NEWS

India – UAE signed an FTA pact recently

ABOUT

• Bilateral trade pact
• Cover over a period of time 90% of India’s exports
• Include leather, processed agriculture and dairy products, handicrafts, gems and jewellery, furniture, pharmaceuticals, food and beverages, engineering products and nearly the entire spectrum of items produced by the Indian economy
• Will also include the services sector
• Expect the services sector to boom by $15 billion in the coming five years.
• Deal has strong anti-dumping measures integrated into it which will prevent any country from dumping its products into the Indian market by using the route of the UAE
• Document has very strong rules of origin clauses that will disallow any country to export goods to India taking advantage of relaxed tariff on the Indian side

BENEFITS

• Marked by the flow of remittances from the oil rich Gulf country to India
• 82% of India’s total remittances originated from seven countries that included Gulf countries like the UAE, Saudi Arabia, Oman and Kuwait