UAE and India enter the ‘CEPA’ era with an eye on $100 billion in 5 years

News Network
February 19, 2022

Dubai, Feb 19: The UAE and India have signed a trade and economic partnership that will remove 80 per cent of the customs tariffs on goods produced and shipped out from the countries. The other 20 per cent will be phased out over time, and sets up a trade alliance that could touch $100 billion in the next five years from $60 billion plus now.

The deal, called the Comprehensive Economic Partnership Agreement (CEPA), was signed in the virtual presence of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Prime Minister Narendra Modi of India.

“This agreement, which is considered the first of its kind, is among the economic projects that the UAE has set out for the next 50 years,” said Sheikh Mohamed. “This provides a strong basis for the continuous expansion of our common interest for the benefit of our people and for the fulfilment of their aspirations and better prosperity.”

UAE-led investments into India will translate into millions of new jobs, such as in the plastics industry which will also benefit from technology support.

A ‘reliable partner’

In his statement, Prime Minister Modi said: “Trade, investment, energy, and people-to-people contacts have been the pillars of our cooperation. At the same time, there are possibilities of enhancing cooperation in several new areas.

“The new MoU between us on food corridors is a very good initiative. We welcome investment from UAE in the areas of food processing and logistics. With this, India can become a reliable partner for UAE’s food security.”

Effective from May 1

The CEPA deal, which is the first trade deal entered into by India’s BJP-led NDA government, will formally take effect from early May, once the internal processes are completed in either country, according to Piyush Goyal, India’s Minister of Commerce and Industry.

The deal, details of which are still to come out in full, will provide the big banh needed for trade between UAE and India to move up a few gears. That up to 80 per cent of the goods traded will be covered under tariff concessions does push the possibilities for an immediate and significant spike in volumes.

On the areas that are not covered by the deal – the 20 per cent – Goyal said that these are areas of strategic interests to both countries and will require time for the duty structures to be rolled back.

Spread the word

India has invited top UAE Government officials in the first week of May to have round-table discussions with the country’s business community and get the word out on what CEPA could deliver as a win for all parties.

In his speech, Modi said: “Last year, alone India has seen the emergence of 44 unicorns. We can encourage startups in both of our countries by way of joint incubation and joint financing. Similarly, we can cooperate in modern institutions of excellence for the development of skills for our people.”

With CEPA, the “sky is the limit” for the UAE and India to achieve their ambitions and share in them. 

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News Network
November 21,2024

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Prominent NRI community leader SM Syed Khalilur Rehman, fondly known as CA Khalil, passed away in Dubai on Thursday at the age of 86 after a brief illness.

Khalil had been admitted to Aster Hospital in Mankhool on Tuesday after experiencing severe leg weakness. Despite the best efforts of the medical team, he succumbed to a double heart attack that worsened his condition, his son Rais Ahmed confirmed.

The news of his passing has sent waves of grief across communities, particularly in his hometown of Bhatkal, Karnataka, where he was a celebrated figure. Tributes have been pouring in on social media, highlighting his significant contributions to international trade, social service, and education.

A Legacy of Leadership and Service

A chartered accountant by profession, Khalil was a founding member of the Dubai chapter of the Institute of Chartered Accountants of India (ICAI), where he served as chairman from 1987 to 1994. His illustrious career included key leadership roles, such as general manager of Khaleej Times, group executive director of the Ilyas and Mustafa Galadari Group, and vice-chairman of the Jashanmal Group of Companies.

He also chaired Maadhyama Communications and Sahil Online, a web-based news platform, and was a director and trustee of several media companies and charitable organisations in Dubai and India.

A Champion for Education and Philanthropy

Khalil’s impact extended far beyond his professional achievements. As president and general secretary of Anjuman Hami-e-Muslimeen, he played a pivotal role in the development of educational institutions, including schools and colleges in Bhatkal and surrounding areas. His dedication to social upliftment earned him recognition from the Government of Karnataka, which honoured him with a prestigious award for his philanthropic contributions.

A Life Celebrated

The Bhatkal Muslim Khaleej Council (BMKC) recently released a documentary celebrating Khalil’s remarkable life and service to the community—a testament to his enduring legacy.

CA Khalil is survived by his family and countless admirers across the globe. His passing marks the end of an era for Indian expatriates in the UAE and beyond, leaving behind a legacy of leadership, generosity, and commitment to community service.

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News Network
November 12,2024

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The UN humanitarian coordinator for Lebanon has warned that the “picture of life in Lebanon remains grim,” highlighting an "alarming" level of human suffering and significant humanitarian consequences due to the ongoing Israeli carnage.

Imran Riza, the UN Deputy Special Coordinator and Resident and Humanitarian Coordinator for Lebanon (UNSCOL), provided a stark overview of the Arab country's dire circumstances in a statement released on Monday.

“The current picture of life in Lebanon remains grim. Yesterday, airstrikes reportedly killed 23 people, including seven children, in the village of Aalmat in Mount Lebanon,” Riza said on X.

An airstrike in the city of Tyre on the same day resulted in the tragic deaths of five siblings from a single family, all of whom had special needs, according to his statement.

He added that in the last week, Israeli airstrikes have killed at least 241 individuals and left 642 others injured in Lebanon, as reported by the Ministry of Health.

“In the past month, more than 185,000 people have fled their homes in their search for safety within the country, bringing the total to over 870,000 people internally displaced,” Riza said

The UN official highlighted that numerous individuals, including the elderly and those with health issues, are staying behind while witnessing the ruins of their ancestral homes.

He urged for the swift safeguarding of civilian people and infrastructure, emphasizing the necessity to uphold international humanitarian law and end the ongoing violence.

Lebanon’s National News Agency reported that Israeli forces bombed a house in the town of Maydoun in Bekaa on Monday night, killing three people and destroying the house.

Earlier, Israel bombed the northern town of Ain Yaaqoub, killing at least 14 people.

The killings came as Israeli military continued to pound Lebanon, bombing shops selling electrical appliances in the southern city of Tyre and carrying out air raids on the towns of Shamshtar in eastern Baalbek and Roumine in southern Nabatieh.

Lebanon’s Ministry of Health said Israeli attacks killed at least 54 people across the country on Monday.

Israel’s merciless attacks continue despite calls from the UN Security Council for an immediate ceasefire and directives from the International Court of Justice urging measures to prevent genocide and alleviate the dire humanitarian situation in Gaza and Lebanon.

In Lebanon, at least 3,243 people have been killed and 14,134 others wounded in Israeli attacks since the war on Gaza began on October 7, 2023.

The Lebanese resistance movement Hezbollah opened a support front for Palestinians in Gaza only a day after the Israeli regime unleashed its genocidal war on the besieged territory.

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News Network
November 12,2024

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The Palestinian Hamas resistance movement says its fighters have killed at least 20 Israeli soldiers in northern parts of the besieged Gaza Strip in just two days, in retaliation for the occupying regime’s genocidal war on the Palestinian territory.

In a statement on Monday evening, Hamas said that fighters of its military wing, al-Qassam Brigades, “killed at least five occupation soldiers” in northern parts of the coastal territory earlier in the day.

It added that Hamas fighters also killed 15 Israeli soldiers in the war-ravaged region on Sunday.

The resistance movement’s “qualitative operation … confirms once again the failure of the criminal Zionist entity to suppress and eradicate the Palestinian resistance, which continues to direct qualitative strikes against its terrorist soldiers,” Hamas further said on its Telegram channel.

Palestinians have increased their resistance operations in the face of intensified Israeli aggression in northern Gaza that has claimed the lives of more than 1,000 over the past weeks.

“Our valiant resistance is waging a war of attrition with the criminal enemy, inflicting daily losses on its soldiers and vehicles, and all of [Israeli prime minister Benjamin] Netanyahu’s bets and dreams of achieving any of his goals are failing,” the Gaza-based resistance movement added.

Hamas also vowed that Israel’s ongoing crimes and aggression against Gaza would be met with increased resistance and painful strikes, which will continue until the aggression against Palestinians ends and the regime fully withdraws from the blockaded territory.

As the war in Gaza enters its 14th month, the Health Ministry reports that Israeli attacks have killed at least 43,603 Palestinians and wounded 102,929 others.

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