UAE-India’s planned ‘green corridor’ will fuel smoother customs process, higher trade flows under CEPA

UAE-India’s planned ‘green corridor’ will fuel smoother customs process, higher trade flows under CEPA

Dubai: India and the UAE aim to simplify customs procedures further to get maximum benefits from the CEPA deal, now entering its second year. A ‘green corridor’ system, for instance, will see exports from India handled digitally in Abu Dhabi and Dubai ‘before they are ready for some other part of the world’, according to India’s Ambassador to the UAE, Sunjay Sudhir. “Moreover, CEPA has a mechanism to address operational issues, and we are to constitute a joint committee to address implementation issues. And this committee should be meeting within a month to see how we can better use CEPA on both sides,” said Sudhir. Regarding the potential rupee-dirham trade deal, the official said negotiations are ongoing between the UAE Central Bank and the Reserve Bank of India. “It’s essential for countries to de-risk trade payments, particularly when there are their major trade partners like India and the UAE,” he said. (India has already agreed to settle trade deals in rupees with Malaysia and Sri Lanka.) The UAE pledged a $75 billion investment in India for clean energy projects, and the two are collaborating on manufacturing solar power equipment. They also signed an MoU for green hydrogen development and an