The UAE has welcomed the India-EU free trade agreement as a move supporting economic openness and sustainable growth.
Abu Dhabi highlighted its CEPA with India as a model for strategic trade partnerships and economic integration.
The deal includes defence, security and mobility pacts, with key benefits for Indian and European sectors.
UAE Welcomes India-EU Free Trade Deal, Backs Open Economic Cooperation
Abu Dhabi backs landmark India-EU trade pact, links it to sustainable growth and its own CEPA model with New Delhi
Summary
The United Arab Emirates has welcomed the free trade agreement between India and the European Union, calling it a step that reinforces economic openness and supports sustainable growth, according to PTI.
India and the EU on Tuesday concluded the long-pending free trade agreement, described by both sides as the “mother of all deals”, creating a combined market of nearly two billion people. Prime Minister Narendra Modi and senior EU leaders also unveiled a five-year agenda focused largely on trade and defence cooperation to uphold the rules-based world order, PTI reported.
In a statement issued by the UAE Ministry of Foreign Affairs, Minister of State Saeed Al Hajeri said the agreement “reflects the commitment of both sides to promoting free trade and economic openness and embodies as a model of economic partnerships that support sustainable growth and shared prosperity”, according to PTI.
The UAE pointed to its own Comprehensive Economic Partnership Agreement (CEPA) with India as an example of a strategic trade partnership rooted in mutual interests, deeper economic integration and support for sustainable development. Such wide-ranging agreements, Al Hajeri said, help deliver tangible benefits to all parties involved, PTI reported.
The statement also expressed hope that the UAE’s ongoing negotiations with the European Union would be concluded positively, paving the way for a similar agreement between the two sides. Reiterating its commitment to international trade, the UAE said it would continue to back the expansion of strategic economic partnerships and stronger economic cooperation, driven by its belief in the role of free trade in promoting stability and prosperity at both bilateral and global levels.
As part of the India-EU free trade agreement, the two sides also signed separate pacts on security and defence cooperation and on facilitating the mobility of Indian talent to Europe. Indian sectors including textiles, apparel, leather goods, handicrafts, footwear and marine products are expected to benefit from the deal, while Europe stands to gain in areas such as wine, automobiles, chemicals and pharmaceuticals, according to PTI.
(With inputs from PTI)
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