PM Modi, said that this agreement “reflects the deep friendship, shared vision and trust between the two countries”.
India on Friday signed a historic trade pact – Comprehensive Economic Partnership Agreement (CEPA) – with the UAE during a bilateral meeting between the two countries. The deal is the fastest to be negotiated between any two nations in a record time span of 3 months.
The Joint Vision Statement of the trade pact laid out contours of the future course of bilateral relations and also highlighted specific areas of focus in the field of defence, energy and climate, among others.
The pact was signed by Union Minister of Commerce and Industry Piyush Goyal during a bilateral meeting with 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.
The deal is done! 🇮🇳 🤝 🇦🇪
Signed the pathbreaking #IndiaUAECEPA along with the UAE Minister of Economy H.E Abdulla bin Touq Al Marri.
Sky is the limit for our trade & economic ties as we commit to building a shared future & enhancing the prosperity of our people. pic.twitter.com/LJ70VJ8HcE
— Piyush Goyal (@PiyushGoyal) February 18, 2022
The vision statement talked about boosting bilateral trade to $100 billion in five years, supporting energy transition and working on a low-carbon future, establishing a Joint Hydrogen task force to bump up technology and establishing an IIT in the UAE.
The deal will also help reduce import duties on most of the Indian goods exported to the Emirates. Besides, this will provide Indian exporters with much wider access to the larger Arab and African markets.
Meanwhile, PM Modi, talking about the trade deal during the virtual summit with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed, said that this agreement “reflects the deep friendship, shared vision and trust between the two countries”. “I am sure this will usher in a new era in our economic relations,” the PM said, adding that “our business will grow from $60 billion to $100 billion in the next five years”.
He further said, “Today, both countries are signing the Comprehensive Economic Partnership Agreement. We’ve finished deliberations in under three months.”