India, UAE Seal Bilateral Economic Pact to Deepen Trade and Investment Ties - Bloomberg
India and the United Arab Emirates inked a comprehensive economic agreement Friday, liberalizing duties on more than 80% of goods traded between the two nations, to bolster trade and investment.
“The trade deal is a win-win for both the sides and it is the most comprehensive and balanced free trade agreement,” India’s trade minister Piyush Goyal said at a press conference announcing the deal.
According to the agreement, metals, minerals, petrochemicals and petroleum products from the UAE would see a reduction in duties to the Indian market, while Indian exporters would get an advantage in items including leather, footwear, pharmaceuticals and textiles, Goyal said. Additionally, India has agreed to give concession on the import duty on gold to the UAE, while the UAE has agreed to eliminate duty on gems and jewelery, India’s trade secretary B.V.R. Subramanyam said.
The agreement has a permanent safeguard mechanism to protect from a sudden surge in import volume, Goyal said.
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