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New Delhi India’s non-oil exports to the United Arab Emirates (UAE) rose 5% to $15 billion between June 2022 and January this year after the two countries launched a free trade agreement last year, Indian government officials said.
New Delhi India’s non-oil exports to the United Arab Emirates (UAE) rose 5% to $15 billion between June 2022 and January this year after the two countries launched a free trade agreement last year, Indian government officials said.
Exports to the UAE are expected to exceed $31 billion this fiscal year, led by gems and jewellery, machinery and automobiles, the official told reporters on condition of anonymity.
Exports to the UAE are expected to exceed $31 billion this fiscal year, led by gems and jewellery, machinery and automobiles, the official told reporters on condition of anonymity.
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Exports of gems and jewelry and electric motors rose 16 percent and 29 percent to $3.8 billion in June 2022 and $2.6 billion in January this year, respectively, while car shipments rose 38 percent to $475 million during the period, the official said. . Other sectors with healthy growth in exports include coffee, tea, spices, sugar, staple fiber and edible vegetables, the official added.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into force on May 1, has led to a steady increase in the number of Certificates of Origin (CoO) issued to Indian exporters, pointing to higher export volumes in the coming months. CoOs have to apply for tariff concessions under bilateral free trade agreements and may result in a lag in actual exports. As many as 6,057 CoOs were issued to exporters in January, up sharply from 415 in May.
Mint Exports benefiting from the trade pact accounted for 60% of New Delhi’s total non-oil shipments to Abu Dhabi in the December quarter, compared with 22% in the July-September 2022 period, it reported last month. This indicates a sharp increase in oil utilization agreement, according to the data indicated by the certificate of origin, by MintOn the possibility of rupee-dirham trade, the official said the central banks of the two countries are discussing the matter and technical teams are working on the model. He did not elaborate.
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