UAE deal with India ushers in new era, says Sheikh Mohamed bin Zayed

Crown Prince of Abu Dhabi hails landmark agreement

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, takes part in a virtual summit with India's Prime Minister Narendra Modi. Photo: Hamad Al Kaabi / Ministry of Presidential Affairs

The virtual summit between Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and India's Prime Minister Narendra Modi. Photo: Abdullah Al Neyadi / Ministry of Presidential Affairs

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, take part in the virtual summit. Photo: Abdullah Al Neyadi / Ministry of Presidential Affairs

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, at the summit in which the UAE and India signed a Comprehensive Economic Partnership Agreement. Photo: Hamad Al Kaabi / Ministry of Presidential Affairs

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, at the summit. The agreement is expected to boost non-oil trade between the UAE and India from $60 billion at present to $100 billion within five years. Photo: Hamad Al Kaabi / Ministry of Presidential Affairs

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, at the virtual summit with India's Prime Minister Narendra Modi. Photo: Abdullah Al Neyadi / Ministry of Presidential Affairs

The UAE and India, Asia’s third-largest economy, signed the Comprehensive Economic Partnership Agreement on Friday.

The deal is set to boost non-oil trade between the two countries to $100 billion in five years, from $60 billion currently.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said the landmark economic agreement will usher in an exciting new era and enhances the already deep and historic ties between the countries.

"The signing of the Comprehensive Economic Partnership Agreement today marks the beginning of an exciting new era in the longstanding relationship between the UAE and India, one of our country’s closest and most enduring partners," said Sheikh Mohamed.

The 881-page agreement lifts 80 per cent of tariffs on UAE and India goods, while all tariffs will be removed within 10 years, ministers said.

The agreement was signed in the presence of Sheikh Mohamed and India's Prime Minister Narendra Modi in a virtual summit, along with ministers from both sides.

Mr Modi said it was a "great pleasure" to host the summit.

"We issued a joint vision statement that lays the future roadmap for our ties," he said.