Landmark India-UAE Summit held, CEPA inked to push two-way investment

New Delhi: India and the United Arab Emirates (UAE) on Friday (February 18) decided to promote two-way investment in infra projects and create opportunities for Indian investors in establishing specialized industrial advanced technology zones in the Emirate of Abu Dhabi, integrating local value chains.

A Vision Statement issued at the end of the virtual Summit between Prime Minister Narendra Modi and Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said both sides agreed to set up an India–UAE Cultural Council to facilitate and promote cross-cultural exchanges, cultural projects, exhibitions and dialogue between thought leaders of the two countries.

A major highlight of the virtual summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement by Minister of Commerce Piyush Goyal and Minister of Economy of UAE, Abdulla bin Touq Al Marri, in the virtual presence of PM Modi and his counterpart. 

In his opening remarks, PM Modi strongly condemned the recent terrorist attacks in the UAE. “India and the UAE will stand shoulder to shoulder against terrorism,” he said.

Given the recent terror attacks against the UAE, the Vision Statement said, “Prime Minister Modi reiterated India’s full solidarity with the leadership, government and people of the UAE and offered condolences to the UAE over the victims of this cowardly terrorist act.”

The Leaders reaffirmed their joint commitment to the fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels. 

“They agreed to deepen their bilateral cooperation in the fight against terrorism, terrorist financing and extremism. In this context, they emphasized the importance of promoting the values of peace, moderation, coexistence and tolerance among peoples,” the statement said. 

Both sides also stressed the need to renounce all forms of terrorism, extremism, violence, hatred, discrimination and incitement. 

“Discussing regional issues, the Leaders recalled the importance of maintaining and strengthening peace in the Middle East. They reiterated that dialogue and cooperation must be the cornerstone of a more integrated, stable and prosperous region, and India welcomed the outlook of the UAE in this respect,” it said. 

The Leaders also agreed to support international efforts to maintain peace and security in the region and resolve regional conflicts.

Sources said there was also broad agreement to enhance maritime cooperation contributing to maintaining peace and security in the region.

It was also agreed to support each other’s clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies.

The Comprehensive Economic Partnership Agreement (CEPA) will increase bilateral trade from $60 billion to $100 billion in five years. Work on a dedicated investment zone for UAE companies and joint ventures with a focus on setting up a food corridor and establishing a dedicated India Mart in Jebel Ali Free Zone will be expedited.

They will also promote collaboration opportunities to support India’s energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India’s growing economy.

Both sides also agreed to support each other’s clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies. 

Leave a Reply

Your email address will not be published.