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India is one of the global nations with strong economic growth and it further strengthened by endorsing the CEPA (Comprehensive Economic Partnership Agreement) with the UAE from February 2022 and the agreement came into effect officially on 1 May 2022. The CEPA has a multiple global vision of the UAE to broaden their ties with India through the trade partnerships and investments. It made the UAE become an important trade partner for India in the sectors such as petrochemicals, textiles, gems & jewelries, and others.
The recent global event “G20 Conference” hosted by India in 2023 showcased the India’s bilateral strength and enhanced the regional connectivity with UAE through the discussions over the IMEC (India-Middle East-Europe Economic Corridor), it is a strategic trade initiative to uplift the regional cooperation and trade efficiency among the global nations.
The bilateral relationship between India and UAE continues to grow and CEPA plays a crucial role in it. The following the CEPA ties inked between India and UAE all these years,
- CEPA – 18 February 2022
This landmark CEPA trade pact between India and UAE was officially signed and it aims to strengthen bilateral trade by deducting the tariffs and presenting better market access for the smooth flow of goods and services.
यह भी पढ़ें: दिवाली मनाने से लेकर अरबों डॉलर के निवेश तक यूएई और भारत के मजबूत संबंध
- MoU between APEDA and DP World & Al Dahra – 18 February 2022
It majorly focuses on the establishment of food security corridor for storing and supplying the food products between the countries
- MoU between India’s GIFT (Gujarat International Finance Tec-City) City and Abu Dhabi Global Market – 18 February 2022
It is for enhancing the financial sector by establishing the financial projects and services between the two financial centers of the countries.
- MoU on Cooperation in the Field of Industries & Advanced Technologies – 18 February 2022
Both the countries agreed to promote innovation and economic growth by collaborating in Industrial and Advanced Technological Sectors.
- MoU on Climate Action – 18 February 2022
One of the key agreements that is vital for both UAE and India. And they planned to draft a framework in climate change by promoting sustainability projects and initiatives on renewable energy.
- MoU on Education — 18 February 2022
It aims to cement the educational ties and agree for academic exchanges and research collaboration between the two countries’ educational institutions.
- IMEC (India-Middle East-Europe Economic Corridor) – 9 September 2023
A strategic trade initiative to uplift the regional cooperation between India and UAE through this network of transport routes that connects both the countries with Europe.
- Local Currency Settlement System (LCSS) – July 2023
The ultimate aim of this agreement is to reduce the dependency on the hard currencies and amplify the local currency during the bilateral trade
- MoU on UPI-AANI Integration – July 2023
Both the UPI (Unified Payments Interface) and AANI (UAE’s Instant payment Platform) have been expected to play the role of a catalyst to provide seamless cross-border transactions.
- IIT Delhi Campus in Abu Dhabi – July 2023
This initiative flourished as a part of the CEPA MoU signed on Education.
- MoU on Cooperation in Digital Infrastructure Projects – 14 February 2024
It aims to foster the enhanced digital network and investment in the digital infrastructure of both the countries.
- MoU on the Development of the National Maritime Heritage Complex (NMHC) – 14 February 2024
The above mentioned MoUs signed between India and UAE under CEPA showcases the broadened scope in the widened range of sectors that contributes majorly for the economy of both the countries.
