As reported earlier, the negotiations between the two countries for the CEPA were launched in September 2021 and at the end of several rounds of talks, the agreement is ready and this will take the bilateral economic and commercial relations to the next level.
On Friday (Feb 18, 2022), the Comprehensive Economic Partnership Agreement (CEPA) will be signed between India and the United Arab Emirates (UAE). The agreement will be inked at the end of virtual talks between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, narendra modi, Sheikh Mohamed bin Zayed al Nahyan.
CEPA between India & UAE
As reported earlier, the negotiations between the two countries for the CEPA were launched in September 2021 and at the end of several rounds of talks, the agreement is ready and this will take the bilateral economic and commercial relations to the next level. In the Gulf region, this the first such agreement which is expected to focus on areas rules of origin, goods, services, government investments and procurement.
“The CEPA could be signed later this week, most likely Friday,” said an official, who did not wish to be identified.
Once the CEPA operationalises, significant increase in trade and investments is expected. According to the Ministry of External Affairs (MEA), the Gulf country UAE is India’s third largest trade partner and the bilateral trade between the two countries according to data available in the public domain for 2019-20 touched USD 60 billion, and India’s second-largest export destination after the US, touching an export value of about USD 29 billion.
After several rounds of negotiations, the Gulf nation lifted a ban on import of eggs and poultry products from India in December 2021.
Agenda of Virtual Summit
The leaders of both sides are expected to highlight their vision of friendly relations between India and the UAE and also discuss bilateral cooperation in various areas. The summit comes at a time when India is celebrating its 75th anniversary of Independence and the UAE its 5oth anniversary of its foundation.
Both countries have been making efforts to deepen the relations and have embarked up on a comprehensive strategic partnership and are working towards further strengthening their cooperation in new areas like fintech, startups and renewable energy. The UAE is also interested in importing various defence platforms and missiles from India.
Prime Minister Modi has visited that country in 2015, 2018 and 2019 and the Crown Prince has come to India twice – 2016, 2017. From both sides there have been several high level visits including the visit of external affairs minister Dr S Jaishankar in 2021. Also, India is participating with one of the largest pavilions in the Dubai Expo 2020.
The two countries have worked closely in several important areas including food security, and healthcare during the global pandemic of COVID-19.
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