India, UAE ink comprehensive trade pact; vow to jointly fight terrorism

“We strongly condemn the recent terrorist attacks in the UAE. India and the UAE will stand shoulder to shoulder against terrorism,” he said.

He also complimented the UAE for showing interest in investing in Jammu and Kashmir. “Following the successful visit of the Lieutenant Governor of Jammu and Kashmir to the UAE last month, several Emirati companies have shown interest in investing in Jammu and Kashmir,” he said. “We welcome investment by UAE in all sectors, including logistics, healthcare, hospitality, in Jammu and Kashmir.”

In a significant development, the two sides inked a Comprehensive Economic Partnership Agreement (CEPA) to further boost trade and investment ties. “I am sure this will usher in a new era in our economic relations. And our business will grow from $60 billion to $100 billion in the next five years,” the Prime Minister said.

An India-UAE Joint Vision Statement was adopted which lays down contours of future course of bilateral relations and highlights areas of focus.

On defence and security, both sides agreed to enhance maritime cooperation contributing to maintenance of peace and security in the region. They also reaffirmed joint commitment to fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.

On energy partnership, they agreed to promote collaboration opportunities to support India’s energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India’s growing economy. They also expressed mutual support in energy transition and focused work on a low-carbon future.

On climate action and renewables, they agreed to support each other’s clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies, with special focus on production of Green Hydrogen.

On emerging technologies, they agreed to expand cooperation on critical technologies and mutually promote e-businesses and e-payment solutions and promote start-ups from both countries.

On education cooperation, they agreed to establish an Indian Institute of Technology in the UAE.

On health cooperation, they decided to collaborate in research, production and development of reliable supply chains for vaccines and enhance investments by UAE entities in the health infrastructure in India as well as collaborate in providing healthcare in underprivileged nations.

On food security, they acknowledged the need to enhance the resilience and reliability of food supply chains. They also decided to expand cooperation through enhanced bilateral food and agriculture trade and, promote and strengthen the infrastructure and dedicated logistic services connecting farms to ports to final destinations in the UAE.

On skills cooperation, they agreed to enhance cooperation in skill development so as to align with the market needs and address the changing needs for the future of work.