Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

UAE And India Sign Trade Pact Amid Economic Cooperation

Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Prime Minister Narendra Modi also held a virtual summit on Friday. At the event, both the leaders laid out their future vision of the historic and friendly relations between both countries

Photo Credit :

1623506328_c35Gxa_Cover_story_photo.jpg

Amid the economic recovery after the deadly Coronavirus outbreak, India and UAE have signed the Comprehensive Economic Partnership Agreement (CEPA) to boost trade through economic cooperation.  

According to the statement from the government, this major trade agreement will launch a new era of strategic cooperation between both countries. It will transform bilateral economic and investment ties, open up emerging trade routes between Africa and Asia, promote global trade liberalization and propel economic growth in a post-COVID world.

Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Prime Minister Narendra Modi also held a virtual summit on Friday. At the event, both the leaders laid out their future vision of the historic and friendly relations between both countries. 

"India is one of our most important strategic partners, and this deal brings us closer than ever before. The agreement we have reached today with Prime Minister Modi not only deepens our economic and trading relationship with a close partner but unlocks a new phase of global cooperation for us," said HH Sheikh Mohamed bin Zayed Al Nahyan.

Nahyan added that the economic agreement demonstrates the commitment of our leaders to the bold projects of the 50, launched in our pursuit of the next 50 years of progress and prosperity. Future generations will benefit from this forward-looking vision aimed at stimulating growth and doubling our trade with the world and strengthening the UAE’s knowledge and innovation-driven economy. 

"I am happy at the signing of the Comprehensive Economic Partnership Agreement between our two nations today. It is noteworthy that such an important agreement has been concluded in a record time of fewer than 3 months. Such agreements generally take years to conclude. The Agreement demonstrates the deep friendship, shared vision and trust between the two countries. I am confident that this will usher in a new era in our bilateral economic relations and the bilateral trade volume will increase from USD 60 Billion to USD 100 billion in the coming 5 years," said PM Modi. 

The UAE is India’s third-largest trade partner and bilateral trade is expected to surpass USD 60 billion mark in the current financial year. India ranks as the UAE’s number one trading partner for non-oil exports, accounting for nearly 14 per cent of the UAE’s total non-oil exports globally. CEPA may increase the total value of bilateral trade  to over US$100 billion within five years. 

Meanwhile, the trade deal is expected to lay the roadmap to a shared vision for the future envisaging stronger, more resilient economies that deliver sustainable welfare and wellness to the peoples of the two countries.