India, UAE can benefit from increasing cooperation in energy, skills and education: Report

India and the United Arab Emirates (UAE) can significantly leverage the Free Trade Agreement (FTA) between them by sharing knowledge and best practices in several areas of mutual interest such as education, energy, skills and defence, a report by Deloitte India has stated.

The Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into force from May 1 this year. It aims to boost bilateral trade and investment and increase mutual trade to $100 billion in the coming years.

According to the report, under the India-UAE Energy Partnership, the UAE has promised to meet India’s energy needs at competitive rates. It has also promised to help India in building strategic petroleum reserves. It said, “This will enable India to become more self-reliant in the energy sector,” and the agreement will increase employment opportunities for the Indian workforce in the Gulf region and the remittances of Indians living there will also increase.

Deloitte India Partner and UAE Corridor Leader Jehil Thakkar remarked that the success of the agreement will depend on how effectively it is implemented in both countries. This free trade agreement will give an opportunity to Indian companies to enter the larger global market and grow rapidly.