New IIT In UAE: This Is What India-UAE Trade Deal Says

Shivangi Vatsal

0 min read

New IIT In UAE: This Is What India-UAE Trade Deal Says

0 min read

IIT goes global with the recently signed historic Comprehensive Economic Partnership Agreement (CEPA) between India and UAE. As a part of the India-UAE trade deal, India will set up its first IIT abroad in UAE. Details inside.

IITs are considered to be premiere institutes offering a range of degrees starting from B.Tech. to doctoral programs since their inception. And it’s time for a new IIT to join the family of 23!

As per the bilateral agreement, the government of India will be establishing an Indian Institute of Technology (IIT) in the United Arab Emirates (UAE) for the first time abroad.

Signed between Prime Minister Narendra Modi and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, the leaders agreed to promote start-ups from both countries. The start-ups could focus on,

Agritech
Chip design
Edutech
Fintech
Green energy
Logistics and supply chain
Health care
Interalia

Another highlight of the deal is that the two nations will set up an India–UAE cultural council to facilitate and promote cultural projects, cross-cultural exchanges, exhibitions, among others. This will develop a mutually agreed professional standards and skills framework.

What is CEPA?

Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement between two countries. Piyush Goyal, Union Minister of Commerce and Industry held a bilateral meeting with the UAE (India's 3rd-largest trade partner globally) and signed an 880-page deal to strengthen their bond. As per the records, this is the first major trade deal signed by the Narendra Modi government since first coming to power in 2014.

Focused on reducing import duties on the majority of Indian exports to the country, the government expects to benefit exports from sectors such as Agri goods, automobiles, engineering goods, gems & jewelry, footwear, furniture, leather, medical devices, plastics, pharma, sports goods, and textiles from CEPA.

This 88-day negotiation is expected to grow the country’s bilateral trade to USD 100 billion and open up at least 10 lakh jobs for youth!

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Edited by

Shivangi Vatsal

Sr. Associate Content Strategist @Unstop

I am a storyteller by nature. At Unstop, I tell stories ripe with promise and inspiration, and in life, I voice out the stories of our four-legged furry friends. Providing a prospect of a good life filled with equal opportunities to students and our pawsome buddies helps me sleep better at night. And for those rainy evenings, I turn to my colors.