UAE-India: Sheikh Mohamed, Modi firm up roadmap for future partnership

Shared objective is to promote new trade, investment and innovation dynamic in diverse sectors.

By PTI

Published: Fri 18 Feb 2022, 7:36 PM

Last updated: Fri 18 Feb 2022, 10:57 PM

India and the 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 Indian Prime Minister Narendra Modi and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The trade pact was signed by Commerce Minister Piyush Goyal and Economy Minister of the UAE Abdulla bin Touq Al Marri.

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At the virtual summit, Modi and Sheikh Mohamed issued a joint vision statement, titled “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 the UAE and identifies focus areas and outcomes,” an official statement said.

“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,” it said.

The statement said both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors.

It said the CEPA will provide significant benefits to businesses in both the countries, including enhanced market access and reduced tariffs.

It is expected that the CEPA will lead to an increase in bilateral trade from the current $60 billion to $100 billion in the next five years.