Ibn Touk: Initiation of 90% cancellation and reduction of freight duties between UAE and India

Abdullah bin Touq Al Marri, Minister of Economy, confirmed that the implementation of the terms of the Comprehensive Economic Partnership Agreement between the United Arab Emirates and India, which the two countries signed on February 18, 2022, entered into force on the 1st of this month. upon arrival of the first customs-free imports between the two countries at the Dubai Airport Free Zone Authority, on the second date of the same month.

In an interview with the Emirates News Agency “WAM”, he said that in connection with the visit of the state delegation to India, to establish sustainable mechanisms to benefit from the Comprehensive Economic Partnership Agreement. The agreement between the UAE and India contributes to stimulating trade flows between the two markets by canceling and reducing customs duties, which amounts to 90% It is one of the tariff items applied to goods and goods imported between the two countries and covers about 95 % of the value of the actual goods imported from each country. on the other, which contributes to accelerating the growth of intra-oil trade from $ 45 billion at the end of 2021 to $ 100 billion per year over the next five years.

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