Page 8 - India Uae

World Economic Forum: India, UAE discusses non-oil trade in rupees

The UAE's trade deal with India aims to increase bilateral non-oil trade to $100 billion in the next five years

India-UAE summit to highlight manufacturing, agritech fields: Organisers

The event, which is to be held on January 24, is being held in cooperation with Dubai Chamber and will be addressed by Piyush Goyal, Minister of Commerce & Industry

Davos 2023: UAE in talks with India to trade non-oil commodities in rupees

The minister said other countries, including China, had also raised the issue of settling non-oil trade payments in local currencies

India, UAE want to use relationship to shape changing world: Jaishankar

India and the UAE which have inked a landmark trade deal have seen a "veritable transformation" in their ties which are now beginning to have a broader ripple impact, External Affairs Minister S Jaishankar said on Monday, emphasising that they want to use this relationship to shape the changing world. A defining decision of this transformation is the signing of the bilateral trade pact which led to such effective results and speaks volumes for the bilateral relationship, he said. "The fact that we were able to conclude the comprehensive economic cooperation agreement so quickly and has led to such effective results thereafter, speaks really volumes for the relationship. We're now moving into new areas," he said while delivering the keynote address at India Global Forum and panel discussion India-UAE: Partners for Global Impact. India and the UAE signed UAE-India Comprehensive Economic Partnership Agreement (CEPA) in February this year. "Today, our discussions are about space, ...

EAM Jaishankar to inaugurate India Global Forum 2022 in UAE today

External Affairs Minister S. Jaishankar will inaugurate the India Global Forum UAE 2022 that gets underway here on Monday. It is a gala five-day event that will bring together leading political, business and cultural personalities from India, the UAE and across the world. This is the first major international event following India's ascendency to the G20 Presidency, and will be held in Dubai and Abu Dhabi from December 12 to 16. India formally assumed the G20 Presidency on December 1. Covering the breadth of bilateral relations between India and the UAE, climate finance, technology, and investments, the five-day event will also be an opportunity to discuss India's global aspirations and its presidency of the G20 amid challenging geopolitical scenarios. The forum will also present opportunities for businesses and entrepreneurs of both countries to work together for regional and global impact. It's more important than ever that nations, businesses, and influencers seek common groun

India-UAE free trade pact will boost exports of garment sector: AEPC

The free trade agreement between India and the UAE is giving duty free access to the garment sector and it will help increase share of domestic exports in that country, AEPC said in Tuesday. The Apparel Export Promotion Council (AEPC) said that over 20 domestic exporters are participating in the International Apparel and Textile Fair (IATF) in Dubai to showcase their products. Chairman Fair and Exhibitions AEPC Ashok Rajani said India is the second largest supplier of ready-made garments to the UAE after China. "The UAE has traditionally been the topmost trading partner for Indian garment exports. With signing of the UAE-India CEPA agreement giving duty free access to Indian garment exports, this share is expected to increase further," he said. CEPA stands for the Comprehensive Economic Partnership Agreement. Talking about the exhibition, he said exporters are aiming to showcase the best of India's apparel designs and styles in line with the latest fashion trends in a wide range o

Top Headlines: India-UAE trade deal; crude import basket at 10-month low

The price of the Indian basket of crude oil has hit a 10-month low of $88.6 a barrel in November, government data showed

If delay in FTA talks, GCC nations can join India-UAE trade deal

The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said

RBI, UAE central bank discuss mechanism to trade in local currencies

Negotiations between India-GCC FTA expected in Jan-March quarter

India, UAE central banks discuss rupee-dirham trade prospects: Official

The central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday. India's Ambassador to the UAE Sunjay Sudhir said that the concept paper for trade in local currencies was shared by India. The central banks of both the countries will discuss the standard operating procedures and modalities, he told reporters here. The objective of the exercise is to reduce the cost of transactions, he added. India and the UAE had already signed a free trade agreement (FTA) in February to give a fillip to bilateral trade and economic ties. The free trade agreement was aimed at providing significant benefits to Indian as well as UAE businesses, including enhanced market access and reduced tariffs. Following the free trade pact, bilateral trade is expected to increase from the current USD 60 billion to USD 100 billion in the next five years. Bilateral trade between India and the U

India-GCC grouping expects to revive free trade agreement negotiations

Launch date of negotiation not divulged

You're not welcome! UAE bars entry for those with single name: Air India

Single named passengers will not be allowed entry into the UAE with immediate effect under the new guidelines

India's exports to UAE rises 17.6% to $18 bn in Apr-Oct this fiscal: Data

India's exports to the UAE, with which a free trade agreement was implemented on May 1, rose by 17.6 per cent to about USD 18 billion during April-October this fiscal, according to the commerce ministry's data. However, exports in October dipped by 18 per cent to about USD 2 billion. Imports during April-October 2022-23, on the other hand, increased by 33 per cent to USD 32.3 billion from the UAE, the data showed. Imports from China during the same period grew by 18 per cent to USD 60.3 billion, while India's exports to China declined by 37.3 per cent to 8.8 billion, according to the data. Exports to India's major destinations, such as the US, UAE, China, Bangladesh, UK and Saudi Arabia, have recorded negative growth in October. On the other hand, exports registered positive growth in the Netherlands, Singapore and Brazil during the month. In April-October this fiscal, exports to the US rose by 8.4 per cent to USD 47 billion. Similarly, the outbound shipments to the UK during sev

UAE-based Emirates NBD invests $100 mn more in India, opens 2 more branches

UAE-based bank Emirates NBD on Monday announced an additional USD 100 million investment in its India operations, and added two more branches in Chennai and Gurugram. The lender, having the largest presence in the Middle East region, has so far invested USD 300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin, told PTI. Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side. Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens. Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore. By FY24, it i

India Inc moves to Dubai in droves as emirate eases ownership rules

The CEPA aims to boost India-UAE bilateral trade to $100 billion in goods in the coming five years

E-certificate of origin valid for claiming duty concessions: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday clarified that electronically generated certificate of origin (CoO) issued by the UAE authority is a valid document for claiming customs duty benefits under India-UAE free trade agreement. However, it said that the certificate has to be issued in a prescribed format bearing electronically printed seal and signatures of the authorised signatory of the issuing authority. The trade agreement between India and the UAE came into force from May 1 this year. Under this, domestic exporters of over 6,000 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery get duty-free access to the UAE market. On the other hand, India gives duty-free access to 7,694 goods coming from the UAE. A trader has to submit a 'certificate of origin' at the landing port of the importing country to claim duty concessions under free-trade agreements. This certificate is essential to prove where their goods come from. In a ...

Top Headlines: Starlink services in India, partial treatment to EV makers

Start-ups manufacturing electric two- and three-wheelers have alleged they are not getting subsidies under the second phase of the FAME II scheme

Fast-track mechanism on the cards to help Indian investors in UAE

The mechanism will also assist Indian companies to foray into the UAE market and expand

Fast-track mechanism on the cards to help Indian investors in UAE

The mechanism will also assist Indian companies to foray into the UAE market and expand

India, UAE can benefit from energy, skills, education cooperation: Report

Economies of India and the UAE can benefit significantly from their free trade agreement by sharing knowledge and best practices in several areas of mutual interest such as education, energy, skills and defence, according to a report by Deloitte. Both the countries have implemented the Comprehensive Economic Partnership Agreement (CEPA) from May 1 this year to boost bilateral trade and investments. It is aimed at increasing the trade to USD 100 billion in the coming years. "Under the preferential trade agreement, the two economies may benefit from sharing knowledge and best practices in several areas of mutual interest," the report said. It said the Indian economy is heavily dependent on crude oil imports to meet its domestic requirements and the current geopolitical tensions between Russia and Ukraine and shrinking supplies from Iran are further affecting macroeconomic fundamentals. "These turbulences suggest that India must work towards decreasing its energy dependence by explori