UAE – India sign Comprehensive Economic Partnership Agreement to usher new phase of joint strategic cooperation
UAE Ministers and senior officials signed the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India. The agreement, which builds on the deep-rooted historical relations between the two countries, is the first under UAE’s international agreements development programme, which was launched as part of “Projects of the 50”. This is a significant milestone that ushers a new phase of joint strategic cooperation in all sectors.
According to H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, the UAE-India CEPA will increase non-oil bilateral trade by more than $100 billion and create enormous benefits for people in both countries. He added, “It is also more than an economic partnership; it is a testament to our deep, fraternal and strategically important relationship with India, one built on decades of close cooperation across everything from investment and innovation to energy and the environment. It represents a new era of progress, prosperity and opportunity for our nation.”
H.E. Dr Ahmad Belhoul Al Falasi, UAE Minister of State for Entrepreneurship and SMEs hopes that CEPA will unleash the spirit of entrepreneurship that exists in both countries, inspiring new innovators and investors. Minister Al Falasi hopes that, on a broader scale, this deal will cement the UAE’s position as an economic hub, catalysing the economic diversification and sustainable growth agenda of the country, and expanding the presence of UAE companies and trade in global markets, while increasing exports and attracting qualitative investment, in line with our ambitions for the next 50 years.
His Excellency Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of Industry and Advanced Technology, added, “The economic partnership comes in line with the national strategy for industry and advanced technology adopted by the wise leadership of the UAE as the biggest and most comprehensive plan to develop the industrial sector in the country and enhance its contribution to stimulating the national economy. This partnership holds promising opportunities, based on the huge potential of India, which made it the fourth largest market in the world.”
Highlighting the important role of the partnership in enriching the industrial sector and support its growth, Al Jaber said, “the new agreement between UAE and India, aims at enhancing partnerships in industrial fields, and supports innovation, in addition to providing more job opportunities. The two parties intend to expand strategic cooperation and start a new era focusing on increasing bilateral trade’ volume, improving mutual access to markets, and enhancing economic, industrial and investment opportunities.”
H.E. Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment added: “the Agreement comes in line with our national efforts including hosting COP 28 in 2023 as part of ongoing efforts to work with countries around the world to develop new climate-friendly industries that reduce carbon emissions and deliver a qualitative shift in agriculture, food and water security.”
She observed that over the last two decades, India has forged ahead with research and development in key sectors such as ICT, healthcare and space sciences, and the UAE Ministers see a huge number of synergies with emerging companies, institutions and start-ups in these fields. This Agreement will open new horizons for investors and contribute to UAE’s aim of doubling the industrial sector’s GDP contribution to AED 300 billion, creating hundreds of thousands of new jobs.
