UAE treaty could give a fillip to Indian exports to the Gulf and Africa, benefit pharma and MSME sector

News: After its exit from RCEP, India and Mauritius signed a Comprehensive Economic Co-operation and Partnership Agreement. Interim trade agreements with the UK, Canada and Australia are in the pipeline. India recently announced trade deal with UAE also.

What are the key outcomes of the India-UAE trade treaty?

The Free Trade agreement is expected to revive export-oriented industries in India, especially in the MSME sector because of a zero-tariff welcome by the UAE. The jewellery sector is also expected to receive a uplift with a concessional import duty. The agreement also speaks about speeding up work on a special investment zone for UAE companies and joint ventures, and a dedicated India Mart in the Jebel Ali free zone.

India and UAE are also now part of an economic relations, informally named “Middle East Quad”, in which the United States and Israel area also members.

Source: This post is based on the following articles:

“UAE treaty could give a fillip to Indian exports to the Gulf and Africa, benefit pharma and MSME sector” published in the Indian express on 21st February, 2022.

“A good start” published in the Business Standard on 21st February, 2022.