India-UAE to sign CEPA trade pact on Friday

New Delhi, Feb 17: India is all set to sign a bilateral pact with the United Arab Emirates during a virtual summit to be held on Friday.

The comprehensive economic partnership agreement with the UAE will have clauses to protect the interest of the domestic industries, a report in the Hindustan Times said.

"Negotiations for CEPA were launched in September 2021 and have been completed," the external affairs ministry said in a statement announcing the virtual summit between Prime Minister Narendra Modi and Abu Dhabi's Crown Prince, Sheikh Mohamed bin Zayed al Nahyan. "The agreement will take India-UAE economic and commercial engagement to the next level. [The] UAE is India's third largest trade partner, and bilateral trade and investment ties are expected to see significant enhancements," the Ministry of External Affairs said according to the HT report.

The CEPA with the UAE will be the second major trade deal after the India-Mauritius comprehensive economic cooperation and partnership agreement (CECPA) signed in February 2021, one of the people said. "The India-UAE agreement is of strategic significance for both partners. We see a potential of $100 billion in bilateral trade in five years. It is a win-win for both," he added. During the virtual summit, Modi and Sheikh Mohamed bin Zayed are expected to lay out their vision for the relations between the two sides at a time when India is celebrating 75 years of independence and the UAE the 50th anniversary of its foundation. The leaders will also discuss bilateral cooperation and regional and international issues, the external affairs ministry said according to the report.