On February 18, 2022, India’s Prime Minister(PM) Narendra Modi & United Arab Emirates(UAE)’s Crown Prince H.H. Sheikh Mohamed bin Zayed al Nahyan Hold India-UAE Virtual Summit 2022.Historic India-UAE CEPA Signed during the summit.
- The PM and the Crown Prince issued a Joint Vision Statement ‘Advancing India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone’.
- Shared objective: To promote new trade, investment and innovation dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare, defence, and security.
Historic India-UAE CEPA Signed:
i.India-UAE CEPA: India-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed and exchanged during the virtual summit by India’s Minister of Commerce and Industry Piyush Goyal and Minister of Economy of UAE, H.E. Abdulla bin Touq Al Marri.
- For the first time in a Trade agreement, the CEPA provides for automatic registration and marketing authorisation of Indian generic medicines in 90 days, once they are approved in developed countries.
- The India-UAE CEPA is the 1st bilateral trade accord concluded by the UAE, and it is also India’s 1st bilateral trade agreement in the MENA (Middle East/North Africa) region.
- Signing of the historic Agreement witnessed virtually by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, and His Excellency Shri Narendra Modi, Hon’ble Prime Minister of India.
- CEPA to generate 10 lakh jobs across labour-intensive sectors such as Textiles, Gems & Jewellery, Leather, Footwear, Pharma, Agriculture products, Medical Devices, Plastics, Sports Goods and Automobiles.
- Around 90% of products exported from India to UAE will attract zero duty with implementation of the Agreement. 80% lines of trade will attract zero duty, remaining 20% does not affect our exports
Other MoU’s Signed:
Two MOUs, which were signed between Indian and UAE entities, were announced during the Summit. The MOUs include, (i) MoU between Agricultural and Processed Food Products Export Development Authority (APEDA) and DP World & Al Dahra on Food Security Corridor Initiative and (ii) MOU between International Financial Services Centers Authority (IFSCA), GIFT City and the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA).
- Two other MoUs such as one on cooperation in Climate Action and the other on Education have also been agreed upon between both nations.
i.The UAE is India’s third-largest trade partner, PM had stated the possibility of an increase in the bilateral trade volume from USD 60 Billion to USD 100 billion in the coming 5 years through CEPA.
ii.India ranks as the UAE’s number one trading partner for non-oil exports and it is accounting for nearly 14 percent of the UAE’s total non-oil exports globally.
iii.Both the PM and Crown Prince have released Joint Commemorative Stamp on the occasion of the 75th anniversary of India’s independence and 50th year of UAE’s foundation.
Recent Related News:
On January 27, 2022, the Prime Minister (PM) of India Narendra Modi hosted the 1st India-Central Asia Summit 2022 in a virtual format with the Presidents of 5 Central Asian Nations of Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan.
About UAE (United Arab Emirates):
Capital – Abu Dhabi
Currency – United Arab Emirates dirham
President – Sheikh Khalifa bin Zayed Al Nahyan