UAE minister hails economic partnership with India, calls it a 'significant milestone'

UAE's economic partnership with India “is a significant milestone in the history of both nations", said the UAE Minister for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi. It is to be noted that the statement by the UAE's minister comes as PM Modi is airborne and soon to land in the United States of Emirates. PM Modi looks forward to meeting H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi.

 The UAE’s Minister for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi made the statement on economic partnership with India, on July 15. He added that the UAE-India non-oil trade is expected to reach USD 100 billion a year by 2030. India and the UAE have been engaged across a wide range of sectors such as trade, investments, energy, food security, science & technology, education, fintech, defence, security, and robust people-to-people ties. 

UAE Minister on 'Economic Partnership' with India

In the interview, while talking about the UAE-India Comprehensive Economic Partnership Agreement (CEPA), Thani bin Ahmed Al Zeyoudi said that it has been designed to deliver a new era of growth and opportunity. Notably, the CEPA is a document that has been signed between the two countries on February 18, 2022.

The agreement came into effect on May 1, 2022.  Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan signed the agreement. "There is little question that the UAE-India Comprehensive Economic Partnership Agreement will come to be regarded as a significant milestone in the history of both nations," said the UAE's minister.

"By removing or reducing tariffs on 80 per cent of goods, eliminating unnecessary barriers to trade, creating new platforms for investment, and opening government procurement to each other’s private sector," he added. 

What are the key outcomes of CEPA?

The key outcomes of this trade agreement between the two nations have been highlighted by the UAE's foreign trade minister in an interview. There has been an increase in bilateral trade flows and the CEPA has added considerable resilience to East-West supply chains and developed a new trade corridor that connects Asia with the Middle East and Africa. This trade pact has also had an effect on UAE investment in India in various sectors, including retail, industry, food security, technology, healthcare and logistics.