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The next phase of India-UAE relations will focus on further strengthening existing areas of cooperation while expanding into new sectors linked to advanced technology, research and the digital economy, UAE BRICS Sherpa Omran Sharaf said on Sunday on the sidelines of the 18th BRICS Summit.
Speaking to ANI, Sharaf, who is also UAE's Assistant Foreign Minister for Advanced Science and Technology, said that the two countries are looking to expedite work in existing areas while exploring emerging fields driven by technological advancement. "I think the next phase of this relationship will be focused on the current areas that we're working in to further expedite. But also at the same time, new areas that are probably related to advanced tech, research, new areas that are evolving around the advancement of technology, such as the digital economy and areas linked to that also," he said. His remarks come as India and the UAE continue to expand their economic partnership following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022. Sharaf said the agreement has contributed to significant movement and expansion in the bilateral partnership, particularly across trade and economic sectors including food and beverages, tourism and industrial cooperation. "In May 2022, CEPA (Comprehensive Economic Partnership Agreement) was signed between both countries. Since that time, there has been a lot of movement and an expanded partnership. In the field of trade and economic sectors that serve different areas that are important for us, whether we're talking about F&B or tourism or industrial cooperation - all that expanded because of CEPA. I think we are moving towards that goal. I think the progress is going very well, and I think it's in line with the vision that the leaders of both nations have set for us," he added. According to the official data, the India-UAE CEPA came into force on May 1, 2022. It was India's first full free trade agreement in a decade, with negotiations completed in 88 days. Bilateral trade crossed USD 100.06 billion in FY 2024-25, recording 19.6 per cent growth, with the milestone being achieved within three years of the agreement coming into force. Following the growth in bilateral trade, India and the UAE set a new target of doubling trade to USD 200 billion by 2032. India exported merchandise worth USD 37,359.11 million to the UAE in FY 2025-26, making the UAE India's largest export destination among its trade agreements. Sharaf's remarks underline the focus on both consolidating existing areas of India-UAE economic cooperation and developing newer avenues linked to technology and research, as the two countries work towards the next phase of their partnership. (ANI)
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