Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, has led an official delegation to New Delhi to launch talks on expanding trade and investment relations.
During the official economic mission, Dr. Al Zeyoudi and Piyush Goyal, India’s Minister of Commerce and Industry, jointly established the India – United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA), according to the Emirates News Agency (WAM).
The partnership agreement will enhance ties, deepen economic and investment opportunities, and mark a new phase of strategic cooperation between the two countries.
It is the second CEPA deal that Dr. Al Zeyoudi has commenced talks on this month, following negotiations with Indonesia, as the UAE accelerates its global trade agenda.
The value of the UAE’s non-oil trade with India may rise from pre-pandemic levels of $40 billion to over $100 billion within five years of the agreement being signed.
"The UAE is moving quickly to establish new strategic agreements to expand our market access and use trade as a key pillar in a new era of economic cooperation," Dr. Al Zeyoudi said.
“Trading routes have existed between India and our region for centuries. The CEPA builds on these historic ties by laying the foundation for a mutually beneficial partnership that creates new jobs, promotes foreign direct investment, empowers entrepreneurs, attracts talent ,and accelerates our knowledge-driven economies. It will strengthen our position as a global gateway to Africa, Asia and Europe, driving economic growth and prosperity across the region.”
Dr. Ahmed AlBanna, UAE Ambassador to India, added: “The Comprehensive Economic Partnership Agreement between our two countries comes at a very crucial time as we brace ourselves and set economic priorities for the post-pandemic era. Now is the time for the UAE and India to work together and take coordinated actions to achieve our ambitious bilateral trade target of $100 billion. Besides trade, we are keen to augment investment flows and lead the world by example.”
India and the UAE enjoy a longstanding, mutually beneficial relationship, anchored on close cultural ties and a shared commitment to promote economic development and human prosperity.
As part of Dr. Al Zeyoudi’s visit to New Delhi, he also met with Jyotiraditya Scindia, India’s Minister of Civil Aviation, as well as Shri Ashwini Vaishnav, India’s Minister of Electronics and Information Technology.
India is now the UAE’s second-largest trading partner, accounting for nine per cent of the UAE’s total foreign trade and 13 per cent of non-oil exports.
During the first half of 2021, bilateral trade reached $21 billion –- a growth rate of more than 70 per cent when compared to the first six months of last year.
Recent years have also witnessed several major foreign direct investment partnerships. In June 2020, for example, Mubadala invested $1.2 billion in India’s telecommunications provider Jio Platforms. While in 2019, UAE entities committed $7 billion to create a food corridor between the UAE and India to provide a stable market for farmers in Punjab, Madhya Pradesh, Uttar Pradesh, and Gujarat.
Meanwhile, India’s Reliance recently announced an investment of $2 billion in Abu Dhabi’s TA’ZIZ Industrial Chemical Zone.
Trade underpins the UAE’s bold economic path for the next five decades and falls under the umbrella of the country’s Projects of the 50 agenda –- a comprehensive roadmap designed to double the economy, enhance global competitiveness, attract foreign direct investment and enhance its position as an attractive hub for talent and investors.
UAE to lift travel ban on vaccinated residents from India, Pakistan, othersThe United Arab Emirates will allow vaccinated residents with valid visas coming from countries who were on the travel ban list to return starting ... Coronavirus
UAE lifts ban on transit flights from India, Pakistan, others: NCEMAThe United Arab Emirates will lift a ban on transit passenger traffic from India, Pakistan, Nigeria and other countries from Aug. 5, the National ... Coronavirus
India set to move T20 World Cup to UAE due to pandemic: SourcesThis year’s Twenty20 World Cup is set to be shifted to the United Arab Emirates due to the COVID-19 situation in India, Indian cricket board sources ... Sports
UAE FM: We affirm our full support for India amid COVID-19 cases resurgenceThe United Arab Emirates’ Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan on Sunday reiterated his ... Coronavirus
India, UAE discuss ways to strengthen energy cooperation: India’s oil ministerIndia and the UAE on Wednesday discussed ways to strengthen energy cooperation, India’s oil minister Dharmendra Pradhan said, despite the South Asian ... Energy
Indian scientist conveys best wishes for success of Hope Probe, UAE’s maiden missionA senior space scientist from India said the Indian Space Research Organisation (ISRO), has “a positive outlook” on the Hope Probe’s success, ... Technology
UAE Foreign Minister reviews bilateral relations with Indian counterpartThe United Arab Emirates’ Foreign Minister Sheikh Abdullah bin Zayed has reviewed bilateral ties between the UAE and India with his Indian counterpart ... Gulf
Coronavirus: UAE gets 5.5 million hydroxychloroquine pills from IndiaThe United Arab Emirates’ embassy in New Delhi said on Saturday it succeeded in obtaining the approval of the Indian government to export adequate ... Coronavirus
UAE telecom du, India’s Wipro tie up to address IoT security challengesUAE based telecom operator du and Indian software firm Wipro Ltd have partnered to build an identity an access management platform for ... Business
India’s Modi awarded UAE’s highest civilian honorIndian Prime Minister Narendra Modi received the United Arab Emirates’ highest civilian honor during a visit on Saturday reinforcing ties ... Gulf