India- UAE Virtual Summit GS Paper - 2 GS Paper - 3 India a | Deepak UPSC Notes
India- UAE Virtual Summit
GS Paper - 2
GS Paper - 3
India and its Neighbourhood
Bilateral Groupings & Agreements
Why in News?
Recently, a virtual summit was held between India and the United Arab Emirates (UAE).
Earlier in September 2021, India and the UAE formally launched negotiations on the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
What are the Key Highlights of the Meeting?
Comprehensive Strategic Partnership: 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 dynamics in diverse sectors.
Defence and Security: Agreed to enhance maritime cooperation contributing to maintenance of peace and security in the region.
Reaffirmed joint commitment to fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.
Climate Action and Renewables: 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.
Emerging Technologies: Agreed to expand cooperation on critical technologies and mutually promote e-businesses and e-payment solutionsand promote start-ups from both countries.
Education Cooperation: Agreed to establish anIndian Institute of Technology in the UAE.
Health Cooperation: 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.
Food Security: Acknowledged the need to enhance the resilience and reliability of food supply chains.
Also decided to expand cooperation through enhanced bilateral food and agriculture tradeand, promote and strengthen the infrastructure and dedicated logistic services connecting farms to ports to final destinations in the UAE.
Skills Cooperation: 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.
Released Joint Commemorative Stamp on the occasion of 75th anniversary of India's independence and 50th year of UAE's foundation.
Comprehensive Economic Partnership Agreement (CEPA): In a significant development, the two sides inked a CEPA to further boost trade and investment ties.
Plastic, agriculture, food products, automobile, engineering, pharmaceuticals are some of the areas that will be boosted because of the pact.
The deal will open up to 10 lakh jobs for the young people in the country and would also open access to broader African and Asian markets for India.
The CEPA is expected to increase bilateral trade from the current level of USD 60 billion to USD 100 billion in the next five years (2022-27).
What is CEPA?
It is a kind of free trade pact which covers negotiation on the trade in services and investment, and other areas of economic partnership. It may even consider negotiation on areas such as trade facilitation and customs cooperation, competition, and Intellectual Property Rights.
Partnership agreements or cooperation agreements are more comprehensive than Free Trade Agreements.
CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.
India has signed CEPAs with South Korea and Japan.
What is the Current State of India-UAE Relations?
About:
India and the UAE enjoy strong bonds of friendship based on age-old cultural, religious and economic ties between the two nations.
The relationship flourished after the accession of H.H. Sheikh Zayed Bin Sultan Al Nahyan as the Ruler of Abu Dhabi in 1966 and subsequently with the creation of the UAE Federation in 1971.
Political Relations:
