India, UAE sign ‘game changer’ CEPA, eye $100 billion in annual trade

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It is expected that the CEPA will lead to an increase in bilateral trade from the current $60 billion to $100 billion in the next 5 years, reports Asian Lite News

India and United Arab Emirates on Friday signed a Comprehensive Economic Partnership Agreement (CEPA) that will help bolster the strategic partnership and take bilateral economic and commercial engagement to the next level.

Terming the India-UAE Comprehensive Economic Partnership Agreement (CEPA) as a game-changer in economic ties, Prime Minister Narendra Modi said that deal will help enhance bilateral trade in goods to USD 100 billion and services to USD 15 billion in the next 5 years.

“HH @MohamedBinZayed 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 tweeted.

CEPA was signed during a meeting between the Commerce and Industry Minister Piyush Goyal and UAE delegation led by Minister of Economy, Abdulla bin Touq Al-Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.

Indian Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal and the Minister of Economy of UAE, Abdulla bin Touq Al Marri at the signing ceremony of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), in New Delhi on February 18, 2022. (PIB)

Piyush Goyal said in a tweet that both countries are “entering a golden era of economic and trade cooperation” with the signing of CEPA.
The negotiations of CEPA were launched in September last year. The agreement was signed ahead of the virtual meeting between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed al Nahyan.

Both sides have collaborated closely during the COVID-19 pandemic in critical areas of healthcare and food security. Bilateral trade, investment and energy relations have remained robust. The two sides are also strengthening their cooperation in new areas of renewable energy, start-ups and fintech. India is participating with one of the largest pavilions in the Dubai Expo 2020.

UAE is India’s third-largest trade partner, and bilateral trade and investment ties are expected to see significant enhancements. It hosts a large Indian community which numbers close to 3.5 million. (ANI)

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