- SFG FRC 2027 | Program starts from 19th Dec. 2026 | Admissions open for Entrance Test Click Here to know more →
- Prelims Test Series (PTS) for Prelims 2027 starts 11th Oct. 2026 Click Here to know more →
- [Pre-order] Ethics Redbook 3rd Edition: Delivery starts from 10th October onwards Click Here to Read More →
- 21 Sept. | GS Advance Program (GSAP) for UPSC 2027 Mains starts from 11th Oct. Click Here to Read More →
Source: The post is based on the article “India, UAE explore virtual trade corridor to fast-track shipments” published in Indian Express on 23rd February 2023
What is the News?
India and the UAE are exploring creating a virtual trade corridor to facilitate quicker clearance of shipments.
Note: In 2022, UAE has signed an agreement with Kuwait to set up a virtual trade corridor.
What is a Virtual Trade Corridor planned between India and UAE?
The Virtual Trade Corridor is aimed at cutting the cost and time for customs clearance and speeding up bilateral trade.
Under the corridor proposal, the customs authorities of the two countries will explore the possibility of accessing pre-arrival information for cargo movement. It will make cross-validation of information significantly faster, besides facilitating pre-clearance of goods.
This will complement the bilateral comprehensive free trade agreement signed between India and the UAE in 2022. It immediately eliminated duties on 90% of India’s exports in value terms and covered sectors like gems and jewelry, textiles, leather, and engineering goods.
Benefits: Pre-arrival online document checks by Customs and allied agencies will reduce delays and benefit exporters on both sides.
– Further, it will provide a seamless flow of cargo on both sides, helping trade to grow without hiccups.
