India's exports to UAE may cross $31 billion this fiscal, thanks to FTA

Earlier in 2016-17, India's exports to the UAE touched $31.2 billion.

As many as 6,057 certificates of origin have been issued in January to exporters to avail of concessional duty advantage under the trade pact.

A certificate of origin is a key document required for exports to those countries with which India has trade agreements. An exporter has to submit the certificate at the landing port of the importing country. The document is important to claim duty concessions under free trade agreements. This certificate is essential to prove where the goods come from.

During June 2022-January 2023, gems and jewellery and electrical machinery exports to UAE rose by 16 percent and 29 percent to $3.8 billion and $2.6 billion respectively. During the period, automobiles shipments grew by 38 percent to $475 million.

Other sectors which record healthy growth in exports include coffee, tea, spices, sugar, man-made staple fibres and edible vegetables.

On the possibility of rupee-dirham trade between the countries, the official said central banks of both countries are discussing the matter and technical teams are working on the modalities.