An official stated on Friday that the country’s exports to the UAE, with which India implemented a free trade agreement on May 1 of last year, are anticipated to surpass $31 billion during the current fiscal year due to strong demand for industries like gems and jewellery, machinery, and automobiles.
While Paradip and Vishakapatnam are two significant ports, Gopalpur, Damra, and the upcoming Bhavnapadu are three lesser ports.
This project is a part of the Indian Railways’ Mission 3000 MT plan and connects important places including Gaya, a developing textile hub, Hazaribagh, a marine food cluster, Dhanbad, a district with sizable coal reserves, and Pashchim Bardhaman, a region with sizable steel potential. The average train speed along this track will increase after the renovation is complete. from 33 kph to 55 kph, increase. The project will ensure a general improvement in the logistics network of this region, increased economic activity in the region, and the decongestion of the chronically congested Delhi-Howrah train route in the Golden Quadrilateral.The significance was emphasised by the Special Secretary Up to 6,057 certificates of origin were given to exporters in January so they could benefit from the trade agreement’s reduced tax rates.
For exports to nations with which India has trade agreements, a certificate of origin is a crucial document. At the importing nation’s landing port, an exporter must present the certificate. To claim duty reductions under free trade agreements, the paperwork is crucial. This certificate is necessary to demonstrate the origin of the items.
During Gem and jewellery exports to the UAE increased by 16% and 29% to $3.8 billion and $2.6 billion, respectively, from June 2022 to January 2023. Shipments of autos increased by 38% to $475 million during that time. The exports of edible vegetables, coffee, tea, spices, sugar, man-made staple fibres, and tea all show good growth.
The official stated that technical teams are working on the procedures and that the central banks of both nations are discussing the potential of rupee-dirham transactions between the two countries.
