The United Arab Emirates and India, Asia’s third-largest economy, inked a Comprehensive Economic Partnership Agreement. The agreement is expected to increase non-oil commerce between the two countries from $60 billion to $100 billion in five years. The unprecedented economic pact, according to Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, will herald in an exciting new age and strengthen the countries’ existing strong and historic connections.
“Today’s signing of the Comprehensive Economic Partnership Agreement ushers in a new chapter in the UAE’s longtime relationship with India, one of our country’s closest and most enduring friends,” Sheikh Mohamed remarked. The 881-page deal eliminates 80% of duties on UAE and Indian exports, with all tariffs being eliminated within ten years, according to ministers. In a virtual summit, Sheikh Mohamed and India’s Prime Minister Narendra Modi, as well as ministers from both countries, signed the agreement. It was a “huge pleasure” for Mr Modi to host the summit, he said. He explained, “We produced a joint vision statement that lays out the future roadmap for our ties.”