India and UAE sign Trade Pact

at 11:00 pm

New Delhi:  Prime Minister Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit earlier today.

Both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors.

Prime Minister 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) 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.

Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs, official release said.

It is expected that the CEPA will lead to increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years.

Two Leaders also released Joint Commemorative Stamp on the occasion of 75th anniversary of India’s independence and 50th year of UAE’s foundation.