Briefs on International Trade (BIT) 2022/ - Department of Commerce
25th April 2022
Preliminary Impact Assessment on SL exports to UAE due to the newly signed India - UAE FTA
India - United Arab Emirates has signed the Free Trade Agreement on 18th February 2022. The Agreement covers areas including goods, services, rules of origin, Customs procedures, government procurement, intellectual property rights, and e-commerce.
According to India, free trade agreement would boost the country's exports in several labor-oriented sectors including gems and jewelry, textiles, leather, footwear, sports goods, engineering goods, and pharmaceuticals.
According to the United Arab Emirates, the country is aiming at diversifying its economy away from oil to non-oil trade by boosting the trade, exports and job creations by eliminating of tariffs of the countries key commodities including aluminum, copper, steel and various petrochemicals through the FTA.
India - UAE relationship
UAE is India's third-largest trading partner currently and the second-largest export destination after the US in 2021 and India is the 4th largest trading partner for UAE and the 04th largest export destination in 2020. The bilateral trade between the two countries stood at $43.3 billion. The UAE is the eighth-largest investor in India, having invested $11 billion between April 2000 and March 2021, while investment by Indian companies in the UAE is estimated to be over $85 billion
India's major exports to the UAE include petroleum products, precious metals, stones, gems and jewelry, minerals, apparel, food items such as cereals, sugar, fruits and vegetables, tea, meat, and seafood, textiles, engineering and machinery products, and chemicals.
UAE's major exports to India include diamond, gold, copper, lime stones, oil, aluminum and iron, scrap iron, cement etc.
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