New Delhi: A historic trade pact — Comprehensive Economic Partnership Agreement (CEPA) — was signed between India and the United Arab Emirates (UAE) during a bilateral meeting between the two countries.
This is the fastest deal to be negotiated between any two countries in a record time frame of three months, reported News18.
The trade pact’s Joint Vision Statement laid out contours of the future course of bilateral relations besides highlighting specific areas of focus in the field of defence, energy and climate, among others.
The vision statement is aimed at boosting bilateral trade to $100 billion in five years. It supports energy transition and working on a low-carbon future while establishing a Joint Hydrogen task force to bump up technology and establishing an Indian Institute of Technology in the UAE.
The deal is done! 🇮🇳 🤝 🇦🇪
Signed the pathbreaking #IndiaUAECEPA along with the UAE Minister of Economy H.E Abdulla bin Touq Al Marri.
Sky is the limit for our trade & economic ties as we commit to building a shared future & enhancing the prosperity of our people. pic.twitter.com/LJ70VJ8HcE
— Piyush Goyal (@PiyushGoyal) February 18, 2022
It will also help in import duty reduction on most of the Indian goods exported to the Emirates. The deal will provide Indian exporters with much wider access to the larger Arab and African markets.
Union Minister of Commerce and Industry Piyush Goyal signed the pact during a bilateral meeting with the UAE delegation led by Minister of Economy, Abdulla bin Touq Al Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
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