UAE to reduce tariffs on Indian goods by 90% under Cepa deal: Minister

UAE to reduce tariffs on Indian goods by 90% under Cepa deal: Minister

Increase non-oil trade from $45 billion to $100 billion annually in the next five years

By WAM Published: Wed 11 May 2022, 11:20 AM

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 February 18, 2022, came into force on May 1 with the arrival of the first tariff-free imports.

In an interview with WAM, Al Marri said the Cepa between the two countries would help encourage trade by reducing custom tariffs by 90 per cent and increase non-oil trade from $45 billion at end of 2021 to $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.

On the annual growth of the trade exchange between the two countries and their targets over the next five years, Al Marri said the Cepa between UAE and India will intensify their bilateral