India-UAE agree to all components of CEPA deal; agreement may be signed soon: Report

In a key development, India and the United Arab Emirates have agreed on all the elements of the proposed Comprehensive Economic Partnership Agreement (CEPA). Ahmed Albanna, the ambassador of UAE to India has stated that the two countries might very soon sign the agreement, PTI reported. Albanna in his address at a think tank informed that the agreement once formalised and signed will make a way for strengthening bilateral ties in various areas of development like trade, investment and technology.

In his address, Albanna highlighted that UAE continues to be a committed partner for India's energy needs. He further stated that the ties between the countries have enhanced in the last few years. He noted that both the countries are now waiting for the final nod from their leadership to sign the agreement, as per the PTI report. He informed that the actual negotiations for the Comprehensive Economic Partnership Agreement (CEPA) began in October 2021. He further revealed that the negotiators from both sides have accepted all the elements of the proposed agreement by end of December. 

Negotiations completed in less than four months 

Explaining the timeline of the agreement of both sides, Albanna said that signing a major trade agreement usually takes months, however, India and the UAE agreed to the CEPA agreement in less than two months, as per the news report. He pointed out that the agreement of both sides took less time and it shows the "immense interest" from both sides to sign the final agreement that will benefit the economies of the UAE and India in different sectors. In December, Minister of Commerce and Industry Piyush Goyal announced that India and the UAE will complete the Comprehensive Economic Partnership Agreement (CEPA) by next month. Addressing the India Global Forum, Piyush Goyal expressed hope that by the end of December or January, they will conclude the negotiations. Goyal added that the agreement will be beneficial for both sides. 

"Signing a CEPA, signing a major trade agreement usually takes countries months and months, if not years and years. Any CEPA agreement could not be concluded in less than a year or two years," Ahmed Albanna said as per PTI. 

"We concluded a CEPA agreement with India in less than four months. That shows the immense interest from both sides in trying to reach a final agreement which will benefit the economies of the UAE and India in many different sectors,"Ahmed Albanna added. 

Inputs from PTI, ANI

Image: ANI