The UAE and India, Asia’s third-largest economy, signed the Comprehensive Economic Partnership Agreement on Friday.
The deal is set to boost non-oil trade between the two countries to $100 billion in five years,from $60 billion currently.
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said the landmark economic agreement will usher in an exciting new era and enhances the already deep and historic ties between the countries.
“The signing of the Comprehensive Economic Partnership Agreement today marks the beginning of an exciting new era in the longstanding relationship between the UAE and India, one of our country’s closest and most enduring partners,” said Sheikh Mohamed.READ MOREAn economic agreement between the UAE and India breaks new ground
The 881-page agreement lifts 80 per cent of tariffs on UAE and India goods, while all tariffs will be removed within 10 years, ministers said.
The agreement was signed in the presence of Sheikh Mohamed and India’s Prime Minister Narendra Modi in a virtual summit, along with ministers from both sides.
Mr Modi said it was a “great pleasure” to host the summit.
“We issued a joint vision statement that lays the future roadmap for our ties,” he said.
