Home Business India excludes 1,157 goods from a free trade agreement with the UAE

India excludes 1,157 goods from a free trade agreement with the UAE


India has excluded up to 1,157 goods, including televisions, CRTs, soaps, toys, shoes, instant coffee, shabbat and petroleum waxes, under a free trade agreement with the UAE. The pact came into force on May 1. Given the sensitivity of these products to domestic industry, India will not provide any customs benefits on 1,157 goods under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Frequently Asked Questions prepared by the Ministry of Commerce under the Pact.

Product categories include jewelry (excluding the quota of 2.5 tons for gold jewelry), plastics, scrap aluminum and copper, most cars and car parts, medical devices, dairy products, fruits, cereals, sugar, food, tobacco products, tobacco products and pigments, natural rubber, tires and treated marble.

Televisions, CRTs, soaps, toys, shoes, instant coffee, shabbat and petroleum waxes are products that have been excluded from the trade agreement. According to frequently asked questions, CEPA is likely to benefit Indian products worth about $ 26 billion, subject to 5 percent UAE import duties. The agreement also has strict rules of origin for specific products that reflect the requirement for significant processing.

The Certificate of Origin, a key document required to benefit from the Covenant, will be issued by the UAE Ministry of Economy to prevent circumvention of the criteria of the rules of origin. The agreement has built-in protections to ensure that no third country products enter the Indian market through the UAE and enjoy preferential tariffs without significant transformation.

“Trade in goods under CEPA India and the UAE does not allow such products due to strict rules of origin, which reflect the requirement of serious processing,” – it added.

It also said that the concept of revising the agreement had been developed to sum up the Pact and to propose further action on that basis.

The agreement is being implemented and is being implemented through a joint committee. The committee will meet every two years to review the agreement to consider additional measures to further improve the pact. To develop trade in services, both countries have committed to 11 broad categories, including business, communications, construction, education and finance.

Market access has been offered to business visitors, intra-corporate transporters, and contract service providers in a number of service sectors.

As for the section on the public procurement agreement, the ministry stated that it has certain binding obligations related to elements of the public procurement process, procedure and transparency only for a limited number of central government ministries and departments.

Previous articleDeputy General Director of NTA: Light Rail may be operating this year
Next articleUber Tech earns Miss, first quarter earnings by Investing.com