India and UAE Strengthen Ties with New Agreements and Expanded CEPA

In a significant boost to India-UAE relations, Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed signed a series of new agreements on Monday, marking a pivotal moment in their comprehensive economic partnership. Sheikh Khaled’s visit to India, his first official trip, underscores the deepening of ties between the two nations as they look to broaden their collaboration into new, emerging areas.

Expanding the Comprehensive Economic Partnership Agreement (CEPA)

The Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, established in 2022, has already made waves as a model for similar trade agreements. This pact, which slashed tariffs on approximately 80% of goods and granted zero-duty access to 90% of Indian exports, has been instrumental in advancing bilateral exchanges. The new agreements signed during Sheikh Khaled’s visit aim to build on this success by expanding the CEPA into new areas of mutual interest.

Randhir Jaiswal, spokesperson for India’s Ministry of External Affairs, highlighted that the two leaders discussed ways to enhance their strategic partnership, focusing on new and emerging sectors. This includes significant strides in nuclear energy cooperation, with a memorandum of understanding signed to advance collaboration in this critical field.

New Deals and Future Prospects

In addition to the CEPA expansion, several noteworthy agreements were finalized:

Nuclear Energy Cooperation: A memorandum of understanding was signed to foster collaboration in the nuclear energy sector, paving the way for future projects and initiatives.

Energy Sector Collaboration: The Abu Dhabi National Oil Company (ADNOC) agreed to a 15-year deal to supply oil to Indian Oil, reinforcing energy security and economic ties between the two nations.

Agricultural Development: UAE’s ADQ has entered a preliminary agreement with the Gujarat government to develop a major food and agriculture park, signaling a commitment to enhancing agricultural technology and food security.

These agreements reflect a comprehensive approach to economic cooperation, addressing both public and private sector priorities. They are expected to significantly boost bilateral relations and contribute to the achievement of shared economic aspirations.

Business Forum in Mumbai

As part of the visit, Sheikh Khaled is set to attend an India-UAE business forum in Mumbai on Tuesday. This forum will focus on exploring cooperation in emerging fields such as biotechnology, artificial intelligence, and agricultural technology. The forum will serve as a platform for business leaders from both countries to discuss and forge new partnerships in these high-growth sectors.

The new agreements and expanded CEPA highlight the dynamic and evolving nature of India-UAE relations. Both nations are poised to benefit from this enhanced partnership, with significant potential for growth in various sectors. As India and the UAE continue to collaborate on new and emerging areas, their strategic partnership is expected to set a benchmark for international economic cooperation.

This latest development not only strengthens the economic ties between the two nations but also underscores their commitment to a future marked by innovation and shared prosperity. The upcoming business forum in Mumbai promises to be a key milestone in furthering these objectives and deepening the bilateral relationship.

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