The countries agree to remove trade barriers and increase non-oil exports
The trade turnover between India and the United Arab Emirates (UAE) has for the first time reached a record US$100 billion. Against this backdrop, the parties have agreed to deepen their economic partnership, reports IANS, a partner of TV BRICS.
The decision was taken at the third meeting of the Joint Committee under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in New Delhi. The parties intend to increase non-oil trade and trade not related to precious metals to US$100 billion by 2030, according to the official statement following the talks. To achieve this goal, the partners plan to remove administrative trade barriers and significantly simplify customs procedures.
“Discussions also covered regulatory cooperation in pharmaceuticals, resolution of issues related to Certificates of Origin, Bank for International Settlements (BIS) coordination, and early signing of the MoU on Food Safety and Technical Requirements between the Agricultural and Processed Food Products Export Development Authority, India, and the Ministry of Climate Change and Environment, UAE,” the statement notes.
The Indian side also informed its partners about the new transparent mechanism for allocating tariff-rate quotas for gold imports.
The Comprehensive Economic Partnership Agreement between India and the UAE entered into force on 1 May 2022. According to the results of the 2024/25 financial year, trade turnover between the countries increased by 19.6 per cent.
Photo: Diamond Dogs / iStock
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