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 10,2024

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Mangaluru: A heart-wrenching tragedy unfolded in the quiet Bellayuru village on the outskirts of Mangaluru as a man’s life ended on a railway track following an apparent double murder. Authorities from the Mulki police station identified the man as Karthik Bhat, 32, whose lifeless body was discovered on the tracks with his head positioned on the rail, indicating a tragic suicide.

Nearby, police recovered keys to a scooter and a house, which eventually led them to uncover a series of chilling events. Following the trail, officers located Bhat’s scooter parked near Mahammayi Temple. Inside the vehicle, they found documents confirming his identity, including an RC, insurance papers, and his driving license.

Their search continued to Bhat's home in Pakshikere, Kemral village, where they discovered a locked room. With the keys retrieved from the tracks, police unlocked the door, only to be confronted by a horrifying sight. The bodies of Priyanka (28) and her young son Hriday (4) lay in a pool of blood, pointing to a brutal murder that occurred just hours before Bhat’s suicide.

Initial investigations suggest Bhat, beleaguered by ongoing family disputes, committed the murders of his wife and son on the evening of November 8 before tragically ending his own life. A death note found in his diary hinted at his mental state and tragic intentions.

Priyanka’s family, residing in Shivamogga, was informed of the incident. The couple, married for six years, now leaves behind grieving relatives and unanswered questions. Police have initiated formal proceedings, collecting statements from family members as they continue their investigation into the tragic sequence of events.

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News Network
November 12,2024

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The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported.

It is the first such appointment made by the Taliban set up to any Afghan mission in India.

There was no immediate comment from the Indian side on the appointment that came.

The Ministry of Foreign Affairs of Afghanistan has announced the appointment of Kamil as the acting consul in Mumbai, the Taliban-controlled Bakhtar News Agency reported on Monday, citing unnamed sources.

"He is currently in Mumbai, where he is fulfilling his duties as a diplomat representing the Islamic Emirate," it said.

The appointment is part of Kabul's efforts to strengthen diplomatic ties with India and enhance its presence abroad, the media outlet said

Kamil holds a PhD degree in international law and previously served as the deputy director in the department of security cooperation and border affairs in the foreign ministry, it said.

He is expected to facilitate consular services and represent the interests of Afghanistan in India, the report added.

Kamil's appointment comes days after the external affairs ministry's point-person for Afghanistan held talks with the Taliban's acting defence minister, Mullah Mohammad Yaqoob, in Kabul.

Sher Mohammad Abbas Stanikzai, the Taliban's deputy foreign minister for political affairs, also posted on X about Kamil's appointment.

The appointment of Kamil is seen as part of efforts to facilitate consular services to the Afghan population in Mumbai.

There has been almost negligible presence of diplomatic staff at the Afghan missions in India.

Most of the diplomats appointed by the Ashraf Ghani government have already left India.

In May, Zakia Wardak, the seniormost Afghan diplomat in India, resigned from her position after reports emerged that she was caught at the Mumbai airport for allegedly trying to smuggle 25 kg of gold worth Rs 18.6 crore from Dubai.

Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi late last year, after working as the Afghan consul general in Mumbai for more than two years.

She took charge of the Afghan embassy in New Delhi last November, after the mission helmed by then ambassador Farid Mamundzay announced its closure.

Mamundzay, who was an appointee of the Ghani government, had moved to the United Kingdom.

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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