India, UAE sign free trade agreement on Friday

New Delhi, Feb 18: India and the United Arab Emirates (UAE) inked a Comprehensive Economic Partnership Agreement (CEPA) on Friday to boost trade ties even as both sides firmed up a roadmap for future expansion of cooperation, following a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.

The trade pact was signed by Commerce Minister Piyush Goyal and Economy Minister of the UAE Abdulla bin Touq Al Marri. At the virtual summit, Modi and Al Nahyan issued a joint vision statement, titled "Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone".

"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. "The shared objective is to promote new trade, investment and innovation dynamic in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security," it said.

The statement said both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors. It said the CEPA will provide significant benefits to businesses in both the countries, including enhanced market access and reduced tariffs.

It is expected that the CEPA will lead to an increase in bilateral trade from the current USD 60 billion to USD 100 billion in the next five years. The two leaders also released a joint commemorative stamp on the occasion of the 75th anniversary of India's independence and the 50th year of the UAE's foundation. PTI