India signs free trade agreement with UAE

[Ryzen_renoir]

India has signed a trade pact with the United Arab Emirates (UAE) that will reduce import duties on the majority of Indian exports to the country. The  Comprehensive Economic Partnership Agreement (CEPA) is the first major trade deal signed by the Narendra Modi government since first coming to power in 2014.

The deal was signed in New Delhi by Commerce and Industry Minister Piyush Goyal and UAE's Minister of Economy Abdulla bin Touq Al Marri. While it cuts import duties on a wide range of products, the government expects it to especially boost the export of gems and jewellery, and apparels to the UAE and raise total trade up to $100 billion in the next 5-years.

UAE is India's third-largest trade partner globally, after the United States and China. Bilateral trade between both nations stood at $43.3 billion as of 2020-21 and is spread across thousands of traded items. In 2019-20, the pre-pandemic year, trade between the two countries was estimated at $59 billion. The UAE is also home to 35 lakh Indian-origin persons.

The CEPA is expected to come into effect by the first week of May since the process will take about 60-days, Goyal said. During that time, a series of business interactions will be held across India, between businesses from both sides.

Many firsts

The 880-page document covers topics such as free trade, digital economy, government procurement, strategic areas, Goyal said. Almost 90 percent of all traded items are set to benefit from the deal, he added.

 

For India, the deal is set to benefit exports from sectors such as Gems & jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agri goods, pharma, medical devices, automobiles, engineering goods. "Most of these sectors are labour oriented and we do believe this will, as we grow our bilateral trade to $100 billion, open up at least 10 lakh jobs for youth," Goyal said.

India has given tariff concessions on gold exports to the UAE, while they have eliminated tariffs on jewelry exports from India.

"In a first, the UAE has been gracious in accepting our request that once an Indian medical product is accepted by UK, US, EU, Canada, and Australia, and goes through the rigorous regulatory process of these countries, such products will get market access & regulatory approval in a time-bound manner of 90-days for being marketed in the UAE," Goyal said.

He said that businesses of both countries will be protected from any sudden surges in volume of any product, through a permanent safeguard mechanism.

While it is currently engaged in discussing trade deals with as many as 8 nations, the deal with India has economic and strategic importance for the Emirates. "The projections are clear. It will add to 1.7 percent or $8.9 billion to our national GDP. It will raise exports by 1.5 percent," Touq Al Mari said.

The UAE is expected to benefit from potentially larger exports of metals & minerals, petrochemicals, petroleum products and dates, Goyal said.

 

The deal found a major mention in the India-UAE virtual summit hosted by Prime Minister Narendra Modi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces & Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed al Nahyan, also held on Friday.

"I am confident this will begin a new age of economic cooperation and growth for both our nations," Modi said.

Negotiations on the deal have been completed in a record time of just 88 days, having been officially launched in September 2021. The latest deal is an ‘early harvest’ component of a far more comprehensive trade and economic partnership deal in the future. An early harvest trade deal is one in which both parties sign off on a set of relatively easily achievable deliverables.

However, Goyal stressed that the deal shouldn't be termed an 'interim agreement' or arrangement, saying it is a fully legally scrubbed deal protecting the trade and strategic interests of both sides.

 

  

[futureofandhra]

6 minutes ago, Ryzen_renoir said:

India has signed a trade pact with the United Arab Emirates (UAE) that will reduce import duties on the majority of Indian exports to the country. The  Comprehensive Economic Partnership Agreement (CEPA) is the first major trade deal signed by the Narendra Modi government since first coming to power in 2014.

The deal was signed in New Delhi by Commerce and Industry Minister Piyush Goyal and UAE's Minister of Economy Abdulla bin Touq Al Marri. While it cuts import duties on a wide range of products, the government expects it to especially boost the export of gems and jewellery, and apparels to the UAE and raise total trade up to $100 billion in the next 5-years.

UAE is India's third-largest trade partner globally, after the United States and China. Bilateral trade between both nations stood at $43.3 billion as of 2020-21 and is spread across thousands of traded items. In 2019-20, the pre-pandemic year, trade between the two countries was estimated at $59 billion. The UAE is also home to 35 lakh Indian-origin persons.

The CEPA is expected to come into effect by the first week of May since the process will take about 60-days, Goyal said. During that time, a series of business interactions will be held across India, between businesses from both sides.

Many firsts

The 880-page document covers topics such as free trade, digital economy, government procurement, strategic areas, Goyal said. Almost 90 percent of all traded items are set to benefit from the deal, he added.

 

For India, the deal is set to benefit exports from sectors such as Gems & jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agri goods, pharma, medical devices, automobiles, engineering goods. "Most of these sectors are labour oriented and we do believe this will, as we grow our bilateral trade to $100 billion, open up at least 10 lakh jobs for youth," Goyal said.

India has given tariff concessions on gold exports to the UAE, while they have eliminated tariffs on jewelry exports from India.

"In a first, the UAE has been gracious in accepting our request that once an Indian medical product is accepted by UK, US, EU, Canada, and Australia, and goes through the rigorous regulatory process of these countries, such products will get market access & regulatory approval in a time-bound manner of 90-days for being marketed in the UAE," Goyal said.

He said that businesses of both countries will be protected from any sudden surges in volume of any product, through a permanent safeguard mechanism.

While it is currently engaged in discussing trade deals with as many as 8 nations, the deal with India has economic and strategic importance for the Emirates. "The projections are clear. It will add to 1.7 percent or $8.9 billion to our national GDP. It will raise exports by 1.5 percent," Touq Al Mari said.

The UAE is expected to benefit from potentially larger exports of metals & minerals, petrochemicals, petroleum products and dates, Goyal said.

 

The deal found a major mention in the India-UAE virtual summit hosted by Prime Minister Narendra Modi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces & Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed al Nahyan, also held on Friday.

"I am confident this will begin a new age of economic cooperation and growth for both our nations," Modi said.

Negotiations on the deal have been completed in a record time of just 88 days, having been officially launched in September 2021. The latest deal is an ‘early harvest’ component of a far more comprehensive trade and economic partnership deal in the future. An early harvest trade deal is one in which both parties sign off on a set of relatively easily achievable deliverables.

However, Goyal stressed that the deal shouldn't be termed an 'interim agreement' or arrangement, saying it is a fully legally scrubbed deal protecting the trade and strategic interests of both sides.

 

  

e u sure tax free?

[pakeer_saab]

9 minutes ago, Ryzen_renoir said:

India has signed a trade pact with the United Arab Emirates (UAE) that will reduce import duties on the majority of Indian exports to the country. The  Comprehensive Economic Partnership Agreement (CEPA) is the first major trade deal signed by the Narendra Modi government since first coming to power in 2014.

The deal was signed in New Delhi by Commerce and Industry Minister Piyush Goyal and UAE's Minister of Economy Abdulla bin Touq Al Marri. While it cuts import duties on a wide range of products, the government expects it to especially boost the export of gems and jewellery, and apparels to the UAE and raise total trade up to $100 billion in the next 5-years.

UAE is India's third-largest trade partner globally, after the United States and China. Bilateral trade between both nations stood at $43.3 billion as of 2020-21 and is spread across thousands of traded items. In 2019-20, the pre-pandemic year, trade between the two countries was estimated at $59 billion. The UAE is also home to 35 lakh Indian-origin persons.

The CEPA is expected to come into effect by the first week of May since the process will take about 60-days, Goyal said. During that time, a series of business interactions will be held across India, between businesses from both sides.

Many firsts

The 880-page document covers topics such as free trade, digital economy, government procurement, strategic areas, Goyal said. Almost 90 percent of all traded items are set to benefit from the deal, he added.

 

For India, the deal is set to benefit exports from sectors such as Gems & jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agri goods, pharma, medical devices, automobiles, engineering goods. "Most of these sectors are labour oriented and we do believe this will, as we grow our bilateral trade to $100 billion, open up at least 10 lakh jobs for youth," Goyal said.

India has given tariff concessions on gold exports to the UAE, while they have eliminated tariffs on jewelry exports from India.

"In a first, the UAE has been gracious in accepting our request that once an Indian medical product is accepted by UK, US, EU, Canada, and Australia, and goes through the rigorous regulatory process of these countries, such products will get market access & regulatory approval in a time-bound manner of 90-days for being marketed in the UAE," Goyal said.

He said that businesses of both countries will be protected from any sudden surges in volume of any product, through a permanent safeguard mechanism.

While it is currently engaged in discussing trade deals with as many as 8 nations, the deal with India has economic and strategic importance for the Emirates. "The projections are clear. It will add to 1.7 percent or $8.9 billion to our national GDP. It will raise exports by 1.5 percent," Touq Al Mari said.

The UAE is expected to benefit from potentially larger exports of metals & minerals, petrochemicals, petroleum products and dates, Goyal said.

 

The deal found a major mention in the India-UAE virtual summit hosted by Prime Minister Narendra Modi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces & Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed al Nahyan, also held on Friday.

"I am confident this will begin a new age of economic cooperation and growth for both our nations," Modi said.

Negotiations on the deal have been completed in a record time of just 88 days, having been officially launched in September 2021. The latest deal is an ‘early harvest’ component of a far more comprehensive trade and economic partnership deal in the future. An early harvest trade deal is one in which both parties sign off on a set of relatively easily achievable deliverables.

However, Goyal stressed that the deal shouldn't be termed an 'interim agreement' or arrangement, saying it is a fully legally scrubbed deal protecting the trade and strategic interests of both sides.

 

  

Nehru deepy thought about this trade deal while screwing Edwina, but his thoughts got diverted due to Osgasm antunna @JackSeal and @bhaigan ka barta

[Ryzen_renoir]

1 hour ago, futureofandhra said:

e u sure tax free?

Apparently it's an exchange deal where india gets to impor duty free gold from UAE in return for UAE waiving off all import taxes on Indian jewellery 

I am not sure if individuals are allowed to import  the gold duty free or only institutions 

[futureofandhra]

3 minutes ago, Ryzen_renoir said:

Apparently it's an exchange deal where india gets to impor duty free gold from UAE in return for UAE waiving off all import taxes on Indian jewellery 

I am not sure if individuals are allowed to import  the gold duty free or only institutions 

if this happens rupee will suffer

[BAVA_BERRY]

3 minutes ago, futureofandhra said:

if this happens rupee will suffer

how?

[Ryzen_renoir]

8 minutes ago, futureofandhra said:

if this happens rupee will suffer

A minor impact ,  smugglers will suffer the most

 

[Anta Assamey]

Modi debba ki Emiratis aina digi ravalsinde...

[BAVA_BERRY]

3 hours ago, futureofandhra said:

if this happens rupee will suffer

How ante Answer ledu y pushpa antuna @DesiPokiri @jiggubhai 

[Android_Halwa]

4 hours ago, Ryzen_renoir said:

Apparently it's an exchange deal where india gets to impor duty free gold from UAE in return for UAE waiving off all import taxes on Indian jewellery 

I am not sure if individuals are allowed to import  the gold duty free or only institutions 

I don’t think individual consumption has any relaxations especially import duty with this FTA. 
 

 

[Ryzen_renoir]

3 hours ago, Android_Halwa said:

I don’t think individual consumption has any relaxations especially import duty with this FTA. 
 

 

But it is essentially waving off all import taxes on gold , even if it's through companies 

UAE gets to become the gateway for gold to india 

[pakeer_saab]

45 minutes ago, Ryzen_renoir said:

But it is essentially waving off all import taxes on gold , even if it's through companies 

UAE gets to become the gateway for gold to india 

the amount of money spent on custom is too much, when a meagre tax is applied, people will pay that tax and buy royally, india lo real problem was too much taxes and smugling

flights from dubai are hubs for smuggling, govt has finally realized this and FTA is good for all