The governments of India and the United Arab Emirates have signed a new multibillion-dollar Comprehensive Economic Partnership Agreement (CEPA) on Friday, a first bilateral free trade pact between the two states.
The CEPA was signed between Indian Union Minister for Commerce and Industry Piyush Goyal and the UAE Minister of Economy, Abdulla bin Touq Al-Marri and Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi.
The deal would increase trade between New Delhi and Abu Dhabi to $100 billion over the next five years from the current $60 billion.
“The two countries are natural partners and are for rules-based fair trade,” Goyal said, referring to India, and UAE relations. “We both believe that people of both countries, business in both countries should mutually benefit from our deepening engagement,” Goyal added.
Prior to the signing ceremony, Indian Prime Minister Narendra Modi said that CEPA agreement reflects the deep friendship, shared vision and the trust between the two countries.
“I am sure this will usher in a new era in our bilateral economic relations,” Modi added.
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