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India-UAE Trade
The Indian Primary Copper Producers Association (IPCPA) has raised concerns over rising copper rod imports from the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), warning that the trend threatens domestic investments in copper refining. Since 1996, Indian producers - Hindustan Copper Ltd, Hindalco Industries, Vedanta Ltd, and Kutch Copper Ltd (Adani Group) - have built a domestic refined copper capacity of 1.25 million tonne, against a projected demand of 0.85 million tonne for FY25. The industry had plans to expand capacity further in the coming decade. However, IPCPA in a letter to the commerce ministry said CEPA poses "a significant obstacle" to these plans, as the UAE, despite having no copper mining, smelting, or refining infrastructure, is exporting copper rods to India with minimal value addition. The UAE firms merely convert imported copper cathodes into rods, a process that alters the tariff classification but adds negligible real value, ...
The UAE companies are looking at multiple sectors, such as infrastructure, data centres, banking, startups and logistics, in India to increase their investments, Commerce and Industry Minister Piyush Goyal said on Friday. He said that the two countries have reset their targets and are actively working to increase investments rapidly in different sectors, and enhance collaborations in areas such as renewable energy, shipbuilding, retail, and pharmaceuticals. Infrastructure is one of the major sectors where they (UAE) can see huge potential. There was a lot of interest in the banking sector and startups. The interest of potential investors is also in the logistics ecosystem in India and green energy. The UAE is keen to look at investments, Goyal told reporters here. The minister was here for the 13th India-UAE High-Level Joint Task Force on Investments. The two-day visit concluded on September 19. He was leading a 75-member business delegation. There are many ways through which India
Prime Minister Narendra Modi has spoken to UAE President Mohamed bin Zayed Al Nahyan as they laid emphasis on further developing and deepening the collaboration between two countries for the shared benefit of the peoples of both countries, a statement said on Thursday. Both leaders spoke over the phone and reaffirmed their mutual commitment to further strengthening the bilateral Comprehensive Strategic Partnership between India and the UAE. They positively assessed the remarkable progress made across various sectors of bilateral cooperation and laid emphasis on further developing and deepening collaboration for the shared benefit of the peoples of both countries. The statement said Sheikh Mohamed warmly congratulated Modi on becoming the second longest-serving prime minister in a continuous tenure in India, and wished him continued success in his service to the nation.
Union Minister of Commerce & Industry Shri Piyush Goyal has called the India-UAE relationship "a model of prosperity, trust and shared vision" as he addressed the Dubai-India Business Forum in Mumbai, as per an official press release by the Ministry of Commerce and Industry.The event, organised by Dubai Chambers, was attended by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, on his first official visit to India.Earlier in the day, Goyal shared a post on X (formerly Twitter), stating: "Delighted to meet HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. Our discussions focused on deepening economic cooperation under CEPA and exploring new avenues to further strengthen the India-UAE partnership."Welcoming Sheikh Hamdan, Goyal said, "The presence of Sheikh Hamdan symbolises the deep historical connect and generational continuity between Mumbai and Dubai." ...
External Affairs Minister S. Jaishankar on Tuesday highlighted the significant expansion of India-Middle East engagement in the past decade, driven by strong trade, connectivity, and people-to-people linkages, saying India sees the Middle East as a crucial passage to the world beyond. Addressing the inaugural session of Raisina Middle East here, Jaishankar said the Middle East region, which India calls West Asia, is crucial to India's strategic interests. The country's trade in the Gulf region amounts to about USD 160 to USD 180 billion. "Our presence in the Gulf is both pervasive and crucial. More than 9 million Indians live and work here, but the Gulf also serves as a gateway to the MENA region and the Mediterranean," Jaishankar said. "Our annual trade with the Mediterranean, incidentally, is another USD 80 billion, and the Indian diaspora there is close to half a million," the minister said, adding that India's projects in the region include airports, ports, railways, phosphates,
India's imports from its free trade agreement partner UAE have jumped 109.57 per cent year-on-year to USD 6.12 billion in November, leaving a trade deficit of over USD 3 billion during the said month, according to the commerce ministry data. India's exports to the UAE rose by 11.38 per cent to USD 3 billion in the last month. Cumulatively, the imports from the UAE during April-November rose by 60.84 per cent to USD 44.76 billion against USD 27.83 billion in the same period previous fiscal, while exports were up by 15.25 per cent year-on-year to USD 23.94 billion compared to USD 20.77 billion in April-November 2023-24. The FTA between India and the UAE came into effect in May 2022. The UAE is the third-largest trading partner of India with USD 83.65 billion bilateral trade in 2023-24. The major goods imported include mineral oil, chemicals, essential oils and perfumes, precious and semi-precious stones, iron and steel products, copper, nickel and aluminium goods. Further, as per t
India and the United Arab Emirates (UAE) on Friday discussed implementation of the ambitious India-Middle East-Europe Economic Corridor (IMEEC) and resolved to shore up energy cooperation including long-term supplies and collaboration in upstream and downstream projects. Ways to further deepen bilateral relations in areas of energy, connectivity and trade figured prominently at the 15th India-UAE Joint Commission Meeting (JCM) that was co-chaired by External Affairs Minister S Jaishankar and his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan. The meeting was held in New Delhi. In his televised opening remarks at the JCM, Jaishankar described the India-UAE comprehensive strategic partnership as a "model" relationship and that the economic and commercial ties are not only very strong but increasingly "diversified and deep". "Since the entry into force of the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, trade has steadily grown and it has now reached a level o
External Affairs Minister S Jaishankar met with his UAE counterpart Abdullah bin Zayed Al Nahyan in Abu Dhabi on Thursday.In a post on X, EAM Jaishankar shared a picture with Abdullah and outlined the meeting as a "productive day with a great meeting."The EAM said that they discussed opportunities for advancing wide-ranging cooperation between both the countries."Completed a productive day with a great meeting with DPM & FM @ABZayed in Abu Dhabi. Discussed opportunities for advancing our wide-ranging cooperation. Also exchanged views on global developments," Jaishankar said in his post.Earlier in the day, Jaishankar visited the BAPS Hindu Mandir in Abu Dhabi.Jaishankar said that the temple was a sign of friendship between India and UAE.In a post on X, he said, "Received blessings at the BAPS Hindu Mandir in Abu Dhabi today. A true symbol of India-UAE friendship and of peace, harmony and goodwill around the world."Jaishankar also visited the Bharat Mart site in Dubai earlier in .
The government on Monday said bilateral investment treaty (BIT) signed between India and the UAE has been enforced from August 31 this year. The BIT was signed on February 13 this year at Abu Dhabi, UAE, and it entered into force with effect from August 31, 2024, the finance ministry said. Enforcement of this pact with the UAE gives continuity of investment protection to investors of both the countries, as the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and the UAE signed in December 2013 expired on September 12 this year. As per the treaty, the UAE investors must have to exhaust domestic remedies (for at least three years) before commencing arbitration under the BIT. The time period earlier was five years. The other key features of the pact included provisions of closed asset-based definition of investment with coverage of portfolio investment; treatment of investment with obligation for no denial of justice, no fundamental breach of due .
Honasa Consumer Ltd, which owns Mamaearth, brand, on Saturday said there will be no attachment of its assets in the UAE as it has no assets there, although a court in Dubai has ordered such an action in its ongoing litigation with RSM General Trading LLC over termination of distributorship. The company, which also owns The Derma Co and Aqualogica brands, had on Friday said a court in Dubai has ordered attachment of its assets in the UAE but refused to cancel the trading licence of Honasa Consumer General Trading LLC. In a filing on Saturday, the company said,"... there shall be no attachment of the company assets, as the company has no assets located in the UAE." Honasa Consumer General Trading LLC, a subsidiary of Honasa Consumer Ltd has been exempted from this order, it added. RSM General Trading LLC (RSM) and Honasa Consumer Ltd (Honasa) had filed grievance statements against the precautionary attachment order passed by Court of Merits at Dubai, the UAE on June 6, 2024. The Dub
India and the United Arab Emirates on Monday inked four agreements to expand energy cooperation as Prime Minister Narendra Modi held wide-ranging talks with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, focusing on boosting overall strategic ties. An Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Ltd and another between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) are among the four pacts. Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) also inked an MoU for the operation and maintenance of the Barakah Nuclear Power Plant, according to the Ministry of External Affairs (MEA). The fourth pact is a production concession agreement for Abu Dhabi onshore block-one between Urja Bharat and ADNOC. A separate pact was inked between the Gujarat government and Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India. MEA spokesperson .
The government has notified the import of up to 160 tonnes of gold by manufacturers and traders from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, an official said on Tuesday. The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022. Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ). Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added. Think tank GTRI in its report in June stated that India's gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement. India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according
With the government seeking a review of certain provisions of a free trade agreement with UAE, think tank GTRI on Friday asked for the withdrawal of duty cut concessions on platinum, silver, diamonds, gold jewellery, and tweak the rules of origin norms in the pact. India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, and implemented on May 1, 2022. The Global Trade Research Initiative (GTRI) has earlier stated that the pact contains provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years and it would hurt domestic industry. It has also alleged that there is a potential misuse of the rules of origin in the agreement and due to that India should review the CEPA. Meeting these rules are must to get duty concessions under the agreement. In the review, it said India should focus on issues such as "withdraw
Think tank GTRI on Tuesday expressed serious concerns over spurt in import of precious metals from the UAE under a free trade agreement and demanded an investigation as it is impacting domestic jewellery industry and leading to potential annual revenue loss. The Global Trade Research Initiative (GTRI) said that by addressing these issues, authorities can ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. Seeking an urgent review of the agreement, it said the India-UAE comprehensive economic partnership agreement (CEPA) allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. This will lead to significant "annual revenue losses, move import business from banks to a few private traders, and replace top suppliers with Dubai-based firms," it said in its report. "The zero-tariff policy under CEPA is projected to cause an annual revenue loss of Rs 63,375 cr