Picture for illustrative purposes only.
PHOTO BY ARCHIVE
DUBAI – The UAE is cutting import tax on goods from India by 90 percent under a Comprehensive Economic Partnership Agreement that came into force on May 1, a UAE official said in a report on Wednesday (May 11).
UAE Minister of Economy Abdullah bin Touq Al Marri said the agreement between UAE and India, which was signed on February 18, will help encourage more trade.
The agreement covers 11 service sectors and more than 100 sub-sectors, including business services, professional services, accounting, real estate, advertising, communications, building and construction, related services, educational services, environmental services, financial services, insurance, social and health services, and travel and tourism service, he added.
Al Marri told WAM that the agreement between UAE and India would increase the UAE’s GDP by 2030, increase exports by 1.5 percent and its imports by 3.8 percent by 2030.
It will also create some 140,000 jobs for talented people and those with specialist skills in the most promising sectors of the UAE economy by 2030.
India is the UAE’s largest trading partner for non-oil exports, while the UAE is India’s third-largest trading partner.
The most prominent commodities exported from the UAE to India and the commodities imported from India are mainly gold, diamonds and jewellery, machinery, electrical appliances, petroleum and plastics, and minerals that include iron, steel, and aluminium.
The two countries account for more than 16 percent of the global trade in diamonds, gold and jewellery. ICA/Expat Media
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