India-UAE trade pact takes effect
The free trade agreement between India and the UAE has come into effect on Sunday, under which domestic exporters in sectors such as textiles, agriculture, dry fruits, gems and jewellery will get duty-free access to the UAE market.
In a symbolic gesture for operationalising the agreement, commerce secretary B.V.R. Subrahmanyam handed over Certificates of Origin to three exporters from the gems and jewellery sector here.
These consignments to Dubai will not attract any customs duty under the pact, which is termed as Comprehensive Economic Partnership Agreement (CEPA).
“Today, CEPA between India and the UAE is coming into force. Today, we are sending the first consignment from India to UAE, which will benefit from this agreement,” Subrahmanyam said here.
The UAE is the second or third largest trading partner of India and that country is a gateway to West Asia, North Africa, Central Asia and sub-Saharan Africa, he noted.
The trade pact will help in taking the two-way trade to $100 billion in five years from the existing $60 billion.