25.1 C
Dubai
Thursday, November 14, 2024
spot_img

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

[ad_1]

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.

Subscribe to continue reading

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.

[ad_2]

Source link

Related Articles

UAE Amplifies Compassion: Humanitarian Aid to Gaza Reaches 121 Deliveries with ‘Operation Chivalrous Knight 3

UAE commitment to humanitarian aid has once again been highlighted through its ongoing support for the people of Gaza. In a significant effort to alleviate...

Empowering Women Through Entrepreneurship The Inspirational Journey of Remya Krishnakripa and SilverRay Global Coaching

In a world where corporate careers often trap individuals in a cycle of stress and stagnation, Remya Krishnakripa found a way to break free...

Abu Dhabi Oil and Gas Summit Ignites Strategic Dialogues on Energy Security and Innovation Amid Regional Challenges

Abu Dhabi: The UAE’s oil and gas industry recently convened for its annual summit in Abu Dhabi, where top energy leaders discussed strategies for...

UAE President Sheikh Mohamed bin Zayed Invited to Arab-Islamic Summit: A Key Step Towards Regional Unity and Cooperation

UAE President Sheikh Mohamed bin Zayed Al Nahyan has received a formal invitation from Saudi Arabia’s King Salman bin Abdulaziz Al Saud to attend...

Sheikh Mohammed Unveils Bold UAE Investment Strategy: AED 2.2 Trillion FDI Goal to Drive Innovation and Sustainable Growth by 2031

Sheikh Mohammed Unveils Bold UAE Investment Strategy: Aiming for AED 2.2 Trillion in FDI to Power Innovation and Sustainable Growth by 2031 In a significant...

Latest Articles