The free trade agreement (FTA) between India and the UAE is expected to take effect on May 1 this year, allowing domestic exporters of up to 6,090 goods from sectors such as textiles, agriculture, dry fruits, gems, and jewellery duty-free access to the UAE market, Commerce and Industry Minister Piyush Goyal said.
India and the United Arab Emirates (UAE) signed the Comprehensive Economic Partnership Agreement (CEPA) in February, with the goal of increasing bilateral trade to USD 100 billion in the next five years from the present USD 60 billion.
The minister said, the detailed wording of the treaty has been made public, and we are now attempting to complete all of our paperwork, including all customs notifications, as quickly as possible. By May 1, 2022, we plan to have it operationalized. Overall, the UAE waives duties on over 97 percent of its products, accounting for 99 percent of Indian exports in terms of value.
All labor-intensive sectors, including gems and jewellery, textiles and apparel, agriculture and seafood products, leather, footwear, and sporting goods, pharmaceuticals and medical equipment, and many engineering products, get immediate duty-free access.
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