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‘Hope to raise mutual trade from $60 billion to $100 billion’: PM Modi during signing of Comprehensive Economic Partnership Agreement between India and UAE

Prime Minister Narendra Modi especially thanked His Highness Crown Prince of Abu Dhabi for taking care of the Indian community during the COVID-19 pandemic.

Prime Minister Narendra Modi held a summit with the crown prince of Abu Dhabi on the sidelines of signing a comprehensive economic partnership agreement with UAE on 18th February 2022. While addressing the summit, he said that he hopes to increase the mutual trade between the two countries from 60 billion dollars to 100 billion dollars. The Crown Prince of Abu Dhabi, His Highness Sheikh Mohammad Bin Zayed Al Nahyan, represented UAE in this virtually organized summit.

In his address, PM Modi has mentioned the personal efforts taken by the crown prince to improve bilateral relationships. He said, “Yours was a crucial role in strengthening our ties. We are thankful to you for the way you have taken care of the Indians in UAE during the COVID-19 pandemic.”

PM Modi also condemned the terrorist attacks that recently took place in UAE. He said, “We condemn the recent terrorist attacks in UAE. India and UAE will stand together against terrorism.”

PM Modi expressed his views on the comprehensive economic partnership agreement signed today. He said, “I am very happy to see that both the countries are today signing the comprehensive economic partnership agreement. It is mentionable that we could conclude the discussions regarding this important agreement within a time period of three months. Normally, it takes years to make such agreements.”

He further added, “This agreement represents the strong friendship, common attitude, and trust shared by the two countries. I believe that this will initiate a new era of the economic relationship we have. I hope that the trade between the two countries will increase from $60 billion to $100 billion in the upcoming five years.”

Underlining the ways to achieve this feat, Modi further said, “We can promote the start-ups from both the countries through joint incubation and joint financing. Likewise, we can also cooperate with each other by setting up advanced institutes of excellence for the skill development of our people.”

He also mentioned the upcoming investments in Kashmir by UAE. He said, “Last month, the lieutenant governor of Jammu and Kashmir had visited the UAE, after which so many companies from the UAE have shown their interest to invest in Jammu and Kashmir. We welcome the UAE’s investment in Jammu and Kashmir in all the sectors including logistics, healthcare, and hospitality.”

A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by Minister of Commerce and Industry Shri Piyush Goyal and Minister of Economy of UAE, H.E. Abdulla bin Touq Al-Marri in the virtual presence of the two Leaders. The Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs.

Prime Minister Narendra Modi especially thanked His Highness Crown Prince of Abu Dhabi for taking care of the Indian community during the COVID-19 pandemic. He also invited him to pay an early visit to India. In this summit, both the leaders expressed deep satisfaction at the continuous growth in bilateral relations in all sectors. The two Leaders also released Joint Commemorative Stamp on the occasion of the 75th anniversary of India’s independence and the 50th year of UAE’s foundation. 

Ayodhra Ram Mandir special coverage by OpIndia

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OpIndia Staff
OpIndia Staff
Staff reporter at OpIndia

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