New Delhi: The Free Trade Agreement (FTA) between India and the European Union has created ripples in the global political arena. And now, the United Arab Emirates has hailed the FTA as a significant step towards promoting “economic openness” and supporting “sustainable growth”.
The landmark deal between India, EU
On January 27, India and the European Union signed a landmark FTA that is called the “mother of all deals”. The deal will reportedly create a market of two billion people with Prime Minister Narendra Modi and the top EU leadership unveiling a five-year agenda to largely leverage trade and defence in protecting the rules-based world order.
UAE’s Foreign Ministry, Minister of State Saeed Al Hajeri has said in a statement that the pact “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”.
UAE highlights CEPA with India
Also, the UAE highlighted its own Comprehensive Economic Partnership Agreement (CEPA) with India. It is an strategic trade partnership based on mutual interests, enhanced economic integration and support for sustainable development. The minister said that the agreement will help deliver tangible benefits for all parties. Also, it expressed hope that the UAE’s ongoing negotiations with the EU would end positively.
The UAE added that it would support the expansion of strategic economic partnerships and stronger economic cooperation. Notably, the India-EU FTA has two crucial pacts, on security and defence collaboration and another on mobility of Indian talents to Europe.