Abdulnasser Alshaali, UAE Ambassador to India on completion of two years of CEPA between UAE - India.

UAE Ambassador to India speaks to WION on completion of 2 years of CEPA between UAE-India

Abdulnasser Alshaali, UAE Ambassador to India on completion of two years of CEPA between UAE - India. Watch to know more.

UAE Ambassador to India speaks on the completion of 2 years of CEPA between UAE-India

During the state visit of Oman's ruler, Sultan Haitham bin Tarik, India and Oman have made progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday.<o:p></o:p>

This marks a pivotal moment in bilateral relations, with Sultan Haitham being the first Omani ruler to visit India since 1997. Mint cited Foreign Secretary Vinay Mohan Kwatra, who emphasised the recent advancements, stating, "Although the negotiations on CEPA have started only recently, they have made substantial progress in the last few rounds of discussion." <o:p></o:p>

The proposed CEPA aims to eliminate import duties, benefiting key sectors like motor gasoline, textiles, electronics, machinery, and iron and steel.<o:p></o:p>

Boosting economic cooperation and investments<o:p></o:p>

Prime Minister Narendra Modi and Sultan Haitham discussed the multifaceted aspects of economic cooperation, with a focus on the release of the third tranche of the Oman India Joint Investment Fund, totalling $300 million. The objective of this joint venture between the Oman Investment Authority and the State Bank of India is to direct investments towards the rapidly expanding sectors of India.<o:p></o:p>

According to a report by the Hindustan Times, Modi expressed optimism about the ongoing CEPA discussions, stating, "I am glad that discussions on CEPA are ongoing between the two sides. Two rounds of talks have been successfully completed, in which consensus has been reached on many important issues."<o:p></o:p>

The leaders adopted the "India-Oman Joint Vision: A partnership for the future," outlining concrete action points for 10 sectors.<o:p></o:p>

Exploring new avenues of cooperation<o:p></o:p>

Beyond economic ties, the discussions between India and Oman delved into various sectors. Foreign Secretary Kwatra highlighted the exploration of financial technologies, the possibility of establishing rupee trade, and cooperation in space-related activities, including services, satellite building and launching, and capacity building. The talks also extended to green hydrogen, renewable energy, and the strategic utilisation of Oman's Duqm port by Indian navy ships for logistical and humanitarian purposes.<o:p></o:p>

Shared vision for the future<o:p></o:p>

The joint vision document, shaped by the Oman Vision 2040 and India's development vision till 2047, focuses on 10 key areas. These include maritime cooperation, energy security, space cooperation, digital payments, health, tourism, disaster management, agriculture, and the use of cricket to enhance people-to-people ties. Sultan Haitham and Modi expressed confidence that the joint vision would pave the way for a new and modern shape to their partnership.<o:p></o:p>

Challenges and regional issues<o:p></o:p>

The discussions also addressed challenges in West Asia, with a specific mention of the crisis in the region. Foreign Secretary Kwatra emphasised a shared appreciation of the challenges arising from the Israel-Hamas conflict, describing it as an "important element of the discussions." <o:p></o:p>

The leaders exchanged perspectives on terrorism, advocating for a two-state solution as a way forward. Additionally, agreements were signed on cooperation in combating financial crimes, information technology, culture, and the establishment of a Hindi chair of the Indian Council for Cultural Relations (ICCR) in Oman.<o:p></o:p>

Maritime security and defence engagement<o:p></o:p>

India and Oman reaffirmed their partnership in maritime security in the western Indian Ocean, with robust defence engagement. Maritime cooperation is extensive, and Oman's Duqm port is positioned as a logistical base for joint efforts in humanitarian assistance and disaster relief. Foreign Secretary Kwatra underscored the vital role of the Indian community in Oman, with 700,000 members contributing significantly to the country's economic development.

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During the state visit of Oman's ruler, Sultan Haitham bin Tarik, India and Oman have made progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday.

During the state visit of Oman's ruler, Sultan Haitham bin Tarik, India and Oman have made progress in discussions over a Comprehensive Economic Partnership Agreement (CEPA), bilateral investments, and potential bilateral rupee trade on Saturday. This marks a pivotal moment in bilateral relations, with Sultan Haitham being the first Omani ruler to visit India since 1997. Mint cited Foreign Secretary Vinay Mohan Kwatra, who emphasised the recent advancements, stating, "Although the negotiations on CEPA have started only recently, they have made substantial progress in the last few rounds of discussion." The proposed CEPA aims to eliminate import duties, benefiting key sectors like motor gasoline, textiles, electronics, machinery, and iron and steel. Boosting economic cooperation and investments Prime Minister Narendra Modi and Sultan Haitham discussed the multifaceted aspects of economic cooperation, with a focus on the release of the third tranche of the Oman India Joint Investment Fund, totalling $300 million. The objective of this joint venture between the Oman Investment Authority and the State Bank of India is to direct investments towards the rapidly expanding sectors of India. According to a report by the Hindustan Times, Modi expressed optimism about the ongoing CEPA discussions, stating, "I am glad that discussions on CEPA are ongoing between the two sides. Two rounds of talks have been successfully completed, in which consensus has been reached on many important issues." The leaders adopted the "India-Oman Joint Vision: A partnership for the future," outlining concrete action points for 10 sectors. Exploring new avenues of cooperation Beyond economic ties, the discussions between India and Oman delved into various sectors. Foreign Secretary Kwatra highlighted the exploration of financial technologies, the possibility of establishing rupee trade, and cooperation in space-related activities, including services, satellite building and launching, and capacity building. The talks also extended to green hydrogen, renewable energy, and the strategic utilisation of Oman's Duqm port by Indian navy ships for logistical and humanitarian purposes. Shared vision for the future The joint vision document, shaped by the Oman Vision 2040 and India's development vision till 2047, focuses on 10 key areas. These include maritime cooperation, energy security, space cooperation, digital payments, health, tourism, disaster management, agriculture, and the use of cricket to enhance people-to-people ties. Sultan Haitham and Modi expressed confidence that the joint vision would pave the way for a new and modern shape to their partnership. Challenges and regional issues The discussions also addressed challenges in West Asia, with a specific mention of the crisis in the region. Foreign Secretary Kwatra emphasised a shared appreciation of the challenges arising from the Israel-Hamas conflict, describing it as an "important element of the discussions." The leaders exchanged perspectives on terrorism, advocating for a two-state solution as a way forward. Additionally, agreements were signed on cooperation in combating financial crimes, information technology, culture, and the establishment of a Hindi chair of the Indian Council for Cultural Relations (ICCR) in Oman. Maritime security and defence engagement India and Oman reaffirmed their partnership in maritime security in the western Indian Ocean, with robust defence engagement. Maritime cooperation is extensive, and Oman's Duqm port is positioned as a logistical base for joint efforts in humanitarian assistance and disaster relief. Foreign Secretary Kwatra underscored the vital role of the Indian community in Oman, with 700,000 members contributing significantly to the country's economic development. WATCH WION LIVE HERE

India and Oman strengthen economic ties: CEPA progress and joint vision

A year after India signed a major free trade deal with the United Arab Emirates, latest Indian government data shows that the Gulf nation has emerged as India's fourth-largest investor.

In 2022-23, foreign direct investment (FDI) from the UAE to India stood at $3.35 billion. This was a three-fold increase from 1.03 billion dollars in 2021-22. The three-fold jump has also helped the UAE to rise from the seventh position it held in 2021-22.

As per reports, the UAE majorly invests in services, sea transport, power, and construction activities across India.

In the fiscal year 2022-23, Singapore was the largest investor in india, with investments worth $17.2 billion. The Southeast Asian city-state was followed by the island nation of Mauritius, which sent $6.1 billion in investments. The third place was taken by the United States with $6 billion worth of investments.&nbsp;

The West Asian country accounts for about 2.5 percent of the total FDI that India received in the last 23 years (April 2000 and March 2023). During this period, India has attracted $15.6 billion worth of investment&nbsp;from the UAE, the data showed.

Experts say that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which was came into effect in May last year, has played a key role in boosting UAE's investments in India.

Under the bilateral deal, a number of goods from both countries are getting zero-duty access to each other's markets. Besides that, norms for promoting investments have been eased.

"Apart from CEPA, another growth engine of FDI from UAE in India is the investment commitment from UAE. UAE has committed to invest $75 billion in the Indian infrastructure sector over a period of time. It has also committed to partner with India in the renewable energy sector," Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas &amp; Co, told PTI.&nbsp;

(With inputs from agencies)&nbsp;

A year after India signed a major free trade deal with the United Arab Emirates, latest Indian government data shows that the Gulf nation has emerged as India's fourth-largest investor.

A year after India signed a major free trade deal with the United Arab Emirates, latest Indian government data shows that the Gulf nation has emerged as India's fourth-largest investor. In 2022-23, foreign direct investment (FDI) from the UAE to India stood at $3.35 billion. This was a three-fold increase from 1.03 billion dollars in 2021-22. The three-fold jump has also helped the UAE to rise from the seventh position it held in 2021-22. As per reports, the UAE majorly invests in services, sea transport, power, and construction activities across India. In the fiscal year 2022-23, Singapore was the largest investor in india, with investments worth $17.2 billion. The Southeast Asian city-state was followed by the island nation of Mauritius, which sent $6.1 billion in investments. The third place was taken by the United States with $6 billion worth of investments. The West Asian country accounts for about 2.5 percent of the total FDI that India received in the last 23 years (April 2000 and March 2023). During this period, India has attracted $15.6 billion worth of investment from the UAE, the data showed. Experts say that the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, which was came into effect in May last year, has played a key role in boosting UAE's investments in India. Under the bilateral deal, a number of goods from both countries are getting zero-duty access to each other's markets. Besides that, norms for promoting investments have been eased. "Apart from CEPA, another growth engine of FDI from UAE in India is the investment commitment from UAE. UAE has committed to invest $75 billion in the Indian infrastructure sector over a period of time. It has also committed to partner with India in the renewable energy sector," Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas & Co, told PTI. (With inputs from agencies)

UAE emerges as India's fourth largest source of foreign investment

India-UAE's Comprehensive Economic Partnership Agreement (CEPA) is going to complete one year in the next few months. It was signed last year where India-UAE have targeted over $100 billion in bilateral trade.

CEPA trade pact with India successful, says UAE | World Business Watch | WION

India & the UAE have inked a mega trade pact. It could boost bilateral trade to $100 billion, remove 80% tariffs on goods, create 10 lakh jobs for Indians & add $9 billion to the UAE's GDP. Palki Sharma gets you the details of CEPA.

Gravitas: India-UAE sign mega trade pact CEPA

India and United Arab Emirates (UAE) signed bilateral “comprehensive” trade pact, the biggest pact in ten years. Indian Prime Minister Narendra Modi welcomed investment from UAE. Indian Minister Piyush Goyal said the Comprehensive Economic Partnership Agreement (CEPA) would have strong anti-dumping measures.

India-UAE trade deal: What it means for both countries

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