India signs a free trade pact for duty-free exports to the Emirates
ECONOMY & POLICY

India signs a free trade pact for duty-free exports to the Emirates

India and UAE had signed the Comprehensive Economic Partnership Agreement (CEPA) in February, which came into effect on Sunday, that allows most of India’s exports to the Emirates duty-free access.

The CEPA will be increasing the total value of bilateral trade in goods to more than $100 billion and trade in services to over $15 billion in the five years.

The commerce secretary, BVR Subrahmanyam, reportedly handed over the Certificates of Origin to three exporters from the gems and jewellery sector. The Central Board of Indirect Taxes and Customs and the Directorate General of Foreign Trade have additionally issued the relevant notifications for the operationalisation of the agreement from the beginning of this month. India stands to benefit from the preferential market access in the UAE on over 97 per cent of its tariff lines or goods, which account for 99 per cent of the country’s exports to the UAE in value terms. These are goods from the labour-intensive sectors, namely textiles, leather, footwear, sports goods, plastic, furniture and engineering products. 

Goods and services exports account for about 22-23 per cent of India's GDP. The country’s vision is to take it up to 25-30 per cent.


India and UAE had signed the Comprehensive Economic Partnership Agreement (CEPA) in February, which came into effect on Sunday, that allows most of India’s exports to the Emirates duty-free access.The CEPA will be increasing the total value of bilateral trade in goods to more than $100 billion and trade in services to over $15 billion in the five years.The commerce secretary, BVR Subrahmanyam, reportedly handed over the Certificates of Origin to three exporters from the gems and jewellery sector. The Central Board of Indirect Taxes and Customs and the Directorate General of Foreign Trade have additionally issued the relevant notifications for the operationalisation of the agreement from the beginning of this month. India stands to benefit from the preferential market access in the UAE on over 97 per cent of its tariff lines or goods, which account for 99 per cent of the country’s exports to the UAE in value terms. These are goods from the labour-intensive sectors, namely textiles, leather, footwear, sports goods, plastic, furniture and engineering products. Goods and services exports account for about 22-23 per cent of India's GDP. The country’s vision is to take it up to 25-30 per cent.

Next Story
Infrastructure Transport

Bengaluru Unveils Rs 1,200 Bn Infra Upgrade Plan

Bengaluru is set to receive a massive infrastructure boost worth Rs 1,200 billion under new projects planned by the Karnataka government to enhance urban mobility and connectivity. The initiative includes the expansion of the city’s metro network, construction of tunnel roads, elevated corridors, and 500 km of white-topping works to improve road durability. The Bruhat Bengaluru Mahanagara Palike (BBMP) and Bengaluru Metro Rail Corporation Limited (BMRCL) will jointly execute the projects. Key projects include tunnel roads between Hebbal and Mekhri Circle, 25 new signal-free corridors, and ..

Next Story
Infrastructure Transport

Cochin Shipyard delivers first indigenous ASW vessel ‘Mahe’ to Navy

Cochin Shipyard Limited (CSL) has delivered INS Mahe, the first indigenous Anti-Submarine Warfare Shallow Water Craft (ASW SWC), to the Indian Navy. The vessel is part of an eight-ship series being constructed under the Navy’s “Atmanirbhar Bharat” initiative to strengthen coastal defence capabilities. Designed and built entirely in India, Mahe features advanced sensors and weapon systems for detecting and neutralising underwater threats in coastal waters. The vessel underwent extensive sea trials before delivery, demonstrating high performance and manoeuvrability. This milestone reinfo..

Next Story
Infrastructure Urban

Vedanta Group to invest Rs 1,000 billion more in Odisha projects

Vedanta Group has announced an additional investment of Rs 1,000 billion in Odisha to expand its operations across metals, energy, and downstream industries. Anil Agarwal, Chairman, made the announcement during the third edition of the Make in Odisha conclave, highlighting the state’s pivotal role in India’s industrial growth.The investment will focus on strengthening Vedanta’s aluminium and copper businesses, establishing new value-added facilities, and boosting employment in the region. The company already operates large-scale plants in Jharsuguda and Lanjigarh, contributing significan..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?