India, UAE Enter Into New Agreements Under Comprehensive Trade Deal

 

In a significant development, India and the UAE have expanded their strategic partnership through a series of new agreements, aiming to bolster their economic and diplomatic ties. The centerpiece of these agreements is the Comprehensive Economic Partnership Agreement (CEPA), which both nations signed recently. This landmark agreement is expected to elevate bilateral trade from the current $60 billion to $100 billion over the next five years. CEPA will play a pivotal role in enhancing trade relations by eliminating duties on over 90% of traded goods, thus facilitating smoother commerce between the two countries.

On September 9th, 2024, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan visited Rajghat in New Delhi, where he planted a sapling at the memorial site dedicated to Mahatma Gandhi. This gesture marks the third generation of UAE leaders to honor this tradition, following in the footsteps of his predecessors, UAE's President Sheikh Mohamed bin Zayed Al Nahyan and the late Sheikh Zayed bin Sultan Al Nahyan.

Additionally, five Memoranda of Understanding (MoUs) were signed to further deepen cooperation between India and the UAE. These agreements encompass a broad range of sectors:

The MoU on Barakah Nuclear Power Plant Operations and Maintenance, signed between Emirates Nuclear Energy Company and Nuclear Power Corporation of India Limited, aims to foster collaboration in civil nuclear energy and provides India access to UAE's uranium reserves.

A long-term supply agreement for Liquefied Natural Gas (LNG) was established between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation, ensuring a steady supply of LNG to support India's growing energy demands.

An MoU between ADNOC and India Strategic Petroleum Reserve Limited explores the feasibility of creating underground rock caverns for oil storage in India.

The Gujarat government and Abu Dhabi Developmental Holding Company signed an MoU focusing on the development of food parks in India, aimed at boosting agriculture and enhancing exports.

A production concession agreement for Abu Dhabi Onshore Block 1 was signed between Urja Bharat and ADNOC, setting the stage for exploration and production activities in an onshore oil block in Abu Dhabi.