India and the United Arab Emirates (UAE) will firm up a Comprehensive Economic Partnership Agreement (CEPA) on Friday during a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed al Nahyan.
Making an announcement on the summit, the Ministry of External Affairs (MEA) said on Wednesday that both leaders are expected to lay out their vision of the historic and friendly bilateral ties at a time when India is celebrating 75 years of its independence and the UAE marking the 50th anniversary of its foundation.
It said Modi and Al Nahyan, who is also the deputy supreme commander of the UAE armed forces, will discuss bilateral cooperation and exchange views on regional and international issues of mutual interest.
India and the UAE will sign the CEPA at the summit, people familiar with the development said.
“A major initiative in bilateral relations is the Comprehensive Economic Partnership Agreement (CEPA). Negotiations for CEPA were launched in September 2021 and have been completed,” the MEA said.
“The agreement will take India-UAE economic and commercial engagement to the next level,” it added.
The MEA said the UAE is India’s third-largest trade partner, and bilateral trade and investment ties are expected to see significant enhancements.
“Both sides have collaborated closely during the Covid-19 pandemic in critical areas of healthcare and food security. Bilateral trade, investment and energy relations have remained robust,” the MEA said in a statement.
“The two sides are also strengthening their cooperation in new areas of renewable energy, start-ups, fintech, etc,” it added.
India is participating with one of the largest pavilions in the Dubai Expo 2020.