Categories: Economy

India and UAE embark on a brighter future together with Comprehensive Economic Partnership Agreement

<p>
<strong>Unveiling the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE), which was signed in February, Commerce and Industry Minister Piyush Goyal said that the both countries have embarked on a brighter future together.</strong></p>
<p>
Goyal, who is in Dubai to participate in 'Investopia Summit' and 'World Government Summit', said that the growing India-UAE economic and commercial relations contribute to the stability and strength of a rapidly diversifying and deepening bilateral relationship between the two countries.<br />
<br />
India-UAE CEPA was signed on February 18 in New Delhi during the India-UAE Virtual Summit held between Prime Minister Narendra Modi and Sheikh Mohammed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Executive Council. </p>
<p>
<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/VgwWZJic5Io" title="YouTube video player" width="560"></iframe></p>
<p>
The initiative is the first deep and full free trade Agreement to be signed by India with any country in the past decade.</p>
<p>
The CEPA between India and the UAE covers almost all the tariff lines dealt in by India (11,908 tariff lines) and the UAE (7581 tariff lines), respectively.<br />
<br />
The negotiations for India-UAE CEPA were concluded in a record span of 88 days and the Agreement is expected to enter into force on May 1.<br />
<br />
From US$ 180 million per annum in the 1970s, India-UAE bilateral trade has steadily increased to US$ 60 billion (₹4.55 lakh crore) in FY 2019-20 making the UAE, India's third largest trading partner.<br />
<br />
The UAE is also the eight largest investor in India with an estimated investment of US$ 18 billion. </p>
<p>
<strong>Also Read: <a href="https://www.indianarrative.com/world-news/ukraine-s-zelensky-says-he-is-looking-for-peace-without-delay-but-can-he-be-trusted-160222.html">Ukraine's Zelensky says he is 'looking for peace without delay', but can he be trusted? </a></strong></p>

IN Bureau

Recent Posts

VINBAX 2024: Vietnam-India bilateral army exercise concludes at Kaushalya Dam

The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…

16 hours ago

India-Russia strengthen defence ties at 22nd Working Group meeting on military technical cooperation

The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…

16 hours ago

“I want to have strong representation of India at World Nuclear Exhibition 2025”: Sylvie Bermann

Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…

17 hours ago

PoJK: Joint Awami Action Committee protests against government following new ordinance, many injured

Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…

17 hours ago

PM Modi meets 31 world leaders, heads of organisations during his 3-nation foreign visit

Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…

20 hours ago

India- Australia conduct 11th Indian Air Force-Royal Australian Air Force Air Staff Talks

India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…

20 hours ago