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Home News Indian goods to get duty free access to UAE market post FTA

Indian goods to get duty free access to UAE market post FTA

Indian goods to get duty free access to UAE market post FTA

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Last updated: March 20, 2024
by and Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

Indian goods worth as much as $26 billion, which are
currently taxed at 5% by the UAE, will be allowed at zero duty once the free
trade agreement (FTA) with Abu Dhabi comes into force by May.

It will particularly
help labour-intensive sectors, including textiles and garments, agriculture,
leather and footwear, where domestic exporters typically operate at thin
margins.

Some of the
remaining traded items, which will also have duty-free access to the UAE market
under the FTA, currently attract higher duties and some others are already
granted tax-free entry. So, the extent of duty relief in these products varies
accordingly.

While Abu Dhabi has
offered duty-free access to 90% of Indian exports to it, New Delhi will allow
80% of the UAE’s supplies at zero tax. Both the countries are aiming to raise
bilateral trade to $100 billion in five years.

According to the
ministry’s analysis, the Indian textile and garment sector will see additional
exports of $2 billion to the UAE over the next 5 years due to the FTA. Of this,
incremental exports in man-made fibre textiles alone will be to the tune of
$650 million.

In engineering
goods, exports are projected to grow. Similarly, exports of plain gold
jewellery and gold-studded jewellery to the UAE are expected to surge by FY24.

In the
pharmaceutical sector, exports to the
UAE are projected to witness a compounded
annual growth. The commerce ministry also expects additional plastic exports to
the UAE in five years.

In agriculture,
additional exports to the UAE are projected to be about $850 million in five
years, while in automobiles and leather & footwear, extra exports are
estimated. In services, the UAE has offered easier access in 111 sub-sectors to
India, while New Delhi has offered 100.

Source:
Financial Express

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