India, UAE Concluded CEPA Deal In Less Than 3 Months: Modi

Prime Minister Narendra Modi on Friday expressed happiness that India and UAE signed the Comprehensive Economic Partnership Agreement (CEPA) today, in less than 3 months after the negotiations began in September last year.

“I am very happy that both our countries have signed the Comprehensive Economic Partnership Agreement today. It is noteworthy that India and UAE were able to conclude negotiations on such an important agreement in less than 3 months which usually takes several years to complete,” said PM Modi during India-UAE virtual summit.
During the COVID-19 crisis, the Prime Minister noted the UAE took care of Indian citizens in their country. “This year is of extreme importance for both countries. You will celebrate the 50th year of the establishment of UAE and we start to celebrate the 75th anniversary of our freedom,” he said.

During his opening remarks, PM Modi said that his government encourages startups 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.”

PM Modi also condemned the recent terror attack in UAE. “I strongly condemn the recent terrorist attacks in UAE. India and UAE will stand shoulder to shoulder against terrorism.”

He also welcomed the interest shown by UAE companies in investing in Jammu and Kashmir.

“Following the visit of LG of Jammu and Kashmir to the UAE, many UAE companies have shown interest in investing in the UT. We welcome investment by UAE in all sectors including logistics, healthcare, hospitality in J&K,” PM Modi said.

The Joint Vision Statement signed earlier today lays out contours of the future course of bilateral relations and highlights areas of focus. Both sides agreed to enhance maritime cooperation contributing to the maintenance of peace and security in the region.

They reaffirmed joint commitment to the fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.

On the economic partnership, CEPA will result in an increase of bilateral trade from USD 60 billion to USD 100 billion in 5 years.

On energy partnership, both have decided to promote collaboration opportunities to support India’s energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India’s growing economy.

They also vowed to mutually support energy transition and focused work on a low-carbon future. The two sides agreed to support each other’s clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies, with a special focus on the production of Green Hydrogen.

Furthermore, they agreed to expand cooperation and collaborate on critical technologies and mutually promote e-businesses and e-payment solutions and promote start-ups from both countries. (ANI)

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