Watch | India-UAE trade deal: Negotiations were concluded in less than 3 months, says PM Modi
Story highlights
India and the United Arab Emirates (UAE) inked a Comprehensive Economic Partnership Agreement (CEPA) on Friday to boost trade ties even as both sides firmed up a roadmap for future expansion of cooperation, following a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.
The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates was signed on Friday, bolstering the strategic partnership and advancing bilateral economic and commercial engagement to new heights.
CEPA was signed during a meeting between the UAE delegation led by Minister of Economy Abdulla bin Touq Al-Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and India's Commerce and Industry Minister Piyush Goyal.
With the signing of CEPA, Piyush Goyal remarked in a tweet that the two countries are "entering a golden age of economic and trade cooperation."
The Comprehensive Economic Partnership Agreement (CEPA), as it is known, is expected to boost annual bilateral non-oil trade from $60 billion to $100 billion within the next three to five years, India's Prime Minister's office said.
During the India-UAE virtual summit, Prime Minister Narendra Modi said that following the visit of LG Jammu and Kashmir to the UAE, many UAE companies have shown interest in investing in the UT. We welcome investment by the UAE in all sectors, including logistics, healthcare, and hospitality in J&K.
HH @MohamedBinZayed and I believe that the India-UAE CEPA signed today will be a game-changer in our economic ties. With enhanced market access, bilateral trade in goods should rise to $100 billion and services to $15 billion in the next 5 years.
— Narendra Modi (@narendramodi) February 18, 2022
I am very happy that both our countries have signed the Comprehensive Economic Partnership Agreement today. It is noteworthy that India & UAE was able to conclude negotiations on such an important agreement in less than 3 months: PM Modi during India-UAE virtual summit pic.twitter.com/gl7dppuL4q
— ANI (@ANI) February 18, 2022
The Indian PM strongly condemns the recent terrorist attacks in the UAE. He said that India and the UAE would stand shoulder to shoulder against terrorism.
Talking about entrepreneurship and start-ups, PM Modi said that we can encourage startups in India and the UAE through joint incubation and joint financing. We can also cooperate on modern institutions of excellence for the skill development of our citizens.
PM Modi thanked the UAE and said, "During the COVID crisis, you took care of Indian citizens in the UAE." This year is of extreme importance for both countries. You will celebrate the 50th anniversary of the establishment of the UAE and we will start to celebrate the 75th anniversary of our freedom.
(With inputs from agencies)