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The UAE’s expanded climate and clean energy cooperation with India aims to support New Delhi’s ambitions to install 450 gigawatts of renewable energy capacity by 2030 and net-zero carbon emissions by 2070, a senior official said on Tuesday.
Mohammad Ali Rashed Lootah, chairman and chief executive of the Dubai Chamber of Commerce, said both countries were “old energy partners” and that India was the third-largest importer and consumer of UAE crude oil.
Speaking to PTI on the sidelines of the India-UAE Partnership Summit on Tuesday, Lootah said this ambition is in line with the UAE’s expansion of its clean energy capacity to achieve the goals of the UAE Energy Strategy 2050 and the ambition set by the UAE to net zero by 2050 strategic initiative.
Lootah highlighted the benefits of signing the UAE-India Comprehensive Economic Partnership Agreement (CEPA) last year, saying it will boost bilateral UAE-India trade to $100 billion within five years.
“It will cover multifaceted cooperation and development in trade, investment, tourism, food security, clean energy, science, health and technology, defense and space — almost all areas,” he said.
Lootah also said that CEPA offers India and the UAE new options to collaborate and take advantage of the multiple growth opportunities arising from the energy transition.
“Both countries work together to create a more sustainable future, so we look forward to increasing cooperation on renewable energy, especially solar and hydrogen,” he said.
“CEPA comes into force in May 2022, so it may be too early to determine which industry will benefit the most. However, we do know that under this landmark agreement, both countries hope to increase bilateral trade from 600 to 100,000 in the next five years. billion to $100 billion,” Lootah said.
He emphasized the importance of healthcare and agtech in expanding bilateral relations, saying that these areas have received high attention from both countries, and that the two countries are collaborating more closely than ever in the fields of healthcare and agtech.
“During and after the COVID-19 pandemic, new areas of collaboration have emerged in healthcare and food safety. As food security is a top strategic priority for the UAE and India’s vast agritech ecosystems, we see Investments have grown significantly,” Lootah said.
He recalled the grueling days of 2020, when the UAE-India Food Corridor had been a huge success in attracting UAE investment in Indian food parks, farms and fruit and vegetable centers in response to the pandemic.
“It also helps to create jobs and support Indian farmers. This trend will continue and even become stronger under CEPA, making India a reliable food security partner for the UAE,” he added.
India and the UAE have showcased bilateral collaboration on healthcare and medical best practices during the pandemic and will forge new health partnerships driven by latest R&D, medical technology and innovation.
“I am confident that both countries will continue to promote cooperation in this important area to ensure an advanced health system and the well-being of people on both sides,” Lootah further said.
He also pointed out that medicines are an important part of health cooperation. “The CEPA agreement contains a separate medicines annex to facilitate the access of medicines in India, especially the automatic registration and marketing authorization within 90 days for products approved by regulatory agencies in developed countries such as the US, UK, EU and Japan,” he explained. he explained.
(This story was not edited by Devdiscourse staff and was automatically generated from a syndicate feed.)
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