Monday, May 20, 2024
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India UAE’s “golden era of trade ties nearing”, CEPA may be signed soon

After the formal signing of the CEPA (Comprehensive Economic Partnership Agreement) agreement, the ties between the two countries in the areas of trade, investment and technology will be further strengthened. Also, after the signing of CEPA, both the countries will work closely on the issues of innovation and diversification.

CEPA is almost on the side of a free trade agreement. In this, not only trade, but also services, investments, intellectual property rights and other ways of making business easier are also discussed. At present, India has CEPA agreement with Japan, South Korea, Mauritius and talks are going on with Canada, Thailand regarding CEPA agreement.

UAE Ambassador to India Ahmed Albanna, UAE has been India’s largest trading partner for the 8th consecutive year. The annual trade between India and UAE, apart from oil, has reached more than $ 40 billion in 2020-2021. The total trade between the two countries is about 60 billion dollars. If CEPA is signed between India and UAE, then bilateral trade is expected to multiply in the next five years.

He further said, “Despite the challenging times, India and the UAE have shown seriousness in their bilateral relations and after the pandemic, the two countries have come closer. We attach importance to relations with India traditionally in the areas of energy, trade and human resources. But in recent times, relations with each other are also getting stronger in new strategic areas. These areas are- defence, security, food security, space, artificial intelligence etc.”

The UAE Ambassador said that with India, we agreed on the terms of the CEPA agreement in less than four months. This shows how much enthusiasm is there in both the countries about the signing of this agreement. Both sides are now waiting for the final signal from their leadership to sign the agreement.

Albanna said the UAE will stand as a committed partner for India’s energy needs and the partnership between the two countries has strengthened over the years.

He also said that the newly formed grouping comprising the United Arab Emirates, India, Israel and the US is an outcome of the Abrahamic Agreement and the trilateral UAE-India-Israel cooperation.

Ahmed Albanna played an important role in the economic development of the UAE. Dr. continues to develop his abilities in the Diplomatic Schools and Dr. Albanna has a positive and constructive approach to the media, and as a result, the UAE’s image in the international media has also improved.


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