19 FEBRUARY 2022
COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT (CEPA)
India and UAE signed a Comprehensive Economic Partnership Agreement (CEPA) on 18 February 2022 to boost trade and investments and to create thousands of employment and open a new era of bilateral cooperation.
The trade pact was signed following a virtual summit between His Highness Sheikh Mohamed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Prime Minister Narendra Modi.
“More than three million Indians have chosen the UAE to be their second home, and I am sure that they are in their homeland under your leadership. The agreement reflects the deep friendship, the shared vision and the trust between the two countries,” Prime Minister said in the Summit.
In the vision statement, it is agreed to enhance maritime cooperation with an aim to contribute peace and security in the region.
· India’s trade will be expected to grow from $60 billion to $100 billion in the next five year period.
· Cooperation in the field of trade, investments, energy and other vital areas.
· Encourage Start-ups coming up in new and emerging technologies through joint incubation programmes, joint-financing and skills and mutual recognition of qualifications.