External Affairs Minister S Jaishankar said the Comprehensive Economic Partnership Agreement (CEPA) signed between India and the United Arab Emirates on Friday marked a milestone in bilateral ties, which will lead to a brighter, shared future and increased investments. The path-breaking trade agreement was signed during a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan on Friday. The agreement was signed and exchanged by Minister of Commerce and Industry Piyush Goyal and UAE Minister of Economy Abdullah bin Touq Al Marri in New Delhi.
In an exclusive statement to the UAE’s official Emirates news agency WAM, Jaishankar said the signing of the UAE-India CEPA “is a milestone event in our bilateral relations. It will open up new opportunities in the trade of goods and services, and will lead.” To increase investment,” he said.
“A vision document (signed during the virtual summit) will provide the framework for the future development of our bilateral relations for a brilliant, shared future. Overall, both (CEPA and the Vision Document) will deepen our strategic partnership.” The UAE is India’s third largest trading partner and accounts for nearly 40 per cent of its trade with the Arab world, the WAM report said.
In September last year, India and the UAE formally started negotiations for a trade agreement. The Agreement covers areas including goods, services, rules of origin, customs procedures, government procurement, intellectual property rights and e-commerce.
Under such agreements, two trading partners reduce or eliminate customs duties on the maximum number of goods traded between them. In addition, they also liberalize norms to promote trade and investment in services. Bilateral trade between India and UAE stood at USD 43.3 billion in 2020-21. Exports stood at USD 16.7 billion and imports stood at USD 26.7 billion in 2020-21. Two-way commerce stood at USD 59.11 billion in 2019-20.
The UAE is the gateway to Africa and other parts of the world.
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