The India-UAE Comprehensive Economic Partnership Agreement (CEPA) has led to a 70 percent year-on-year growth in exports of essential oils, resinoids, perfumery, and cosmetic preparations from India to UAE, from $161.23 million in the period of June 2021 to February 2022 to $273.54 million in June 2022 to February 2023 period.
Exports of other commodities which grew during the same period were sugar & confectionary (44 percent); cereals (38 percent); coffee, tea & spices (37 percent); automobiles (33 percent), and miscellaneous chemical products (30 percent).
Exports to a record $32 billion
The union commerce ministry has projected that India’s total exports to the UAE will touch a record $32 billion this year on the back of a 4.9 percent year-on-year rise in exports to the West Asian nation in February 2023 despite a 10 percent year-on-year fall in overall exports.
India’s non-oil exports to the UAE rose 18.9 percent year-on-year in February 2023 to $2.14 billion, in comparison to a 4.2 percent drop in non-oil exports to the rest of the world to $28.84 billion in February 2023. India’s exports to the UAE from June 2022 to February 2023 rose 10.4 percent year-on-year, amidst a 0.9 percent rise in exports to the rest of the world.
Sources privy to the developments indicated that there’s no misuse of the India-UAE CEPA for the import of cheap scotch whisky, and the import duty on scotch whisky will continue to remain at its current level, irrespective of where it is routed from.
Further, sources in the know reiterated that the tariff exemptions in the CEPA with UAE were meant only for products majorly manufactured there. Also, sources added that many two-wheeler exports from India to Africa are also routed via UAE for a better after-sales service to consuming countries, stating that the bigger trade volumes in UAE ensure no losses for the export of two-wheelers manufactured in India.
Source: cnbctv18
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