Skip to main content

India anticipates record-breaking exports to UAE this year of USD 32 billion

India anticipates record-breaking exports to UAE this year of USD 32 billion

  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.


Labels:

Comments

Post a Comment

Popular posts from this blog

Syria Condemns Israeli Incursion into Beit Jinn, Holds Israel Responsible for Escalation

 Syria strongly condemned an Israeli military incursion into the town of Beit Jinn in rural Damascus, denouncing the assault on civilians and their property, which resulted in casualties and widespread panic. In an official statement, the Syrian Ministry of Foreign Affairs described the incursion as a war crime, stating it followed Israel’s failed attempt to target the town. The ministry held Israeli authorities fully responsible for the aggression and its consequences. Syria called on the UN Security Council, the United Nations, and the Arab League to take urgent action to halt repeated violations. It reaffirmed its commitment to defending its sovereignty and people through all means permitted under international law.
Post a Comment
Read more

Israel issues latest forced evacuation order in areas in Khan Younis

  The Israeli army’s Arabic-language spokesperson, Avichay Adraee, has issued the latest forced evacuation order for civilians living in nine areas in Khan Younis, southern Gaza. Adraee said that the army was expanding its operation and “intensifying sudden and concentrated firepower”. The spokesperson called on residents to evacuate westward. So-called Israeli safe zones, including Al-Mawasi in Khan Younis, are routinely attacked despite the army forcing Palestinians to move to those areas.
Post a Comment
Read more

Bombay High Court Restricts Bursting of Firecrackers in Mumbai During Diwali to These Timings

  The festival of Diwali, often referred to as the "Festival of Lights," is celebrated with great enthusiasm and fervor across India. While the tradition of lighting lamps and bursting firecrackers has been an integral part of the festivities, concerns over air pollution and its adverse effects on public health have prompted authorities to regulate the use of fireworks. The Bombay High Court , in a recent decision, has imposed restrictions on the bursting of firecrackers in Mumbai during Diwali, specifying designated timings to minimize the environmental impact. In an effort to strike a balance between celebrating the festival and safeguarding the environment, the Bombay High Court issued a directive that restricts the use of firecrackers to specific time slots. The court's decision is a response to the rising concerns about air quality and noise pollution during Diwali, which often reaches hazardous levels in several Indian cities. These timings aim to strike a balance b...
Post a Comment
Read more