India's Exports To UAE Up 16.22 Per Cent In May-June After Implementation Of Free Trade Agreement

After the implementation of a free trade agreement, India's exports to the UAE rose by 16.22 per cent to $837.14 million from May-June this year, sources said on Friday.

Exports during the same period of the previous year stood at $720.31 million.

The Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into force on May 1.

Under the pact, domestic exporters from various sectors like textiles, agriculture, dry fruits, gems and jewellery are getting duty-free access to the UAE market.

"India's exports to UAE which were in negative growth trajectory post the outbreak of Covid-19 to April 2022 have witnessed a rebound since May 2022, that is, post the signing of the agreement," the sources said.

Post the signing of the CEPA, exports grew by 16.22 per cent to $837.14 million in May-June 2022, one of the sources said.

Shipments of plain gold jewellery increased by 62 per cent and 59 per cent in May and June to $135.27 million and $185.78 million, respectively.

Colin Shah, Chairman, GJEPC (Gems and Jewellery Export Promotion Council), said that plain gold jewellery exports have been the immediate beneficiary of the India-UAE CEPA.

"I urge all exporters to maximise their returns and make optimum use of the benefits available through this pact," he has said.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)