By the conclusion of this fiscal year, India's exports to the UAE are anticipated to reach an "all-time high" of USD 32 billion as a result of the perks of their free trade agreement, an official said on Thursday. In addition, as part of a review of the bilateral Comprehensive Economic Partnership Agreement (CEPA), the two nations intend to connect their customs and logistics websites to track cargo in real-time and provide them priority entrance into ports.
"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 ease 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 entrance.
The trade pact, which came into effect on May 1, 2022, is anticipated to be reviewed in May. Approximately 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 had been issued, as compared to 5,754 in November of the previous year. India witnessed an increase in its exports of iron and steel, autos, coffee, tea, and gemstones and jewellery from June 2022 to February 2023 as compared to the same time the previous year.
"CEPA utilisation is increasing," the spokesman stated. According to the source, their shipments are likely to increase in the coming fiscal year. Between June 2022 and February 2023, India's total exports of goods to the UAE increased by 10.4% on an annual basis to USD 23.03 billion, while its imports jumped by 12.9% to USD 38.95 billion.
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