DUBAI: United Arab Emirates (UAE) and India are all set to sign a trade and investment agreement on Friday during a virtual summit attended by the leaders of both the countries, as per the reports of international media. Comprehensive Economic Partnership Agreement (CEPA) is expected to be a priority as countries will “discuss bilateral cooperation and exchange views on regional and international issues of mutual interest,” said a statement issued by Ministry of External Affairs.
Prime Minister Narendra Modi and the UAE de facto ruler Mohamed bin Zayd Al Nahyan will witness the signing of the UAE-India CEPA. The agreement will “usher in a new era of economic cooperation and unlock greater avenues for trade and investment,” UAE state news agency WAM reported on Wednesday.
The two countries had formally started negotiations on the pact in September of 2021, officially dubbed as the ‘Comprehensive Economic Agreement Partnership’ (CEPA).
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Under the agreement, two trading partners reduce or omit customs duties on the maximum number of goods traded between them. Besides, they liberalise norms to enhance trade in services and boost investments. This would be the second such agreement to be signed by the present government.
India and the UAE are trying to renew trade to a pre-pandemic level of $60 billion. UAE investments in India are almost $17 billion as compared to $3 billion in 2014.
“Both leaders are expected to lay out their vision of the historic and friendly relations between two countries, at a time when India is celebrating 75 years of its independence as ‘Azadi Ka Amrit Mahotsav’ and UAE is celebrating 50th anniversary of its foundation,” stated a press release by the Ministry of External Affairs.
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The meeting coincides with the visit of UAE’s Minister of Economy, Abdullah bin Touq al Marri, to New Delhi to discuss further negoatiations of an early conclusion of the trade pact.
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