Leaders of the two nations signed the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) which is expected to boost bilateral trade from the current US$60 bn to US$100 bn in the next five years.
The UAE is already one of the top five destinations for Indian textile and clothing exports, according to the ministry of commerce, along with the US, Bangladesh, UK and Germany.
The agreement was signed by minister of commerce and industry Shri Piyush Goyal and minister of economy of United Arab Emirates, H.E. Abdulla bin Touq Al Marri in the virtual presence of the Indian prime minister Narendra Modi and Crown Prince of Abu Dhabi HH Sheikh Mohammed bin Zayed Al Nahyan.
After the signing, Goyal posted on social media: “The sky is the limit for our trade and economic ties as we commit to building a shared future and enhancing the prosperity of our people.”
The Prime Minister and His Highness 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.
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Acknowledging 50 years of strong bilateral ties, both leaders agreed the roadmap will ensure that the two countries work together even more closely to address the shared global challenges, achieve shared objectives and build a robust and resilient relationship that is future ready.
According to local press publication the Business Standard which cited officials, CEPA is likely to substantially benefit labour intensive industries such as textiles, leather, footwear and sports goods as well as the jewellery industry.
At the end of last year, at Textile Week at the India Pavillion in Dubai’s Expo 2020, India’s minister of state for textile and railways, Darshana Jardosh invited global investors to invest in the Indian textile value chain and set it up as a preferred sourcing partner.
The deal is done! 🇮🇳 🤝 🇦🇪
Signed the pathbreaking #IndiaUAECEPA along with the UAE Minister of Economy H.E Abdulla bin Touq Al Marri.
Sky is the limit for our trade & economic ties as we commit to building a shared future & enhancing the prosperity of our people. pic.twitter.com/LJ70VJ8HcE
— Piyush Goyal (@PiyushGoyal) February 18, 2022