India and UAE are looking at May 1 ‘Labour Day’ to bring Comprehensive Economic Partnership Agreement (CEPA) into effect, Union Commerce and Industry Minister Piyush Goyal told ANI after the singing of CEPA between the two countries.
India and the United Arab Emirates today signed 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. Separately, Prime Minister Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit earlier today. Both leaders expressed deep satisfaction with the continuous growth in bilateral relations in all sectors.
Prime Minister and the Crown Prince issued a Joint Vision Statement “Advancing India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone”. The Statement establishes a roadmap for a future-oriented partnership between India and UAE and identifies focus areas and outcomes. The shared objective is to promote new trade, investment and innovation dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security.
A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by Minister of Commerce and Industry Piyush Goyal and Minister of Economy of UAE, Abdulla bin Touq Al Marri in the virtual presence of the two Leaders. The Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to an increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years.
The two Leaders also released Joint Commemorative Stamp on the occasion of the 75th anniversary of India’s independence and the 50th year of UAE’s foundation. Two MOUs signed between Indian and UAE entities were also announced during the Summit. These are, MOU between APEDA and DP World and Al Dahra on Food Security Corridor Initiative and MOU between India’s Gift City and Abu Dhabi Global Market on cooperation in financial projects and services. Two other MOUs – one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.