PM Modi lauds India & UAE's efforts in signing CEPA within three months

Prime Minister Narendra Modi on Friday attended a virtual summit with Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed al Nahyan. Addressing the summit, PM Modi applauded both the countries' efforts in reaching a Comprehensive Economic Partnership Agreement. "It is noteworthy that India & UAE was able to conclude negotiations on such an important agreement in less than 3 months," PM Modi stated. The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE) was signed on Friday, bolstering the strategic partnership and advancing bilateral economic and commercial engagement to new heights.

Prime Minister Modi also acknowledged the UAE's efforts in taking care of Indian citizens during the COVID crisis. He further stated that this year is going to be extremely important for both countries as UAE will be commemorating the 50th anniversary of its establishment, whereas, India has commenced celebrating the 75th anniversary of its Independence. PM Modi also highlighted the importance of encouraging startups in India and UAE through joint incubation and joint financing. "We can also collaborate on modern institutions of excellence to help our residents develop their skills," he added. 

Meanwhile, the Indian Prime Minister also vehemently condemned recent terrorist attacks that rocked UAE and vowed to stand shoulder to shoulder against terrorism. PM Modi also claimed that several UAE corporations have expressed interest in investing in Jammu and Kashmir following the visit of the UT's Lieutenant Governor Manoj Sinha to the Middle Eastern country. "We welcome investment by UAE in all sectors including logistics, healthcare, hospitality in Jammu and Kashmir," PM Modi remarked.

India-UAE trade relations 

After the United States, the UAE is India's second-largest export destination and third-largest trading partner. Bilateral trade between India and UAE was $43.3 billion in 2021. India was the UAE's second-largest commercial partner in 2019, with non-oil trade worth $41 billion. In addition, the UAE is India's eighth-largest investor, having invested $11 billion between April 2000 and March 2021, while Indian companies have invested over $85 billion in the UAE. Petroleum and petroleum products, precious metals, stones, gems and jewellery, minerals, chemicals, and wood and wood products are among India's main imports from the UAE. In the 2019-2020 fiscal year, India imported $10.9 billion in crude oil from the UAE.

(With inputs from ANI)

Image: ANI