Page 2 - India Uae

India, UAE central banks discuss rupee-dirham trade prospects: Official

The central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday. India's Ambassador to the UAE Sunjay Sudhir said that the concept paper for trade in local currencies was shared by India. The central banks of both the countries will discuss the standard operating procedures and modalities, he told reporters here. The objective of the exercise is to reduce the cost of transactions, he added. India and the UAE had already signed a free trade agreement (FTA) in February to give a fillip to bilateral trade and economic ties. The free trade agreement was aimed at providing significant benefits to Indian as well as UAE businesses, including enhanced market access and reduced tariffs. Following the free trade pact, bilateral trade is expected to increase from the current USD 60 billion to USD 100 billion in the next five years. Bilateral trade between India and the U

India-GCC grouping expects to revive free trade agreement negotiations

Launch date of negotiation not divulged

You're not welcome! UAE bars entry for those with single name: Air India

Single named passengers will not be allowed entry into the UAE with immediate effect under the new guidelines

India's exports to UAE rises 17.6% to $18 bn in Apr-Oct this fiscal: Data

India's exports to the UAE, with which a free trade agreement was implemented on May 1, rose by 17.6 per cent to about USD 18 billion during April-October this fiscal, according to the commerce ministry's data. However, exports in October dipped by 18 per cent to about USD 2 billion. Imports during April-October 2022-23, on the other hand, increased by 33 per cent to USD 32.3 billion from the UAE, the data showed. Imports from China during the same period grew by 18 per cent to USD 60.3 billion, while India's exports to China declined by 37.3 per cent to 8.8 billion, according to the data. Exports to India's major destinations, such as the US, UAE, China, Bangladesh, UK and Saudi Arabia, have recorded negative growth in October. On the other hand, exports registered positive growth in the Netherlands, Singapore and Brazil during the month. In April-October this fiscal, exports to the US rose by 8.4 per cent to USD 47 billion. Similarly, the outbound shipments to the UK during sev

UAE-based Emirates NBD invests $100 mn more in India, opens 2 more branches

UAE-based bank Emirates NBD on Monday announced an additional USD 100 million investment in its India operations, and added two more branches in Chennai and Gurugram. The lender, having the largest presence in the Middle East region, has so far invested USD 300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin, told PTI. Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side. Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens. Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore. By FY24, it i

India Inc moves to Dubai in droves as emirate eases ownership rules

The CEPA aims to boost India-UAE bilateral trade to $100 billion in goods in the coming five years

E-certificate of origin valid for claiming duty concessions: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday clarified that electronically generated certificate of origin (CoO) issued by the UAE authority is a valid document for claiming customs duty benefits under India-UAE free trade agreement. However, it said that the certificate has to be issued in a prescribed format bearing electronically printed seal and signatures of the authorised signatory of the issuing authority. The trade agreement between India and the UAE came into force from May 1 this year. Under this, domestic exporters of over 6,000 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery get duty-free access to the UAE market. On the other hand, India gives duty-free access to 7,694 goods coming from the UAE. A trader has to submit a 'certificate of origin' at the landing port of the importing country to claim duty concessions under free-trade agreements. This certificate is essential to prove where their goods come from. In a ...

Top Headlines: Starlink services in India, partial treatment to EV makers

Start-ups manufacturing electric two- and three-wheelers have alleged they are not getting subsidies under the second phase of the FAME II scheme

Fast-track mechanism on the cards to help Indian investors in UAE

The mechanism will also assist Indian companies to foray into the UAE market and expand

Fast-track mechanism on the cards to help Indian investors in UAE

The mechanism will also assist Indian companies to foray into the UAE market and expand

India, UAE can benefit from energy, skills, education cooperation: Report

Economies of India and the UAE can benefit significantly from their free trade agreement by sharing knowledge and best practices in several areas of mutual interest such as education, energy, skills and defence, according to a report by Deloitte. Both the countries have implemented the Comprehensive Economic Partnership Agreement (CEPA) from May 1 this year to boost bilateral trade and investments. It is aimed at increasing the trade to USD 100 billion in the coming years. "Under the preferential trade agreement, the two economies may benefit from sharing knowledge and best practices in several areas of mutual interest," the report said. It said the Indian economy is heavily dependent on crude oil imports to meet its domestic requirements and the current geopolitical tensions between Russia and Ukraine and shrinking supplies from Iran are further affecting macroeconomic fundamentals. "These turbulences suggest that India must work towards decreasing its energy dependence by explori

Post FTA, non-petroleum exports to UAE up 14% in June-August: Govt

Growth in shipments to Emirates is 5x that to the rest of the world; surge primarily led by gems and jewellery, electrical equipment

India's non-petroleum exports to UAE underperform after FTA, shows data

In comparison, India's overall non-petroleum exports grew 8 per cent during May-July while overall exports grew 15.1 per cent during the same period

Jaishankar thanks UAE Prez for taking bilateral ties to greater heights

External Affairs Minister S Jaishankar on Friday called on President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan and appreciated his role in taking the strategic ties between India and the UAE to greater heights. Jaishankar, who is here on a three-day visit, also conveyed personal greetings and warm wishes of Prime Minister Narendra Modi to Sheikh Mohamed, the ruler of Abu Dhabi. "Thank HH Sheikh Mohamed bin Zayed al Nahyan for receiving me. Conveyed the personal greetings and warm wishes of PM @narendramodi. Highly value his guidance in taking our Comprehensive Strategic Partnership to greater heights," he said in a tweet. Earlier, Jaishankar co-chaired the 14th India-UAE Joint Commission Meeting (JCM) along with his UAE counterpart Sheikh Abdulla bin Zayed Al Nahyan in Abu Dhabi on Thursday. Jaishankar arrived here on Wednesday on a three-day visit to the United Arab Emirates to review the comprehensive strategic partnership between the two countries. There ha

Foreign Minister S Jaishankar co-chairs 14th India-UAE Joint Commission

Jaishankar who is on a three-day visit to United Arab Emirates (UAE) visited the under-construction Hindu temple in Abu Dhabi said to be the first traditional temple in the Arabian Peninsula

UAE accounted for 15% of India's gems and jewellery export in FY22

The UAE is an important export market for Indian gems and jewellery, accounting for around 15 per cent or USD 5.8 billion in FY 2021-22, according to a top official of an industry body

Questions about I2U2

Iran and the China factor will need addressing

India's exports up 16.22% during May-June to UAE after FTA implementation

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

UAE, US to invest $2.3 billion in India under the framework of I2U2

I2U2 was conceptualised during a meeting of the foreign ministers of the four countries in October last year

I2U2: UAE to invest $2 bn to develop integrated food parks across India

The summit focused on food security crisis and clean energy and that they discussed innovative ways to ensure longer-term, more diversified food production and food delivery systems