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Modi could announce India-UAE CEPA in Jan during proposed UAE trip.
Dec 10, 2021
Prime Minister Narendra Modi could announce India’s Comprehensive Economic Partnership Agreement (CEPA) with the UAE during his proposed visit to the Gulf country early January, with negotiations for the pact expected to be concluded by this Friday.
The India-UAE CEPA negotiations have entered the final stage. Both sides are expected to finalise the proposals by this Friday and are giving final touches to the document, ET has reliably gathered.
Modi is expected to announce the CEPA, India’s first in the Gulf region, during his proposed visit to the UAE. In fact, this would be India’s maiden CEPA with a key economy in recent times. New Delhi expects also to finalise a free-trade agreement with Israel next year and has expedited negotiations with Australia for the trade pact. An early harvest trade deal with the UK could be concluded next spring.
The potential benefits from the India-UAE CEPA include an agreement for labour-intensive industries and this will also entail numerous complementary spill-over economic benefits, including increased investments, job creation and employment opportunities.
Last week, commerce and industries minister Piyush Goyal met representatives of aluminium, copper, chemicals and petrochemicals industries as part of the ongoing multi-stakeholder consultations related to the negotiations for the India-UAE CEPA.
ET has learnt that five groups were constituted to handle different sectors under the proposed CEPA, and that the two sides are tying up the loose ends and working on the language of the text of the agreement.
The UAE is aiming to emerge as the top economic and political power in the region with ambitions to play a global role with a modern economy, and not just focussing on hydrocarbon-based revenues.
The India-UAE CEPA will also contribute to the emerging India-UAE-Israel-USA grouping, or the West Asian Quad.
India is UAE’s second-largest trading partner, accounting for 9% of its total foreign trade and 13% of non-oil exports. It is anticipated that the value of UAE’s non-oil trade with India will rise from the pre-pandemic levels of $40 billion to over $100 billion within five years of the CEPA being signed.
The UAE and India have a comprehensive investment partnership built on decades of growing collaboration. Today, the UAE is the ninth largest investor in India with over $18 billion in committed funds, while India’s investment in the UAE stood at around $8 billion in 2019 – representing around 6% of foreign direct investment in that country.
In a major development, Reliance Industries Ltd on Tuesday said it will partner with Abu Dhabi Chemical Derivatives Company RSC Ltd (TA'ZIZ) and invest $2 billion in setting up a petrochemical production facility in the UAE. RIL joined the recently formed TA'ZIZ joint venture of Abu Dhabi state energy giant ADNOC and state holding company ADQ for developing the facility at Ruwais in western Abu Dhabi.
Two-way investment has flown into strategically important sectors, such as services, sea transport, power, infrastructure, real estate, healthcare and telecommunications. Both sides are keen to commit capital to future industries like agri-tech, artificial intelligence, green infrastructure and renewable energy.
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