India and the UAE have been on cordial terms for a very long time. The two countries have decided to sign a Comprehensive Economic Partnership Agreement to take this partnership further. This agreement came on through a virtual summit that our Prime Minister, Narendra Modi, had with his counterpart, the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed al Nahyan
The MEA (Ministry of External affairs) interacted with the media and informed them that both leaders would discuss furthering their bilateral ties. The pact will make it a momentous occasion as both countries celebrate historical milestones. India celebrates 75 years of independence, and the UAE will mark 50 years of its foundation.
What this pact will mean
There will also be dialogue on bilateral cooperation wherein views will be exchanged on both regional and international issues. Our prime minister will discuss with the Crown prince, who also happens to be the deputy supreme commander of the armed forces.
India and UAE are the third-largest trade partners, and there will be definite talk to improve on this and let more investment and bilateral trade. The talks will revolve around the significant extension and enhancement of the same as per the MEA statement.
The pact will consolidate the relationship between both countries in the interests of economic and commercial engagement. The inclusion of trade, investment, goods and services will be the highlight of CEPA.
What to look out for
During the pandemic, both countries worked closely together to work out strategies that mattered most in healthcare and food security. Over the period, bilateral trade, investment and energy relations have taken prominence as India and UAE want to improve the economic situation that has plagued the world after the pandemic hit.
The collaboration isn’t restricted to trade but work on renewable energy, startups, fintech and other collaborations that will help in strengthening cooperation between the countries.
