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 3,2024

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In a relief to Sadhguru, the Supreme Court on Thursday stayed the police action against Isha Foundation and transferred the matter from the Madras High Court to the top court, PTI reported.

Sadhguru's Isha Foundation today moved the Supreme Court against a Madras High Court order to submit details of all criminal cases against it, ANI reported.

Isha Foundation sought a stay on Madras High Court order, told Supreme Court that 500 policemen raided it, probing every corner, PTI reported.

Senior advocate Mukul Rohatgi appearing for Isha Foundation sought an urgent hearing today.

A bench of CJI DY Chandrachud said that you can't let Police or Army enter a place like this, the agency reported.

One of the women appeared online and said she was staying at the Isha Yoga Centre willingly. The woman told the Supreme Court that both of the sisters are at the Ashram out of their own will and this harassment from their father's side has been continuing for the last eight years.

The top court said it would interact with the two women online in their chambers right away.

Tamil Nadu Police on Tuesday launched an inquiry against Isha Foundation run by yoga guru Jaggi Vasudev over several allegations, a day after the Madras High Court sought a status report on all criminal cases registered against the organisation.

A multi-departmental team led by K Karthikeyan, Coimbatore Rural District Superintendent of Police, and consisting of officials from the Social Welfare Department and the District Child Protection Committee launched the inquiry at the sprawling premises of Isha Foundation in Thondamuthur.

 “We have launched an inquiry based on the court order,” a senior police official told DH from Coimbatore. The police team sought details of cases registered against the foundation in the past and inquired with several inmates about their condition in the ashram.

The inquiry came a day after the court ordered the police to conduct an enquiry and file a report on a habeas corpus petition filed by retired professor S Kamaraj, who alleged that his two daughters were being held captive at the ashram.

When contacted, a spokesperson for Isha Foundation admitted that a team led by the district SP was conducting an inquiry at the premises and that there were no searches. “They are enquiring with residents and volunteers, understanding the lifestyle, understanding how they come in and stay etc,” the spokesperson said.

The foundation also said the two women have clearly stated that they are staying in Isha Yoga Centre out of their own volition. “Now that the matter is seized by the court, we hope truth will prevail and there is an end to all the unnecessary controversies created,” the foundation said.

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News Network
October 1,2024

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Mysuru, Oct 1: The Karnataka Lokayukta team on Tuesday arrived at the disputed plot in Mysuru and began investigation into the MUDA case against CM Siddaramaiah and his wife, news agency ANI reported. Snehamayi Krishna, the complainant in the case was also present with the team.

Sources stated that ED sleuths might issue a notice to CM Siddaramaiah at any time and issue summons to him for questioning. The sleuths are also keenly watching the movements of CM Siddaramaiah’s close associates and relatives, including a cabinet minister in connection with the MUDA scam.

Sources further said that there is a possibility of the ED conducting raids across the state on offices and residences of close associates of CM Siddaramaiah. The ED has also gathered information on bank accounts and financial transactions of CM Siddaramaiah and his associates.

The Directorate of Enforcement (ED) on Monday registered an Enforcement Case Information Report (ECIR), equivalent to an FIR by the police, against CM Siddaramaiah over the alleged irregularities in the allotment of 14 sites to his wife Parvathi B.M. by the Mysore Urban Development Authority. The ED registered the case taking cognisance of the FIR registered against the Chief Minister by the Lokayukta police on September 27.

Meanwhile, the Karnataka Lokayukta probing the MUDA case has also expedited the probe. The sleuths led by Mysuru Lokayukta SP T.J. Udesh have visited the controversial land on the outskirts of Mysuru city. The petitioner, Snehamayi Krishna, also accompanied the team.

The move of Chief Minister Siddaramaiah’s wife to return 14 sites allotted by the MUDA to her has triggered a debate. BJP MLA from Mysuru T.S. Srivatsa stated on Tuesday that the move of CM’s wife is not acceptable. "The two commissioners who colluded in the MUDA scam are roaming freely even today," he said.

"CM Siddaramaiah first claimed that there was no scam at all. Later, he formed a commission and now there is an FIR against him. After committing the mistake, you offer to return the sale deed. The time is up. He will have to tender his resignation and I am sure he won’t be in the position until Dasara festivities," MLA T.S. Srivatsa stated.

T.J. Abraham, one of the petitioners in the MUDA case said, “I had demanded the MUDA commissioner to take back the allotted sites. He had written back saying the process would be initiated. They were waiting for the investigation report."

"CM Siddaramaiah has not approached the division bench or the Supreme Court to challenge the order against him because there is nothing to be challenged. Returning sites is not a big sacrifice. The Chief Minister has lost it," Abraham stated. 
 

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News Network
October 4,2024

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Powerful blasts rocked Beirut overnight in some of the heaviest Israeli strikes on the capital of Lebanon so far as the Lebanese Health Ministry reports dozens killed and over 150 wounded in bombing attacks across the country in the past 24 hours.

Israel launched several waves of airstrikes on Beirut’s southern neighborhood of Dahiyeh on Thursday.

The regime used powerful bunker-buster bombs in its latest attacks, whose number was more than a dozen.

Several civilian buildings were the main goals of the regime’s latest strikes.

Reports indicate that more bombs were used in the latest attacks compared to the strike that killed the leader of the Hezbollah resistance movement, Sayyed Hassan Nasrallah, last Friday.

The attacks also hit the vicinity of Beirut International Airport.

Israel’s strikes also targeted several other locations, including Hezbollah’s media relations office and a warehouse near the Beirut airport.

A source close to Hezbollah said Israel had conducted 11 consecutive strikes in south Beirut on Thursday night.

AFP correspondents in the Lebanese capital heard loud bangs that made car alarms go off and buildings shake.

"Israel struck the southern suburbs 11 consecutive times," the source said on the condition of anonymity.

Giant balls of flame rose from the targeted site with thick smoke billowing and flares shooting out.

Lebanon's official National News Agency (NNA) said that "more than 10 consecutive strikes have been recorded so far, in one of the strongest raids on the southern suburbs of Beirut since the start of the Israeli war on Lebanon."

The strikes echoed to mountain regions outside Beirut, the NNA said.

Earlier Thursday, the Israeli army issued an “urgent warning” to the residents of the south Beirut area of Burj al-Barajneh to evacuate along with maps of the area.

“You are located near Hezbollah facilities and interests, against which the [Israeli army] will operate in the near future,” its official Arabic language spokesperson posted on X.

The death toll from Israeli aerial assaults across Lebanon since early October 2023 has passed the 1,700 mark with nearly 8,770 injured, according to Lebanese government data.

In response, Hezbollah has fired barrages of rockets and drones towards Israeli targets.

Hezbollah has been responding to the aggression with numerous retaliatory operations, including with hypersonic ballistic missiles, targeting the occupied Palestinian territories.

The Lebanese resistance movement has vowed to keep up its operations against Israel as long as the Israeli regime continues its Gaza war, which has so far killed more than 41,780 Palestinians, mostly women and children.

The qualitative strikes of Hezbollah have so far thwarted any hostile "Israeli" advance into Lebanese territory.

Hezbollah said in a statement that at least 17 Israeli troops have been killed since the regime launched its incursion into southern Lebanon.

Since dawn on Thursday, the Lebanese resistance fighters have been repelling every attempt by the Israeli elite forces to advance on multiple fronts in southern Lebanon, inflicting heavy losses in equipment and personnel.

A Lebanese political analyst recently praised Hezbollah’s operational capabilities, warning that Israeli forces will become "sitting ducks" for the Lebanese resistance group should they attempt a ground invasion of southern Lebanon.

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