India and the United Arab Emirates (UAE) firmed up a Comprehensive Economic Partnership Agreement (CEPA) on Friday during a virtual summit.

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The Free Trade Agreement (FTA) with UAE will reduce import duties on the majority of Indian exports to the country. This is the first major trade deal that has been implemented by the Narendra Modi government after coming to power in 2014.

Prime Minister Modi and Crown Prince of Abu Dhabi Mohamed Bin Zayed held a virtual summit where they issued a joint vision statement titled, "Advancing the India and UAE Comprehensive Strategic Partnership: New Frontiers, New Milestone". Modi tweeted his statement.

My remarks at the India-UAE virtual summit. https://t.co/uk6UlyElL4

— Narendra Modi (@narendramodi) February 18, 2022

The deal was signed in New Delhi by Commerce and Industry Minister Piyush Goyal and UAE's Minister of Economy Abdulla bin Touq Al Marri.

While it cuts import duties on a wide range of products, the government expects it to especially boost the export of gems and jewellery, and apparels to the UAE and raise total trade up to $100 billion in the next 5-years.

Also Read: India, UAE ink free-trade agreement: Experts weigh in

Highlights of the India-UAE FTA

Boost bilateral trade to $100 billion in five years

Expedite work on a dedicated investment zone for UAE firms

Joint ventures to focus on setting up a food corridor

Dedicated India Mart in Jebel Ali Free Zone

Support energy transition and work on low-carbon future

Establish a joint hydrogen task force to scale up tech

Establish an Indian Institute of Technology in the UAE

Held a bilateral meeting with the UAE delegation led by Minister of Economy, H.E Abdulla bin Touq Al Marri & Minister of State for Foreign Trade, H.E @ThaniAlZeyoudi.

Both nations are entering a golden era of economic & trade cooperation with the signing of India-UAE CEPA.