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Exports to UAE could hit record $50 billion in 4 years

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New Delhi: India’s exports to UAE are expected to rise to a record $50 billion in 2026-27 from $31.8 billion in 2022-33 as number of Certificates of Origin (COO) rises a year after free trade was implemented Increase transactions.

New Delhi: India’s exports to UAE are expected to rise to a record $50 billion in 2026-27 from $31.8 billion in 2022-33 as number of Certificates of Origin (COO) rises a year after free trade was implemented Increase transactions.

COOs issued to India surged to 8,440 in March from 6,944 in February, official data showed. The COO issued to Indian exporters certifies that the goods meet certain criteria to be considered as originating in India.

COOs issued to India surged to 8,440 in March from 6,944 in February, official data showed. The COO issued to Indian exporters certifies that the goods meet certain criteria to be considered as originating in India.

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COOs that impose tariff concessions under a free trade agreement (FTA) can be reflected in actual exports with a lag and are a strong indicator of the utilization of the agreement.

Commerce Minister Sunil Barthwal said trade between India and the UAE has grown significantly following the implementation of the trade agreement on May 1 last year.

“We hope that by 2026-27 we can reach $50 billion in exports,” Barthwal told reporters.

On the utilization of the free trade agreement, a government official said India and the UAE will exchange data in June.

“We will have the first meeting of the joint trade committee in June. We will discuss the way to exchange data between the customs authorities of the two countries,” the official added.

India’s exports to the UAE rose 11.8% to $31.8 billion in 2022-23, compared to $28 billion a year earlier, data released on Monday showed. India’s non-oil imports from the UAE also surged 4.1% to $25.5 billion from $24.5 billion.

The largest export product was oil, which rose 36% year-on-year to $7,780.22 million in the April 22-March 23 period. While jewelry exports and car exports surged, steel, clothing and apparel exports lagged as global demand slowed.

The India-UAE Comprehensive Economic Partnership Agreement, signed by the two countries on February 18, 2022, came into force on May 1.

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