Sitharaman meets UAE minister to discuss economic, commercial ties

Union Finance and Corporate Affairs Minister Nirmala Sitharaman met with Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, the United Arab Emirates in New Delhi on Thursday.

Both sides discussed the strong economic and commercial engagement between the India-UAE and the comprehensive strategic partnership which is driving the multifaceted bilateral relations, according to an official Finance Ministry statement.

Dr Thani Bin Ahmed Al Zeyoudi and a high-level UAE delegation are visiting the National Capital to hold talks aimed at improving bilateral economic relations, including expanding the existing trade and investment relationship.

As per the Finance Ministry, the first round of Comprehensive Economic Partnership Agreement (CEPA) negotiations are underway and will conclude on September 24.

"The regular exchange of high-level bilateral visits even during COVID-19 pandemic reflects close friendship between the two countries," noted the Finance Ministry in an official statement.

Earlier on Wednesday, Union Minister Piyush Goyal and Zeyoudi formally launched negotiations on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA).

Both countries will aim to conclude negotiations by December 2021 and sign a formal agreement in March 2022 after the completion of internal legal procedures and ratification, explained the Finance Ministry.

Goyal and Zeyoudi emphasised that CEPA will create new jobs, raise living standards, and provide wider social and economic opportunities in both nations. A new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion within five years of the signed agreement and increase trade in services to $15 billion.

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