The first-ever trade agreement with a Gulf country aims for $100 billion in two-way commerce by 2027. Both countries agree to increase maritime cooperation and pledge their commitment to combating terrorism.
Prime Minister Narendra Modi conducted a virtual summit with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, during which the India-UAE Comprehensive Economic Partnership Agreement (CEPA) was launched. PM Modi and UAE Crown Prince jointly announced a mission declaration entitled 'Advancing India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestones.'
The declaration lays out a road map for India and the UAE's future collaboration, including an emphasis on areas and results. The common goal is to encourage trade agreement, investment, and innovation processes across a variety of areas, including economics, power, environmental policy, technological innovations, training and knowledge, food security, healthcare, and defense and security. The signature and distribution of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in the virtual presence of the two leaders by Minister of Commerce and Industry Piyush Goyal and Minister of Economy of the UAE, Abdulla bin Touq Al-Marri was a key highlight of the virtual summit.
The deal will give substantial advantages to Indian and UAE enterprises, such as improved market access and lower tariffs. It is predicted that the CEPA would raise bilateral trade from $60 billion to $100 billion over the next five years. On the occasion of the 75th anniversary of the Independence of India and the 50th anniversary of the UAE's founding, the two presidents also issued a joint commemorative stamp. 2 Memorandums of Understanding (MOUs) were also signed during the Summit among Indian and UAE enterprises.
These include a Memorandum of Understanding (MOU) between APEDA, DP World, and Al Dahra on the Food Security Corridor Initiative, as well as an MOU between India's Gift City and Abu Dhabi Global Market on financial projects and services collaboration. Two more Memorandums of Understanding (MOUs) have been reached between the two parties, one on climate action cooperation and the other on education. Prime Minister Modi praised Crown Prince Mohammed bin Salman for looking after the Indian community amid the Covid epidemic. He also invited him to come to India before the end of the year.
