India on Friday signed a landmark trade agreement – the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates during a bilateral meeting between the two countries. This is the first major trade agreement whose negotiations, which began in September 2021, have been completed in record time. The Joint Vision Statement of the trade agreement outlined the future course of bilateral relations and focused on specific areas in the fields of defence, energy and climate.
The vision statement included the establishment of a joint hydrogen task force to enhance bilateral trade to $100 billion over five years, support the energy transition and work on a low-carbon future, collate technology, and an IIT in the UAE. The installation was talked about. The deal will also help the emirate to reduce import duties on most Indian goods exported.
Union Minister of Commerce and Industry Piyush Goyal signed the agreement during a bilateral meeting with UAE delegation led by Minister of Economy Abdullah bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zayoudi.
Deal done! Signed the pioneer #IndiaUACEPA With His Excellency Abdullah bin Touq Al Marri, Minister of Economy of the UAE.
The sky is the limit of our trade and economic ties as we remain committed to building a shared future and enhancing the prosperity of our people. pic.twitter.com/LJ70VJ8HcE
— Piyush Goyal (@PiyushGoyal) February 18, 2022
Meanwhile, PM Modi, while talking about the trade deal during the virtual summit with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed, said that the agreement “reflects the deep friendship, shared vision and trust between the two countries.” “I am sure this will mark the beginning of a new era in our economic ties,” the PM said, adding that “our business will grow from $60 billion to $100 billion in the next five years.”
“Today, both the countries are signing the Comprehensive Economic Partnership Agreement. We have completed the deliberations in less than three months,” he added.
Salient Features of the Business Deal
The joint statement delineates cooperation in specific focus areas in the fields of defense and security, economy, health, energy, skills and education.
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defense and security
• Agreed to enhance maritime cooperation that contributes to the maintenance of peace and security in the region.
• Reaffirmed the joint commitment to fight against extremism and terrorism in all its forms, including cross-border terrorism, both at the regional and international levels.
economic partnership
• Bilateral trade will increase from $60 billion to $100 billion in 5 years as a result of CEPA.
• To expedite work on a dedicated investment zone for UAE companies and joint ventures to focus on setting up a food corridor and a dedicated India Mart in the Jebel Ali Free Zone.
• To create investment opportunities for Indian investors in setting up a specialized Industrial Advanced Technology Zone in Abu Dhabi, with a special focus in the areas of logistics and services, pharmaceuticals, medical devices, agriculture, agro-tech, steel and aluminium.
energy sharing
• Promote opportunities for cooperation to support India’s energy needs, including new energy, and ensure the provision of affordable and safe energy supplies to India’s growing economy.
• Work focused on mutual support in the energy transition and a low-carbon future.
Climate Action and Renewable Energy
• Agreed to establish a joint hydrogen task force to help support each other’s clean energy missions and enhance technologies, with a particular focus on the production of green hydrogen.
education support
• Agreed to set up an Indian Institute of Technology in the United Arab Emirates.
emerging technologies
• Agreed to expand cooperation and collaborate on critical technologies and mutually promote e-businesses and e-payment solutions and start-ups of the two countries.
cultural cooperation
• Agreed to establish an India-UAE Cultural Council to facilitate and promote cross-cultural exchanges, cultural projects, exhibitions and dialogue between thought leaders of the two countries.
skill support
• Agreed to enhance cooperation in skill development to keep pace with the needs of the market and to meet the changing requirements for the future of work.
food security
• Recognized the need to increase the resilience and reliability of food supply chains.
• Agreed to expand cooperation through enhanced bilateral food and agricultural trade and to promote and strengthen the infrastructure and dedicated logistics services linking farms to ports to final destinations in the UAE.
health support
• To support the research, production and development of reliable supply chains for vaccines in India’s rapidly growing health infrastructure and increase investment by UAE entities in providing health care in disadvantaged countries. agreed to.
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