India and the UAE on Friday signed a landmark Comprehensive Economic Partnership Agreement (CEPA) and unveiled a roadmap for expansion of overall ties at a virtual summit.

PM Modi expressed happiness that India and UAE signed the Comprehensive Economic Partnership Agreement (CEPA).

New Delhi: Prime Minister Narendra Modi on Friday addressed the India-UAE Virtual Summit through video conferencing and strongly condemned the recent terrorist attacks in UAE. He also said that India and UAE will stand shoulder to shoulder against terrorism. He said this while holding the virtual summit with Crown Prince of Abu Dhabi Sheikh Mohamed Bin Zayed Al Nahyan.

PM Modi also expressed happiness that India and UAE signed the Comprehensive Economic Partnership Agreement (CEPA) in less than 3 months after the negotiations began in September last year. 

“Abu Dhabi Sheikh Mohamed Bin Zayed Al Nahyan and I believe that the India-UAE CEPA signed today will be a game-changer in our economic ties. With enhanced market access, bilateral trade in goods should rise to $100 billion and services to $15 billion in the next 5 years,” PM Modi said.

During the COVID crisis, PM Modi noted the UAE took care of Indian citizens in their country.

“During Covid crisis, you took care of Indian citizens in UAE. This year is of extreme importance for both countries. You will celebrate 50th year of the establishment of UAE and we start to celebrate the 75th anniversary of our freedom,” PM Modi said at India-UAE virtual summit.

In his opening remarks, PM Modi said his government encourages start-ups in India and UAE through joint incubation and joint financing. “For the skill development of our citizens, we can also cooperate on modern institutions of excellence,” he said.

On Friday, India and the UAE signed a landmark Comprehensive Economic Partnership Agreement (CEPA) and unveiled a roadmap for expansion of overall ties at a virtual summit. The trade pact was signed by Commerce Minister Piyush Goyal and the UAE’s Economy Minister Abdulla bin Touq Al Marri.

Another highlight of the virtual summit was the unveiling of a joint vision statement titled “Advancing India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone” that seeks to significantly enhance overall cooperation.

“The statement establishes a roadmap for a future-oriented partnership between India and the UAE and identifies focus areas and outcomes,” an official statement said.

PM Modi also said that both countries can encourage start-ups through joint-incubation and joint-financing, adding there was scope for cooperation in the skill development of people as well.