Finance
Hon’ble Prime Minister Shri Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit earlier today. Both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors.
Hon’ble Prime Minister and His Highness the Crown Prince issued a Joint Vision Statement “Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone”. The Statement establishes a roadmap for a future-oriented partnership between India and UAE and identifies focus areas and outcomes. The shared objective is to promote new trade, investment and innovation dynamic in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security.
A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by Minister of Commerce and Industry Shri Piyush Goyal and Minister of Economy of UAE, H.E. Abdulla bin Touq Al Marri in the virtual presence of the two Leaders. The Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. It is expected that the CEPA will lead to increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years.
The two Leaders also released Joint Commemorative Stamp on the occasion of 75th anniversary of India’s independence and 50th year of UAE’s foundation. Two MOUs signed between Indian and UAE entities were also announced during the Summit. These are, MOU between APEDA and DP World & Al Dahra on Food Security Corridor Initiative and MOU between India’s Gift City and Abu Dhabi Global Market on cooperation in financial projects and services. Two other MOUs – one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.
Prime Minister thanked His Highness Crown Prince of Abu Dhabi for taking care of the Indian community during Covid pandemic. He also invited him to pay an early visit to India.
Source:PIB
