FTA with UAE to aid exports growth for apparel, gems & jewellery industry
News: India and the United Arab Emirates (UAE) have signed a free trade agreement (FTA), which is set to reduce tariffs for 80% of goods and give zero duty access to 90% of India’s exports to the UAE.
Views: The trade pact would result in a drop of 5% import duty for Indian readymade garments exports to UAE. This will further strengthen the dominant position of Indian apparels in the UAE and enable in garnering higher market share ( current market share of 43%). Also, India will be giving tariff concessions on gold import duty from UAE of 1% and UAE will be eliminating tariffs (earlier 5% import duty) on Indian jewellery, which will help to augment jewellery exports.
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