an early visit to India.

In his opening remarks at the India-UAE virtual summit, Prime Minister Modi said, the Summit reflects that the friendly relationship between the two countries is continuously reaching a new height despite various challenges.

He said, Crown Prince of Abu Dhabi's personal role in strengthening the relationship has been extremely important.

Mr Modi expressed happiness that India and UAE have signed the Comprehensive Economic Partnership Agreement. Mr Modi said that this agreement reflects the deep friendship, shared vision and trust between the two countries.

He said, the agreement will usher in a new era of economic relations and bilateral trade between the two countries will grow from 60 billion US dollar to 100 billion US dollar in the next five years.

The Prime Minister strongly condemned the recent terrorist attacks in UAE. He said, India and UAE will stand shoulder to shoulder against terrorism.