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
October 1,2024

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Mysuru: The Mysuru land authority at the centre of a financial and political storm - involving Chief Minister Siddaramaiah and alleged losses of ₹ 45 crore to the state - has received an offer of restitution from his wife, the urban development body's Commissioner, AN Raghunandan said.

"I am in possession of a letter written by Siddaramaiah's wife regarding her intention to return 14 plots (of land). The Chief Minister's son, Yatindra Siddaramaiah, came to our office and delivered the letter. We will take legal advice for the next step..." he told reporters in Mysuru.

Mr Raghunandan also confirmed anti-corruption officials from the city's Lokayukta branch had written seeking cooperation in its inquiry into the charges against the Chief Minister.

He said the Mysuru Urban Development Authority, or MUDA, "will cooperate with the investigation".

The Enforcement Directorate, however, have not reached out as yet, Mr Raghunandan said. The ED, a federal agency, has filed a money laundering case against Siddaramaiah.

There have also been calls for the CBI, another federal agency, to investigate charges against the Chief Minister, but that appears unlikely now given the Karnataka government has withdrawn general consent for its operations in the state. Law Minister HK Patil made the announcement last week.

He ruled out any link with demands for the Chief Minister to be investigated by the CBI, which reports to the BJP-led central government and the ruling Congress and other opposition parties have claimed is being used by that party to target rival leaders, particularly before elections.

On Monday - three days after the Lokayukta filed a case against the Chief Minister, and hours after the ED launched its probe- Siddaramaiah's wife said she had planned to give up the land earlier but was advised against it the allegations against her husband are "politically motivated".

But now, she said, she had made up her mind as "no house, plot, or wealth is more important than my husband's honor, dignity, and peace of mind". She also said the decision was hers alone; "... I am not aware of my husband's opinion on this matter, nor do I concern myself with what my son thinks".

And, in a comment seen as a calculated swipe at the opposition BJP, which is leading calls for the Chief Minister's resignation, his wife also made an emotional appeal to "all political parties and the media" to "please not drag women of political families into the controversy to settle political scores".

Investigative action against the Chief Minister follows the Karnataka High Court quashing a challenge to Governor Thawar Chand Gehlot's order sanctioning Siddaramaiah's prosecution.

Subsequently a trial court ordered framing of charges and directed the Lokayukta to complete the investigation within three months. The ED case was filed based on the Lokayukta FIR.

Siddaramaiah faces an inquiry into claims Parvathi was allotted 14 plots of land in an upmarket Mysuru area as compensation for land elsewhere - holding a far lower value - taken for infrastructure projects.

The Chief Minister has denied all charges and refused calls to resign.

He has been backed by the Congress and his deputy, DK Shivakumar, who is also the state unit boss, and also by members of his cabinet, including IT Minister Priyank Kharge. However, some within the Congress also want him to quit, such as former Assembly Speaker KB Koliwad.

"I will fight. I am not afraid of anything. We are ready to face the investigation. I will fight this legally," he said last week after the High Court had quashed his challenge to the Governor's sanction.

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News Network
October 1,2024

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The Israeli regime has conducted a series of deadly airstrikes on the Syrian capital of Damascus, with Syrian media reporting three rounds of strikes in the capital area in one night.

An Israeli aircraft launched several missiles from the occupied Golan Heights on Tuesday, targeting locations southwest of Damascus.

Syrian air defenses successfully intercepted many of these missiles, according to the Syrian state media.

According to the Syrian military, the Israeli aggression led to the martyrdom of three civilians, the injury of nine others, and significant damage to private property.

The Al Mayadeen news outlet reports that local journalist Safaa Ahmad was among those killed in the attack, which hit the Mezzeh neighborhood in the Syrian capital. Rescue crews are dealing with fires on the ground.

Syrian television said one of its anchors was killed in the Israeli strike on Damascus on Tuesday.

State television said in a statement that it "mourns anchor Safaa Ahmad who was martyred in the Israeli aggression on the capital Damascus."

The official SANA news agency earlier said "air defense systems are intercepting hostile targets for the third time tonight in the Damascus area," using a phrase that usually refers to Israeli aggression.

Subsequently, another wave of attacks was aimed at the suburbs of Damascus which was intercepted by air defenses.

Syria has consistently called on the UN Security Council to take action against these assaults, which it views as clear violations of its sovereignty and territorial integrity.

Israel frequently targets military positions inside Syria, especially those of the Lebanese resistance movement Hezbollah which has played a key role in helping the Syrian army in its fight against foreign-backed terrorists.

The Tel Aviv regime rarely comments on its attacks on Syrian territories, which many see as a knee-jerk reaction to the Syrian government’s phenomenal success in confronting and decimating terrorism.

Damascus has time and again called on the UN Security Council to put an end to the regime’s attacks that violate Syria’s sovereignty and territorial integrity.

The Israeli attacks on Syria come amid the regime’s ongoing genocide in the Gaza Strip which has killed more than 41,600 people, mostly women and children, over the past year.

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News Network
October 2,2024

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Israel will launch a “significant retaliation” to Iran’s missile attack within days that could target oil production facilities inside Iran, Axios reports citing Israeli officials.

The Israeli military late on Tuesday said Iran launched around 180 missiles at its territory, most of which were intercepted.

Iranian media carried online footage of what they said were missiles being fired, which the Islamic Revolutionary Guard Corps said were targeting “three military bases” around Tel Aviv and other bases.

The Revolutionary Guards said “90 percent” of the missiles “hit their targets” late Tuesday.

Israeli Prime Minister Benjamin Netanyahu has vowed to hit back following the attack.

“Iran made a big mistake tonight - and it will pay for it,” he said at the outset of an emergency political security cabinet meeting late on Tuesday, according to a statement.

Washington said it would work with longtime ally Israel to ensure Iran faced “severe consequences” for Tuesday’s attack.

US Secretary of Defense Lloyd Austin spoke to Israeli Defense Minister Yoav Gallant late on Tuesday and said Washington was “well-postured” to defend its interests in the Middle East, the Pentagon said in a statement.

“The minister and I expressed mutual appreciation for the coordinated defense of Israel against nearly 200 ballistic missiles launched by Iran and committed to remain in close contact,” Austin said separately in a post on X.

US Navy warships fired about a dozen interceptors against Iranian missiles headed toward Israel, the Pentagon said. Britain said its forces played a part “in attempts to prevent further escalation in the Middle East”, without elaborating.

The Pentagon said Tuesday’s airstrikes by Iran were about twice the size of April’s assault by Iran on Israel.

A painful response

Israel activated air defenses against Iran’s bombardment on Tuesday and most missiles were intercepted “by Israel and a defensive coalition led by the United States,” Israeli Rear Admiral Daniel Hagari said in a video on X, adding: “Iran’s attack is a severe and dangerous escalation.”

Iran’s forces on Tuesday used hypersonic Fattah missiles for the first time, and 90 percent of its missiles successfully hit their targets in Israel, the Revolutionary Guards said.

In a statement on state media, the general staff of Iran’s armed forces said any Israeli response would be met with “vast destruction” of the latter’s infrastructure.

It also said it would target the regional assets of any Israeli ally that got involved.

Fears that Iran and the US could be drawn into a regional war have risen with Israel’s growing assault on Lebanon in the past two weeks, including the start of a ground operation there on Monday, while its conflict in the Gaza Strip is a year old.

US President Joe Biden expressed full US support for Israel and described Iran’s attack as “ineffective.” Vice President Kamala Harris, the Democratic presidential candidate, backed Biden’s stance and said the United States would not hesitate to defend its interests against Iran.

“We will act. Iran will soon feel the consequences of their actions. The response will be painful,” Israel’s UN Ambassador Danny Danon told reporters.

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