According to the UAE Ministry of Economy, the Emirates and India are considering a Comprehensive Economic Partnership Agreement (CEPA) that could increase non-oil trade between the two countries to $100 billion in five years.
The talks signal a new phase in the two countries’ strategic cooperation and, the effort will extend economic and investment horizons and enhance bilateral trade relations with India.
During the meeting, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Mr. Piyush Goyal, India’s Minister of Commerce and Industry, have discussed expanding trade and investment relations.
This 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.
Thani bin Ahmed Al Zeyoudi Minister of State for Foreign Trade UAE
“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. 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 commented, “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.”
The UAE and India have a long-standing, mutually beneficial partnership that is based on strong cultural links and a shared commitment to economic progress and human welfare.
Further, India has overtaken China as the UAE’s second-largest trading partner, accounting for 9 percent of total foreign trade and 13 percent of non-oil exports. “During the first half of 2021, bilateral trade reached $21 billion – a growth rate of more than 70 percent when compared to the first six months of last year,” as per the reports.
