India-UAE Sign Trade Pact, PM Modi Says Bilateral Business Expected To Rise To $100 Bn In 5 Years
PM Modi said the India-UAE CEPA signed today will be a game-changer. According to him, bilateral trade in goods should rise to $100 billion and services to $15 billion in the next 5 years.
New Delhi: Prime Minister Narendra Modi on Friday said that the India-UAE Comprehensive Economic Partnership Agreement (CEPA) will be a game-changer in the nations' economic ties.
According to him, bilateral trade in goods can rise to $100 billion and services to $15 billion in the next 5 years.
The statement came as PM Modi and Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed al Nahyan, held a virtual summit to sign the India-UAE trade pact.
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During India-UAE virtual summit, PM Narendra Modi condemned the recent terrorist attacks in Abu Dhabi saying: "I strongly condemn the recent terrorist attacks in UAE. India and UAE will stand shoulder to shoulder against terrorism".
Talking about the trade pact, PM Modi said: "I am very happy that both our countries have signed the Comprehensive Economic Partnership Agreement today. It is noteworthy that India and UAE was able to conclude negotiations on such an important agreement in less than three months".
"We can encourage startups in India and UAE through joint incubation and joint financing. For the skill development of our citizens, we can also cooperate on modern institutions of excellence," he added, as quoted by news agency ANI.
According to the Prime Minister, the trade agreement reflects deep friendship, shared vision, and trust between the two nations. The India-UAE comprehensive economic agreement will usher in a new era in bilateral economic relations, he said.
"HH Mohamed bin Zayed al Nahyan 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," PM Modi wrote in a tweet.
During the Summit, he thanked the Crown Prince of Abu Dhabi for taking care of the Indian community during the COVID crisis. "This year is of extreme importance for both countries. You will celebrate the 50th year of the establishment of UAE and we start to celebrate the 75th anniversary of our freedom," he said.
PM Modi mentioned that following Jammu and Kashmir LG Manoj Sinha's visit to the UAE, many companies have shown interest in investing in the union territory. "We welcome investment by UAE in all sectors including logistics, healthcare, hospitality in J&K," he added.
PM Modi and the Crown Prince issued a Joint Vision Statement "Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone" which establishes a roadmap for a future-oriented partnership between India and UAE, the Prime Minister's Office stated.
"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," PMO wrote.
India-UAE Comprehensive Economic Partnership Agreement
The Virtual Summit's biggest highlight was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement by Union Minister Piyush Goyal and Minister of Economy of UAE, Abdulla bin Touq Al Marri.
Union Minister of Commerce and Industry Piyush Goyal highlighted that CEPA is a complete and comprehensive agreement finalised in the shortest possible time.
"India and UAE are for rules-based fair trade and believe in engaging with each other in the spirit of reciprocity. We believe that businesses in both countries should benefit," he said, as quoted by ANI.
According to PMO, the Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to an increase in bilateral trade from the current USD 60 billion to USD 100 billion in the next 5 years.
The two leaders also released Joint Commemorative Stamp on the occasion of 75th anniversary of India's independence and the 50th year of UAE's foundation.
During the Summit, two MOUs signed between Indian and UAE entities were also announced, PMO informed.
"These are, MOU between APEDA and DP World and Al Dahra on Food Security Corridor Initiative and MOU between India's Gift City and Abu Dhabi Global Market on cooperation in financial projects and services," the statement read.
Two other MOUs - one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.
(With Agency Inputs)
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