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In a historic move, India and UAE signed the futuristic Comprehensive Economic Partnership (CEPA) during a virtual summit.

The India- UAE trade agreement:

• The free trade agreement aims to boost the trade relations between the two countries to US$ 100 billion in the next five years.
• This act has been iconic in strengthening the bond between the two friends of history.
• The joint vision statement emphasised on enhanced maritime cooperation, collaborative efforts to fight terrorism and measures to boost trade and investments.
• The signing of CEPA will result in several benefits like promoting businesses, enhancing market access and reduced tariffs.
• Two MoUs have been signed including a MoU between APEDA and DP World and Al Dahra has been signed to set up a food security corridor and MoU between India’s Gift city and Abu Dhabi Global Market on cooperation in financial projects and services. This will be a welcoming move to enhance resilience and reliability of food supply chains.
• The two countries also agreed to work together on logistics and services, pharmaceuticals, medical devices, agriculture, agri-tech and steel and aluminium.
• According to CEPA, an extension of zero duty will be given to several sectors comprising 9% of India’s exports within five to ten years.