Due to the advantages of the free trade agreement between the two nations, an official said on Thursday that India's exports to the UAE are anticipated to reach an "all-time high" of USD 32 billion by the end of this fiscal. As part of a review of the bilateral Comprehensive Economic Partnership Agreement, the two nations also want to connect their customs and logistics portals for real-time tracking of goods for priority of entry in ports (CEPA).
"India exports about USD 28.3 billion to the UAE. This year, we aim to surpass our previous record of 32 billion USD in exports," the source stated.
In order to facilitate customs, India and the UAE are collaborating on integrating their logistics and customs portals, which will allow for real-time data transmission and ship tracking for priority port entrances.
The trade pact, which went into effect on May 1, 2022, will probably be reviewed in May. Around 1.3 billion USD of India's exports go duty-free each month, compared to 2.72 billion USD in total outbound shipments.
In February, 6,944 certificates of origin were granted, compared to 5,754 in November of the previous year. India had an increase in its exports of iron and steel, autos, coffee, tea, gemstones, and jewelry from June 2022 to February 2023 compared to the same time last year.
The worldwide economic downturn caused a reduction in apparel exports, while iron and steel shipments decreased even after the government removed export restrictions. Their shipments are anticipated to increase in the upcoming fiscal year, the official said. Between June 2022 and February 2023, India's total exports of goods to the UAE increased by 10.4% on a year-over-year basis to USD 23.03 billion, while its imports jumped by 12.9% to USD 38.95 billion.
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