The Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates has elevated the UAE to India’s third-largest business partner, according to Gujarat Chief Minister Bhupendra Patel. Patel emphasized the significant impact of the 2022 CEPA on bilateral economic relations, describing it as a “historic transformation.”
Under the leadership of Prime Minister Narendra Modi, relations between India and the UAE have flourished, reaching new heights. Patel highlighted the symbolic nature of PM Modi’s visits to the UAE and the reciprocal visits by UAE President Sheikh Mohamed bin Zayed Al Nahyan, emphasizing the strengthening ties between the two nations.
The event ‘Investopia Global – Ahmedabad’ showcased the deepening economic and cultural bonds between India and the UAE. Patel underscored the historical maritime trade relationship between Gujarat and the UAE, emphasizing the convergence of civilizations and economies. He expressed optimism for further strengthening bilateral ties in the future.
Gujarat’s trade with the UAE spans various sectors including chemicals, pharmaceuticals, gems, textiles, and agriculture, offering economic opportunities and enhancing its global supply chain presence. Patel highlighted Gujarat’s industrial prowess, infrastructure capabilities, and tourism potential, positioning the state as a key player in India’s economic landscape.
Partnerships between Gujarat and the UAE align with Prime Minister Modi’s vision of a developed India and the UAE’s ‘We the UAE 2031’ vision. The signing of memoranda of understanding (MoUs) during the event aimed to bolster economic cooperation and attract UAE investments to Gujarat. The UAE Minister of Economy and Tourism emphasized the evolution of the bilateral relationship beyond trade, focusing on building a robust economic corridor between the two nations.
