India-UAE trade pact comes into force
The Hindu
India is negotiating trade agreements at a very fast pace with complementary economies, including the UK, Canada and the EU.
The free trade agreement between India and the UAE has come into effect on Sunday, under which domestic exporters in various sectors like textiles, agriculture, dry fruits, gems and jewellery will get duty-free access to the UAE market.
In a symbolic gesture for operationalising the agreement, Commerce Secretary BVR Subrahmanyam handed over Certificates of Origin to three exporters from the gems and jewellery sector here. These consignments to Dubai will not attract any customs duty under the pact, which is officially termed as Comprehensive Economic Partnership Agreement (CEPA). The Central Board of Indirect Taxes and Customs (CBIC) and the Directorate General of Foreign Trade (DGFT) has issued relevant notifications for the operationalisation of the agreement from May 1.
"Today, CEPA between India and the UAE is coming into force. Today, we are sending the first consignment from India to UAE, which will benefit from this agreement," Mr. Subrahmanyam said here.
The UAE is the second or third largest trading partner of India and that country is a gateway to the middle east, North Africa, Central Asia and sub-Saharan Africa, he noted.
The trade pact will help in taking the two-way trade to $100 billion in five years from the existing $60 billion.
"$100 billion is just a starter…As we go along, it will become $200 billion and then $500 billion in the years to come," the secretary said, adding 99% of "our exports will go to zero duty in UAE".
The gems and jewellery sector contributes a substantial portion of India's exports to the UAE and is expected to benefit significantly from the tariff concessions obtained for Indian products under this pact.
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