According to an official, India’s exports to the UAE are expected to reach an all-time high of $32 billion this year.
The increase in exports is part of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which also includes plans to integrate customs and logistics portals for real-time tracking of shipments.
This will prioritize entry in ports for exports.
Around $1.3 billion of India’s exports are going on zero duty.
Almost 6,944 certificates of origin were issued in February, higher than in November last year.
Exports of gems and jewelry, automobiles, coffee, tea, and articles of iron and steel, among others, rose from June 2022-February 2023.
However, exports of apparel, iron, and steel to the UAE decreased during this period due to global headwinds and export restrictions.
India’s overall goods exports to the UAE rose 10.4% on-year in June 2022-February 2023 at $23.03 billion, while imports increased 12.9% at $38.95 billion.
A review of the CEPA, which came into force on May 1, 2022, is likely in May.
The official said that the increase in CEPA utilization is good news, and India’s exports of apparel, iron, and steel are expected to pick up in the next fiscal year.
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