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India, UAE sign Comprehensive Economic Partnership Agreement

Agreement to take bilateral economic and commercial engagement to next level.

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India and UAE 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.

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.

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 His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

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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.

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