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India and the United Arab Emirates signed the landmark comprehensive agreement on Friday at a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan. Economic Partnership Agreement (CEPA), signed and announced a roadmap to strengthen the overall relationship. In his speech, Modi touched on various aspects of India’s relations with the United Arab Emirates, pointing to recent terrorist attacks in the Gulf state, noting that the two countries are “side by side” in the fight against alleged terrorism.
Another highlight of the virtual summit was the unveiling of a joint vision statement entitled “Advancing India-UAE Comprehensive Strategic Partnership: New Frontiers, New Milestones”, which aims to significantly strengthen overall cooperation. “The statement lays out a roadmap for a future-oriented partnership between India and the UAE and identifies areas of focus and outcomes,” an official statement said. “The shared goal is to foster new dynamics of trade, investment and innovation across sectors including the economy, energy, climate action, emerging technologies, skills and education, food security, healthcare, and defence and security,” it said.
On CEPA, Modi said the two sides could conclude negotiations on such an important deal within three months, although such an agreement would take years to finalize. The government said the deal would bring significant benefits to both companies, including improved market access and lower tariffs. It is expected to grow to billions of dollars. The trade agreement was signed by Trade Minister Piyush Goyal and UAE Minister of Economy Abdullah bin Touk Al-Mali.
Modi asserted that the trade agreement reflects the deep friendship, shared vision and trust between the two countries, “I believe this will usher in a new era of our economic relationship. Our business will grow from $60 billion to $100 billion over the next five years. ” Modi also said that the two countries can encourage start-ups through joint incubation and co-financing, adding that there is also room for cooperation in talent skills development.
“We welcome J&K’s investment in the UAE in all sectors including logistics, healthcare and hospitality,” he added. The two leaders also expressed their deep satisfaction with the continued development of bilateral cross-sectoral relations, the statement said. “Two memorandums of understanding signed by India and the UAE were also announced during the summit.
“We condemn in the strongest terms the recent terrorist attack in the United Arab Emirates. India and the United Arab Emirates are fighting side by side in the fight against terrorism,” he said. The Prime Minister also praised the UAE’s interest in investing in Jammu and Kashmir. “Following a successful visit to Jammu and Kashmir in the UAE last month, several Emirati companies have expressed interest in investing in Jammu and Kashmir,” he said.
News summary:
- India, UAE sign comprehensive trade pact, release strategy for building relationship
- View all the latest news and articles business news renew.
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