India and United Arab Emirates(UAE) signed a free trade pact in which it is expected to double two-way trade to $100 billion in the upcoming five years during a virtual summit between Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Mohammad Bin Zayed Al Nahyan on Friday.
It is two sides issued a joint vision statement which outlined the future relations between both the countries. They also highlighted to the area of focus and also to enhance the maritime cooperation and they also took joint steps to fight terrorism and measures to boost trade and to make new investments in different sectors and on resources.
There is a negotiation process which is for the comprehensive economic Partnership agreement(CEPA), this pact was signed by the commerce minister Mr Piyush Goyal and UAE’s economy minister Abdulla bin Touq Al Marri, was one of the shortest in recent years. This is a two sides began work on the pact in September last year and it was also finalised in a little more than a work.
The agreement will provide some significant benefits to Indian and UAE businesses. It includes the enhanced market access and reduced tarrif, according to the official statement.
The CEPA is expected to increase the bilateral trade from $60 billion to $100 billion in the next five year, it is said in the press conference. According to the joint vision statement, the two sides agreed to enhanced maritime cooperation to maintain peace and security in the region. They also reaffirmed their joint commitment to fight extremism and the terrorism which includes cross-border terrorism, international and regional levels.
