Expectations of a significant calibration in the trade and economic ties between India and the UAE are building up as the countries head towards signing a Comprehensive Economic Partnership Agreement (CEPA) during a virtual summit on Friday between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces Sheikh Mohamed bin Zayed al Nahyan.
The agreement will take India-UAE’s economic and commercial engagement to the next level. UAE is India’s third-largest trade partner, and bilateral trade and investment ties are expected to see significant enhancements.
In recent years, bilateral relations between India and the UAE have strengthened in all areas, and both sides have embarked upon a comprehensive strategic partnership. Both sides have collaborated closely during the Covid-19 pandemic in critical areas of healthcare and food security. Bilateral trade, investment, and energy relations have remained robust. The two sides are also strengthening their cooperation in new areas of renewable energy, start-ups, fintech, etc. India is participating with one of the largest pavilions in the Dubai Expo 2020.
AUAE hosts a large Indian community which numbers close to 3.5 million. Prime Minister has expressed India’s appreciation to the leadership of UAE for supporting the Indian community during the pandemic. UAE leadership has also been appreciative of the contribution of the Indian community in its development.