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India and UAE signed the historic Comprehensive Economic Partnership Agreement (CEPA) aimed at boosting the merchandise trade between the two countries to US$ 100 billion over next five years. The deal was signed during the virtual summit meeting between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

The partnership between the two countries has led to the joint work on several agreements and Memorandum of Understanding in several areas, including: The Economy, Climate Change and Houbara Conservation, Industries and Advanced Technologies, Low Carbon Hydrogen Developments and Investments, Food Security, Financial Services, and Education cooperation.

Confirming the historical relations existing between the two countries and realizing the need to establish world-class institutions that encourage and support innovation and technological progress, the leaders agreed to establish an Indian Institute of Technology in the United Arab Emirates.," according to a statement from the Ministry of External Affairs.

The Indian Institute of Technology(IITs) are governed by the Institutes of Technology Act, 1961 and as of now there are 23 IITs in India.

Both India and the UAE recognise the value of upskilling on enhancing workforce productivity, and value the contribution of the skilled workforce from India in various economic sectors in the UAE. The two parties agreed to enhance their cooperation in order to develop a mutually agreed professional standards and skills framework. The two parties agreed to closely work together to ensure that the UAE labour market skill needs from India are met by ensuring workforce access to training programs that are in alignment with the market needs and address the changing needs for the future of work.

Meanwhile, acknowledging the rapid success of start-ups in India and the UAE in recent years, the Leaders agreed to collaborate to promote start-ups from both countries to expand into the two regions and utilize such platforms as basis for growth. The start-ups could focus on, interalia, fintech, edutech, health care, logistics and supply chain, agritech, chip design and green energy. The Leaders directed their officials to explore mechanisms and sectors to promote collaboration.

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