A virtual summit between India and the United Arab Emirates was recently conducted (UAE). India and the UAE formally began discussions on the India-UAE Comprehensive Economic Partnership Agreement in September 2021. (CEPA).
The two countries issued a joint vision statement titled "Advancing India and the UAE's Comprehensive Strategic Partnership: New Frontiers, New Milestones." The Statement sets a road plan for India and the UAE's future-oriented engagement, including emphasis areas and goals. The common goal is to foster new trade, investment, and innovation dynamics across a variety of areas.
It was agreed to strengthen maritime cooperation in order to contribute to the region's peace and security.
Reaffirmed united commitment to combating extremism and terrorism in all forms, including cross-border terrorism, at the regional and international levels. They agreed to support each other's clean energy initiatives and to form a joint Hydrogen Task Force to assist scale up technologies, with a specific emphasis on Green Hydrogen generation. It was agreed to deepen collaboration on essential technologies, as well as to jointly promote e-businesses and e-payment solutions, as well as to support start-ups from both nations.
It was agreed to develop an Indian Institute of Technology in the United Arab Emirates.It was decided to engage in the research, manufacture, and development of trustworthy supply chains for vaccines, as well as to increase investments by UAE businesses in India's health infrastructure and to participate in delivering healthcare in underdeveloped countries. Recognized the need to improve the resilience and dependability of food supply networks.
It was also determined to broaden collaboration through increased bilateral food and agricultural trade, as well as to develop and build infrastructure and dedicated logistics services connecting farms to ports and ultimate destinations in the UAE. It was agreed to strengthen collaboration in skill development in order to match with market demands and address evolving needs for the future of work. On the occasion of the 75th anniversary of India's independence and the 50th anniversary of the UAE's creation, a joint commemorative stamp was issued.
In a historic milestone, the two countries signed a CEPA to strengthen trade and investment links. Plastic, agriculture, food goods, automobiles, engineering, and medicines are just a few of the industries that would benefit from the agreement. The agreement would create up to ten lakh employment opportunities for young people in the country, as well as provide India access to larger African and Asian markets. The CEPA is anticipated to boost bilateral trade from USD 60 billion to USD 100 billion over the next five years (2022-27).
CEPA is a type of free trade agreement that encompasses negotiations on trade in services and investment, as well as other areas of economic collaboration. It may even contemplate negotiating in areas like trade facilitation and customs cooperation, competitiveness, and intellectual property rights. Partnership or collaboration agreements are more extensive than Free Trade Agreements. CEPA also investigates the regulatory component of commerce and includes a regulatory agreement. CEPAs have been inked by India with South Korea and Japan.
India and the UAE have long-standing friendships based on cultural, religious, and economic links between the two countries. The connection expanded upon the ascension of H.H. Sheikh Zayed Bin Sultan Al Nahyan as Ruler of Abu Dhabi in 1966, followed by the establishment of the UAE Federation in 1971.
In 2019, the UAE gave the Prime Minister of India the ZAYED Medal, their highest civilian honour, for cementing the two countries' long-standing friendship and collaborative strategic collaboration. The visit of the Indian Prime Minister to the UAE in August 2015 marked the start of a new, comprehensive, and strategic alliance.
India-UAE trade was over USD 60 billion, becoming the UAE India's third-largest economic partner after China and the United States in 2019-20. With nearly USD 29 billion in exports for the fiscal year 2019-20, the UAE is India's second-largest export destination. For the UAE, India is the second-largest trading partner in 2019 with non-oil trade of around USD 41.43 billion.
The two countries have long had historical links and have maintained regular cultural interactions on both official and popular levels. They signed a Cultural Agreement in 1975, and the embassies continue to organise numerous cultural programmes both independently and in collaboration with other cultural organisations.
The UAE is home to more than 2.6 million Indian expatriates, the biggest expatriate population in the UAE, who have played an important part in the UAE's economic growth. Recently, India requested that countries of the Gulf Cooperation Council (GCC), which includes the UAE, enable the return of Indians who wish to resume employment by removing Covid-19-related limitations.
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