The UAE and India on Friday signed key strategic agreements aimed at increasing bilateral non-oil trade to $100 billion in the next five years
The agreements signed marked a “milestone” in the bilateral relations, which will lead to a “glorious shared future,” according to India’s top diplomat.
Dr S Jaishankar, India’s External Affairs Minister told state news agency WAM: “The signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) during a virtual summit between our leaders is a milestone event in our bilateral relations.
“It will open new opportunities in both trade in goods and services, and will lead to enhanced investments,” he added.
“A vision document will provide contours for future growth of our bilateral relationship for a glorious, shared future. Overall, the two [CEPA and the vision document] will deepen our strategic partnership.”
Earlier, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and India’s Prime Minister Narendra Modi, held a virtual meeting during which they witnessed the signing of the agreements in India’s capital New Delhi.
The two countries expect these agreements to boost bilateral non-oil trade from the pre-pandemic figures of $40 billion to $100 billion in the next five years.
The UAE-India CEPA negotiations started five months ago.
The deal is expected to usher in a new era of economic cooperation and unlock greater avenues for trade and investment.
In an interview with WAM in October, Piyush Goyal, Indian Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, said CEPA would help both countries serve larger international markets.
The UAE is India’s third largest trading partner and accounts for approximately 40 percent of its trade with the Arab world.
Sheikh Mohamed bin Zayed visited India in 2016 and 2017, while the Indian Prime Minister, Narendra Modi, visited the UAE in 2015, 2018 and 2019.
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