India-UAE Virtual Summit:
Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan held a Virtual Summit.
- They issued a Joint Vision Statement “Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone”.
- The Statement establishes a roadmap for a future-oriented partnership between India and UAE and identifies focus areas and outcomes.
- The shared objective is to promote new trade, investment and innovation dynamic in diverse sectors, including economy, energy, climate action, emerging technologies, skills and education, food security, healthcare and defence and security.
- A major highlight of the Virtual Summit was the signing and exchange of the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
- The Agreement will provide significant benefits to Indian and UAE businesses, including enhanced market access and reduced tariffs.
- It is expected that the CEPA will lead to increase in bilateral trade from the current USD 60 bn to USD 100 bn in the next 5 years.
- The two Leaders also released Joint Commemorative Stamp on the occasion of 75th anniversary of India’s independence and 50th year of UAE’s foundation.
- Two MOUs signed between Indian and UAE entities were also announced during the Summit.
- These are, MOU between APEDA and DP World & Al Dahra on Food Security Corridor Initiative and MOU between India’s Gift City and Abu Dhabi Global Market on cooperation in financial projects and services.
- Two other MOUs – one on cooperation in Climate Action and the other on Education have also been agreed between the two sides.