After FTA, 80% export duty in UAE will be free for India

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New Delhi: Once the Bilateral Free Trade Agreement comes into force, India will be able to export at least 50% of its goods to the United Arab Emirates duty free.

Under the Comprehensive Economic Partnership Agreement (CEPA), India will be able to export an additional બે 2 billion worth of textiles over the next two years to the Gulf country and triple plastic exports.

The treaty aims to increase bilateral trade from the current 20 billion to ૧ 100 billion over the next five years. It is expected to create more than five lakh jobs in India's gems and jewelery, textile, engineering products, pharmaceuticals, medical devices, automobiles, leather, sports goods and furniture sectors. About one lakh jobs are expected to be created in the UAE as well.

India is keen to have a duty free market in the Gulf countries for pepper, spices, cheese, some organic chemicals and paper products. Exports of sporting goods and furniture to the UAE could also get zero tariff access, while India's plastics exports could increase from the current લગભગ 215 million to ૩ 1.8 billion.

The industry has identified about 1,100 products, including washing machines, air conditioners, refrigerators, spices, tobacco, cotton, textiles and leather, which it wants to boost exports.

With exports falling to ૮ 1.12 billion in 2020-21 due to the Corona epidemic, the industry has demanded a five per cent import duty on gold, silver and platinum jewelery exports from India to the UAE. In December last year, the UAE lifted the ban on imports of poultry products from India, acknowledging the long-standing demand.

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