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India, UAE sign the trade pact agreement (Twitter/Piyush Goyal) The Comprehensive Economic Partnership Agreement (CEPA) agreement was signed on Friday by Union Minister of Commerce and Industry Piyush Goyal during a bilateral meeting with the UAE delegation led by Minister of Economy, Abdulla bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
Held a bilateral meeting with the UAE delegation led by Minister of Economy, H.E Abdulla bin Touq Al Marri & Minister of State for Foreign Trade, H.E @ThaniAlZeyoudi.
Both nations are entering a golden era of economic & trade cooperation with the signing of India-UAE CEPA. 🇮🇳🇦🇪 pic.twitter.com/cw7wccQjyd
— Piyush Goyal (@PiyushGoyal) February 18, 2022
The CEPA includes a digital trade element, which officials are describing as a first of its kind for both countries.
Speaking at the virtual summit, PM Narendra Modi said, “I am very happy that both our countries have signed the Comprehensive Economic Partnership Agreement today. It is noteworthy that India & UAE was able to conclude negotiations on such an important agreement in less than 3 months.”
He added, “We can encourage startups in India and UAE through joint incubation and joint financing. For the skill development of our citizens, we can also cooperate on modern institutions of excellence… Following the visit of LG of Jammu and Kashmir to the UAE, many UAE companies have shown interest in investing in the UT. We welcome investment by UAE in all sectors including logistics, healthcare, hospitality in J&K.”
My remarks at the India-UAE virtual summit. https://t.co/uk6UlyElL4
— Narendra Modi (@narendramodi) February 18, 2022
The United Arab Emirates is India’s third largest trading partner, and second largest export destination. Bilateral trade between India and the UAE stood at $43.3 billion in 2020-21. Exports were $16.7 billion, and imports, driven by oil, pushed the balance in favour of the UAE at $26.7 billion in 2020-21.
The India-UAE CEPA aspires to take bilateral trade to over $115 billion within five years, Commerce Minister Piyush Goyal had said last September when the two sides formally launched negotiations toward the agreement. Of this, trade in goods is expected to increase to $100 billion, and in services by $15 billion.
A free trade agreement with the GCC comprising Saudi Arabia, Kuwait, UAE, Oman, Qatar and Bahrain as its members was first envisaged in 2007, but got stuck after a couple of rounds of negotiations.
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