India-UAE trade pact CEPA may come into effect from May 1, says Piyush Goyal

The Comprehensive Economic Partnership Agreement (CEPA) inked between India and UAE on Friday, February 18, may come into effect from May 1, Union Commerce and Industry told ANI after the signing of the trade pact between the two countries.

Goyal had held 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. At the meeting, Goyal signed the India-UAE CEPA with the UAE delegation.

The agreement will also provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs. CEPA is likely to boost trade between India and the UAE from $60 billion to $100 billion in the next five years.

Also on Friday, Prime Minister Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohammed bin Zayed Al Nahyan held a virtual summit. Both leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors, noted the Prime Minister Office (PMO) in an official statement. 

PM Modi and the Crown Prince also issued a joint vision Statement "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 UAE and identifies focus areas and outcomes. 

"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," read the statement. 

The two leaders also released joint commemorative stamp on the occasion of 75th anniversary of India's independence and 50th year of UAE's foundation. 

Two MOU (Memorandum of Understanding) signed between Indian and UAE entities were also announced during the Summit. One MOU between APEDA and DP World and Al Dahra on Food Security Corridor Initiative. 

The other MOU is between India's Gift City and Abu Dhabi Global Market on cooperation in financial projects and services. Two other MOUs - one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.

Also read: India, UAE sign landmark trade pact, eye $100 bn in annual trade: 10 points