Shipment term

First shipment under CEPA India-UAE flag from New Delhi to Dubai

The historic Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates, signed between the two countries on February 18, has officially entered into force and the first consignment of goods has been dispatched from New Delhi, which n will now attract no customs duties under this agreement. Agreement, expected to reach Dubai on Sunday. Secretary, Department of Commerce, BVR Subrahmanyam today reported the first consignment of goods comprising of jewelery products from India to the UAE under the India-UAE CEPA during a receipt at the new Customs in New Delhi.

“In a symbolic gesture operationalizing the landmark agreement, BVR Subrahmanyam, Commerce Secretary, Government of India, handed over certificates of origin to three exporters in the gemstone and jewelery sector. to reach Dubai today, May 1, 2022,” a government press release said in its statement. The gemstone and jewelery sector accounts for a substantial portion of India’s exports to the UAE and is sector which stands to benefit significantly from the tariff concessions obtained for Indian products under the India-UAE CEPA.

Overall, India will benefit from the preferential market access provided by the UAE on over 97% of its tariff lines, which account for 99% of India’s exports to the UAE by value, particularly in the sectors labor-intensive such as gemstones and jewelry, textiles, leather. , footwear, sporting goods, plastics, furniture, agricultural and wood products, engineering products, pharmaceuticals, medical devices and automobiles. Regarding trade in services, Indian service providers will have improved access to about 111 sub-sectors of the 11 major service sectors, the press release said.

CEPA is expected to bring the total value of two-way merchandise trade to over $100 billion and trade in services to over $15 billion within five years. Speaking at the ceremony, the Commerce Secretary said it was a momentous occasion. Highlighting the immense potential for strategic partnership between the two nations, he said the agreement is a pioneer due to the short time frame in which it was negotiated.

He added that although the deal envisioned a target of $100 billion in trade, given the size of the Indian market and the access the UAE would give India, much more could be achieved. Noting that the agreement was the result of the vision of the leaders of the two nations, the Commerce Secretary said that for India, the UAE would be a gateway to the world. Emphasizing the need for Indian products to be competitive in the international market, the Secretary said there is a need to build and increase our capabilities. He also added that the government is working to reduce logistics costs so that products from the hinterland can also be competitive.

The Commerce Secretary informed that India was negotiating trade deals at a very fast pace with complementary economies and talks were underway with the UK, Canada and the EU. He also spoke of the need to communicate the benefits of these trade agreements to the exporting community in layman’s language so that they understand the provisions of the agreement and make the best use of it. Stressing the need for market intelligence and data analytics, which the government will focus on in the future, the secretary urged exporters to take advantage of free trade agreements.

Stating that $670 billion in exports (goods and services) in the last fiscal year constituted 22-23% of GDP, Subrahmanyam said that exports are an important engine of growth in every economy and added that the world considers India as a reliable partner. Conveying a vision for the future of India in 2047, the secretary said that we would be a $40 trillion economy in the next 25 years. He said the Department of Commerce has also strengthened to be future-ready and meet tomorrow’s challenges with a focus on promoting trade.

Santosh Kumar Sarangi, General Manager of Foreign Trade; Surjit Bhujbal, Chief Commissioner of Customs; Sanjay Bansal, Commissioner of Customs; other senior Commerce Department officials; and representatives of the industry/exporting community and the media fraternity attended this ceremony. (ANI)

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)