Daily Current Affairs 18 February 2022
Daily Current Affairs – 18 February 2022
Daily GK Update is the complete bag of the important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the GK update of 18th February 2022.
India Inks Historic Trade Deal With UAE; Bilateral Trade Boost to $100 Bn
India signed a historic trade pact – Comprehensive Economic Partnership Agreement (CEPA) – with the UAE during a bilateral meeting between the two countries.
The vision statement talked about boosting bilateral trade to $100 billion in five years, supporting energy transition and working on a low-carbon future, establishing a Joint Hydrogen task force to bump up technology and establishing an IIT in the UAE.
HIGHLIGHTS OF TRADE DEAL
The joint statement delineates cooperation in specific focus areas in the field of defence and security, economy, health, energy, skill and education.
Defence and Security
• Agreed to enhance maritime cooperation contributing to the maintenance of peace and security in the region.
• Reaffirmed joint commitment to fight against extremism and terrorism, including cross-border terrorism, in all forms, at both regional and international levels.
Economic partnership
• CEPA to result in an increase of bilateral trade from $60 billion to $100 billion in 5 years.
• To expedite work on a dedicated investment zone for UAE companies and joint ventures with a focus on setting up a food corridor and establishment of a dedicated India Mart in Jebel Ali Free Zone.
• To create investment opportunities for Indian investors in establishing specialised industrial advanced technology zones in Abu Dhabi, with a specific focus in areas of logistics and services, pharmaceuticals, medical devices, agriculture, agri-tech, steel and aluminium.
Energy partnership
• Promote collaboration opportunities to support India’s energy requirements, including new energies, and ensure the provision of affordable and secure energy supplies to India’s growing economy.
• Mutual support in energy transition and focused work on a low-carbon future.
Climate action and renewables
• Agreed to support each other’s clean energy missions and establish a joint Hydrogen Task Force to help scale up technologies, with a special focus on the production of Green Hydrogen.
Education cooperation
• Agreed to establish an Indian Institute of Technology in the UAE.
Emerging technologies
• Agreed to expand cooperation and collaborate on critical technologies and mutually promote e-businesses and e-payment solutions and promote start-ups from both countries.
Cultural cooperation
• Agreed to set up an India–UAE Cultural Council to facilitate and promote cross-cultural exchanges, cultural projects, exhibitions and dialogue between thought leaders of the two countries.
Skills cooperation
• Agreed to enhance cooperation in skill development so as to align with the market needs and address the changing needs for the future of work.
Food security
• Acknowledged the need to enhance the resilience and reliability of food supply chains.
• Agreed to expand cooperation through enhanced bilateral food & agriculture trade and, promote and strengthen the infrastructure and dedicated logistic services connecting farms to ports to final destinations in the UAE.
Health cooperation
• Agreed to collaborate in research, production and development of reliable supply chains for vaccines and enhance investments by UAE entities in the rapidly growing health infrastructure in India as well as collaborate in providing health care in underprivileged countries.