India, UAE sign Comprehensive Economic Partnership Agreement.
Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit yesterday evening. Both leaders expressed deep satisfaction with the continuous growth in bilateral relations in all sectors.
Prime Minister Modi and the Crown Prince issued a Joint vision statement – Advancing India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone. The Statement establishes a roadmap for a future-oriented partnership between India and UAE and identifies focus areas and outcomes.
The shared objective is to promote new trade, investment, and innovation dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security.
A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement, CEPA. It was signed by Commerce and Industry Minister Piyush Goyal and Minister of Economy of UAE, Abdulla bin Touq Al Marri in the virtual presence of the two Leaders.
The agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs.
Prime Minister Modi and the Crown Prince of Abu Dhabi also released Joint Commemorative Stamp on the occasion of the 75th anniversary of India’s independence and the 50th year of UAE’s foundation. During the Summit, two MOUs were signed between Indian and UAE entities were also announced.
The Prime Minister thanked the Crown Prince of Abu Dhabi for taking care of the Indian community during the Covid pandemic. He also invited him to pay an early visit to India.