Commerce Ministry Planning to Promote FTAs With UAE And Australia

The commerce ministry will implement a series of outreach programs in various cities, including Hyderabad and Mumbai, to promote recently signed FTAs between the United Arab Emirates and Australia.

These programs will be conducted in cities including Hyderabad. Chennai, Bengaluru, Mumbai, Surat, Ahmedabad, Delhi, and Agra. Programs would be organized in close coordination with the respective state governments. Officials from the trade and ministers of the states concerned along with those from industry associations and export promotion councils will also participate in the programs.

A free trade agreement between India and the United Arab Emirates is expected to enter into force on May 1, this year, under which up to 6,090 commodities from areas such as textiles, agriculture, dried fruits, precious stones, and jewelry would get a tax exemption access to the United Arab Emirates market.

Mumbai-based exporter Sharad Kumar Saraf, chairman of Technocraft Industries, said the India UAE transaction is likely to boost bilateral investment from both sides.

Mr. Saraf said the CEPA was at the right time as the Dubai government is in the process of establishing a Bharat Bazaar in the proposed Traders Market. This is a unique facility that provides Indian exporters with office and warehouse space for active and aggressive marketing in the Middle East and Africa.