Exports benefiting from the India-UAE free trade pact accounted for about 60% of New Delhi's total non-oil shipments to Abu Dhabi in the December quarter, as against 22% in the July-September period, signifying a sharp pickup in the utilization of the pact, according to data indicated by certificates of origin, reviewed by Mint.
COOS, which are mandatory to claim duty concessions under bilateral free trade agreements (FTA), may relect into actual exports with a lag, and are a strong indicator of the utilization of the pact.
India's outbound shipments under the comprehensive economic partnership agreement (CEPA), which came into effect on 1 May, had exceeded $5billion by December, while overall duty concession benefits stood at $254 million, according to government data.
Non- oil data is being considered for comparison as oil is not part of the comprehensive This is about one-third of the non-oil exports to the Gulf nation, with key sectors such as textiles, gems and jewellery, electrical machinery, and automobiles, enjoying zero-duty access.
"Significant duty benefits are accruing to Indian exporters under the CEPA. This is a source of competitive advantage for exports to the UAE. CEPA utilization is on an uptrend and is likely to increase further," said a commerce department official, seeking anonymity.
Diese Geschichte stammt aus der January 30, 2023-Ausgabe von Mint Mumbai.
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