New Delhi: Prime Minister Narendra Modi, in a digital summit meeting with the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan, on Friday said that India and the UAE will stand shoulder to shoulder in the fight against terrorism. Prime Minister Modi mentioned the various dimensions of relations between the two countries and the recent terrorist attacks in this country in the Gulf region. He said that we strongly condemn the recent terrorist attacks in the UAE. He appreciated the interest shown by the UAE in investment in Jammu and Kashmir. Modi said several companies from the emirate have shown interest in investing in Jammu and Kashmir after the successful visit of the Lieutenant Governor of Jammu and Kashmir to the UAE last month. The Prime Minister said that he welcomes investments by the UAE in all sectors including logistics, healthcare, hospitality in Jammu and Kashmir. He said that India and the United Arab Emirates (UAE) on Friday signed the Comprehensive Economic Alliance Agreement (CEPA) to improve trade ties and presented a roadmap for enhancing mutual cooperation.
PM Modi expressed happiness over CEPA agreementPrime Minister Modi said that I am very happy that both the countries are signing the Composite Economic Alliance Agreement (CEPA) today. We were able to conclude negotiations on such an important agreement in less than three months. Normally this type of settlement takes years. He said that this agreement reflects the deep friendship, shared vision and trust between the two countries. I am sure this will usher in a new era in our economic relations.
Trade will reach $100 billionPM Modi expressed hope that the CEPA agreement will increase trade between the two countries from $60 billion to $100 billion in the next five years. The Prime Minister said that we can encourage startups in both the countries through joint investigation and joint financing. Similarly, for skill development of our people, we can also collaborate on a modern institute of excellence, he added. During the meeting with Al Nahyan, Prime Minister Modi said that your personal role in strengthening our relationship has been extremely important. I will always be grateful to you for the way you have taken care of the Indian community of United Arab Emirates (UAE) even during the COVID pandemic.
New business, investment and innovation will be encouragedIn the meeting held digitally, Modi and Al Nahyan released a joint vision paper titled Progress: New Frontiers, New Milestones in India-UAE Composite Strategic Alliance. It said that its shared objective is to promote new business, investment and innovation in diverse areas. These include the economy, energy, climate work, emerging technology, skills and education, food security, healthcare, and defense and security. It said that CEPA would be very helpful for bilateral trade between the two countries, including expanded market access and lower tariffs. The CEPA is expected to increase bilateral trade from the current $60 billion to $100 billion in the next five years.
Both countries will be together against terrorismIn the vision paper, both sides have also agreed to enhance shipping cooperation. Its aim is to ensure peace and security in the region. Both sides expressed their commitment to the fight against terrorism and all forms of radicalization, including cross-border terrorism, at the regional and international level. It also mentioned working towards a dedicated investment area for UAE companies and a focus on setting up a food corridor.
[Attribution to NBT]