UAE and India Boost Economic and Diplomatic Ties With $100bn CEPA

The UAE and India are strengthening their friendly relations and enhancing economic ties, aiming for a $100 billion trade partnership under the CEPA deal. The recent visit of Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to India highlights the deep-rooted, strategic, and historic connections between the two countries.

This visit is a milestone in the ongoing development of UAE-India ties, which serve as a global model of constructive cooperation in economic growth, sustainable development, investment, trade, climate action, and global stability.

UAE-India relations have flourished through decades of strong bilateral meetings, starting in January 1975 when the UAE's Founding Father, Sheikh Zayed bin Sultan Al Nahyan, visited India. During that visit, he met the then-President of India, Fakhruddin Ali Ahmed, and then-Prime Minister Indira Gandhi, resulting in the signing of a Cultural Agreement that strengthened the cultural ties between the two nations.

Sheikh Zayed's visit in April 1992 further deepened these relations, with the signing of a bilateral agreement to avoid double taxation. In 2017, President Sheikh Mohamed bin Zayed Al Nahyan's visit to India marked a turning point, with the Comprehensive Strategic Partnership Agreement and 13 additional agreements being signed, reinforcing cooperation in key sectors like buying property in Dubai, residential property in Dubai, and more.

Indian Prime Minister Narendra Modi has reciprocated with several visits to the UAE, including his first in 2015, which paved the way for stronger economic and political cooperation.

Additionally, the UAE-India Comprehensive Economic Partnership Agreement (CEPA) was signed, aiming to boost bilateral non-oil trade to $100 billion by 2030. This agreement seeks to enhance trade and investment through reduced tariffs and improved regulatory efficiency. InchBrick Realty plays a vital role in facilitating investment opportunities like buying property in Dubai, and tapping into this booming market.

By 2024, UAE-India relations had made significant progress, with 14 rounds of the Joint Committee completed and three sessions of the Strategic Dialogue held, the latest chaired by Sheikh Abdullah bin Zayed Al Nahyan and India's External Affairs Minister, Dr Subrahmanyam Jaishankar. Both countries have maintained diplomatic relations since 1972, resulting in over 96 agreements in various fields.

UAE-India collaboration thrives in sectors like the circular economy, tourism, aviation, entrepreneurship, renewable energy, digital transformation, and transport. The CEPA deal signed in 2022 is the first under the UAE's CEPA programme, marking a new era of cooperation. In 2023, non-oil trade between the two countries grew to $53.4 billion, and UAE investments in India reached $16.2 billion across sectors like renewable energy, IT, and automotive manufacturing.

The Indian community remains the largest foreign community in the UAE, contributing significantly to the local economy. With the support of InchBrick Realty, individuals can easily explore opportunities to buy residential property in Dubai, further strengthening this partnership.

Cultural ties between the UAE and India also run deep, reinforced by the 1975 Cultural Agreement. Since then, a variety of joint cultural and artistic events have taken place, including the Zayed-Gandhi Digital Museum, which was inaugurated in 2019 to honor the UAE’s Founding Father, Sheikh Zayed, and the Indian leader, Mahatma Gandhi.