New Delhi: Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan issued a Joint Vision Statement ‘Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestones’ during their virtual summit Friday.
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 dynamics in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security. Both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors.
A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by Commerce Minister Piyush Goyal and Minister of Economy of UAE, 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 billion to USD 100 billion in the next 5 years.
The two Leaders also released a 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 (Agricultural and Processed Food Products Export Development Authority) and DP World & Al Dahra, on a Food Security Corridor Initiative; and a 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 – were also agreed between the two sides.
Prime Minister thanked the Crown Prince of Abu Dhabi for taking care of the Indian community during the Covid pandemic. He also invited him to pay an early visit to India.