India and UAE signed the historic Comprehensive Economic Partnership Agreement (cepa) aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years. The deal was signed during the virtual summit meeting between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.
The partnership between the two countries has led to the joint work on several agreements and Memorandum of Understanding in several areas, including: The Economy, Climate Change and Houbara Conservation, Industries and Advanced Technologies, Low Carbon Hydrogen Developments and Investments, Food Security, Financial Services, and Education cooperation.
UAE ministers and senior officials affirmed that the Comprehensive Economic Partnership Agreement (CEPA), signed between the UAE and India on Friday, is a significant milestone that ushers in a new phase of joint strategic cooperation in various sectors.
The leaders welcomed the establishment of a dedicated India Mart in Jebel Ali Free Zone and directed their respective officials to further promote two-way investments in infrastructure projects, including expediting work on establishing a dedicated investment zone for UAE companies and joint ventures that would focus on establishing a food corridor.
The UAE is one of India’s key energy providers and remains committed to meeting India’s growing energy demand. It is proud to have been the first international partner to invest by way of crude oil in India’s Strategic Petroleum Reserves Programme.
Both countries have come to mutual agreement to support each other’s clean energy missions and set up a joint hydrogen task force to scale up technologies, mainly producing green hydrogen.
Climate action and renewables
Modi congratulated Sheikh Mohamed on UAE’s selection as the host of COP28 in 2023.
The leaders also agreed to work closely in the contexts of COP, the International Renewable Energy Agency (Irena) and the International Solar Alliance (ISA).
The leaders agreed to expand cooperation through enhanced bilateral food and agriculture trade and responsible foreign investments in agriculture and food systems.
The leaders directed relevant government agencies and industry partners to initiate and implement pilot projects pilot projects in both countries.