new Delhi. Commerce Secretary BVR Subrahmanyam said on Saturday that the trade agreement between India and the United Arab Emirates (UAE) will give duty free access to the domestic jewelery sector to the UAE market, thereby helping exports ( Exports) will get a huge boost.
On the other hand, the Gulf country will get more access to the gold market here, because India will give duty exemption on import of gold up to 200 tonnes. India imported about 70 tonnes of gold from UAE in 2020-21.
The commerce secretary said, “We are a major importer of gold. India imports about 800 tonnes of gold every year. In this particular agreement, we have given them a TRQ of 200 tonnes, where the duty will always be one per cent less than whatever import duty is levied for the rest of the world.
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Subramaniam said, “In this way the UAE has got one per cent value advantage on gold. The biggest advantage for India is that there will be duty free access to the UAE market for domestic jewellery. He said that till now there was 5 per cent duty on Indian jewellery, which has now come down to zero, which will benefit the gems and jewelery sector.
Bilateral trade may reach $100 billion
The signing of the Free Trade Agreement (FTA) between India and the UAE will help lateral trade to reach $100 billion in the next 5 years and create millions of jobs. Commerce Minister Piyush Goyal had said after the signing of the FTA between India and the UAE on Friday that the Comprehensive Economic Partnership Agreement (CEPA) may come into effect in May and from the first day about 90 related issues of Indian interest. Exports to UAE will be opened for percent of the products.
India and UAE sign CEPA
The trade agreement was signed during the online summit between Prime Minister Narendra Modi and the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan. The agreement was signed by Goyal on behalf of India and Abdullah bin Touq Al Marri, UAE Minister of Economy. The two countries also released a framework to further strengthen ties in various fields. This FTA is expected to increase bilateral trade between the two countries from the current $60 billion to $100 billion in the next five years.
Tags: export, Import-Export, UAE
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