UAE to begin reducing tariffs on India’s goods by 90%: Minister of Economy

UAE to begin reducing tariffs on India’s goods by 90%: Minister of Economy

WAM: Abdullah bin Touq Al Marri, Minister of Economy, said the implementation of a Comprehensive Economic Partnership Agreement (CEPA) signed between India and the UAE on 18th February, 2022, came into force on 1st May, 2022, with the arrival of the first imports exempted from tariffs.

In an interview with the Emirates News Agency (WAM), Al Marri said the CEPA between the two countries would help encourage trade by reducing custom tariffs by 90 percent and increase non-oil trade from US$45 billion at end of 2021 to US$100 billion annually in the next five years.

The UAE chose India to sign the first CEPA, which underscores the strategic ties between the two countries. Since the launch of the CEPA programme as part of the ‘Projects of the 50’ initiative, the UAE began talks to sign CEPAs with several countries of strategic importance both regionally and internationally, aiming to sign eight agreements in 2022, he added.