Mohamed and Modi hold virtual summit, oversee signing of UAE-India economic pact

His Highness Sheikh Mohamed Bin Zayed, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces,  and Indian Prime Minister Narendra Modi held a Virtual Summit on Friday.

Both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors.

Sheikh Mohamed and Modi issued a Joint Vision Statement "Advancing the 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 dynamic 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 Economy of UAE, Abdulla Bin Touq Al Marri and Indian Minister of Commerce and Industry Piyush Goyal.

The agreements were signed in New Delhi 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 increase in bilateral trade from the current $60b to $100b in the next 5 years.

The two leaders also released Joint Commemorative Stamp on the occasion of 75th anniversary of India's independence and 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 & 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.

Modi thanked Sheikh Mohamed for taking care of the Indian community during COVID-19 pandemic. 

He also invited him to pay an early visit to India.

India’s External Affairs Minister S. Jaishankar has said that the key strategic agreements signed between India and the UAE on Friday in the presence of top leaders of both countries marked a "milestone" in the bilateral relations, which will lead to a "glorious, shared future.

"The signing of the UAE-India Comprehensive Economic Partnership Agreement during a virtual summit between our leaders is a milestone event in our bilateral relations," Jaishankar said in an exclusive statement to WAM.

"It will open new opportunities in both trade in goods and services, and will lead to enhanced investments," he added.

"A vision document [signed during the virtual summit] 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."

The UAE-India CEPA negotiations started five months ago.

The UAE-India CEPA is expected to usher in a new era of economic cooperation and unlock greater avenues for trade and investment.

In an interview in October, Piyush Goyal had said CEPA would help both countries serve larger international markets.

"It [CEPA] will not only help the post-pandemic recovery and bring back growth into both countries, but also serve the people of both countries, provide jobs in both countries, expand economic activities and help us serve the larger international markets in a bigger way," Goyal had said.

The UAE is India’s third largest trading partner and accounts for approximately 40 per cent 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.

The two countries signed a Comprehensive Strategic Partnership in 2017.

Agencies