PM Modi expressed happiness over CEPA agreement
Prime Minister Modi said that I am very happy that both the countries are signing the Composite Economic Alliance Agreement (CEPA) today. We were able to conclude negotiations on such an important agreement in less than three months. Normally this type of settlement takes years. He said that this agreement reflects the deep friendship, shared vision and trust between the two countries. I am sure this will usher in a new era in our economic relations.
Trade will reach $100 billion
PM Modi expressed hope that the CEPA agreement will increase trade between the two countries from $60 billion to $100 billion in the next five years. The Prime Minister said that we can encourage startups in both the countries through joint investigation and joint financing. Similarly, for skill development of our people, we can also collaborate on a modern institute of excellence, he added. During the meeting with Al Nahyan, Prime Minister Modi said that your personal role in strengthening our relationship has been extremely important. I will always be grateful to you for the way you have taken care of the Indian community of United Arab Emirates (UAE) even during the COVID pandemic.
New business, investment and innovation will be encouraged
In the meeting held digitally, Modi and Al Nahyan released a joint vision paper titled Progress: New Frontiers, New Milestones in India-UAE Composite Strategic Alliance. It said that its shared objective is to promote new business, investment and innovation in diverse areas. These include the economy, energy, climate work, emerging technology, skills and education, food security, healthcare, and defense and security. It said that CEPA would be very helpful for bilateral trade between the two countries, including expanded market access and lower tariffs. The CEPA is expected to increase bilateral trade from the current $60 billion to $100 billion in the next five years.
Both countries will be together against terrorism
In the vision paper, both sides have also agreed to enhance shipping cooperation. Its aim is to ensure peace and security in the region. Both sides expressed their commitment to the fight against terrorism and all forms of radicalization, including cross-border terrorism, at the regional and international level. It also mentioned working towards a dedicated investment area for UAE companies and a focus on setting up a food corridor.