Apr 20 2024
First Consignment from India to UAE under CEPA received
Tue 03 May 2022
The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was signed between the two nations on 18 February 2022, officially entered into force on 1st May 2022. CEPA is a watershed in the deepening bi-lateral ties between India and UAE. The agreement will boost trade in goods and services, increase the flow of cross-border investments, create opportunities for MSMEs, generate employment, and result in the growth and development of both India and UAE and beyond.
The 1st consignment of imports, comprising Jewellery products from India to UAE under the India-UAE CEPA arrived at Dubai Airport on 01st May 2022. The said consignment attracts zero customs duty at the time of import into UAE under this Agreement. An event was jointly held to mark the import of 1st consignment from India to UAE under CEPA at Transguard Headquarters, Dubai Airport Free Zone
During the event, H.E. Sunjay Sudhir, Ambassador of India to UAE, Juma Mohammed Al Kait, Assistant Under Secretary for International Trade Affairs, UAE and Suoud Al Aqroubi, Director of International Cooperation, Federal Authority for Identity, Citizenship, Customs and Ports Security handed over the consignments to jewellery importers namely, Malabar Gold & Diamonds, Siroya Jewellers LLC and Jewel One Jewellery LLC.
The event was attended by senior officials from the Ministry of Economy, DMCC & Federal Customs Authority of UAE, Embassy of India & Consulate General of India, trade representatives, members of GJEPC, officials of Transguard and Media.
Secretary, Department of Commerce, BVR Subrahmanyam flagged off the said first consignment of goods from India to UAE under the India-UAE CEPA from New Delhi on 1st May 2022.
Talking to The Brew, Vice Chairman of Dubai Gold and Jewellery Group and MD of Siroya Jewellers Chandu Siroya told that The Government of India made a special effort to send the shipment on the first day of CEPA by clearing and sending the shipment on Sunday. The UAE government also have done the clearance on the next day during the EID holidays. We were assisted by the Dubai Customs office in the whole process and the shipment was cleared in 15 Minutes only.
He added that the customs assisted us in getting the approval code from Dubai Trade for the exemption. The declaration was done online, and the approval was received instantaneously. It was a very fast seamless process. Kudos to the authorities for doing this under a brand-new agreement. There were no additional charges. The duty exemption is done under the Dubai Trade code. Overall it was an extremely easy process.
We as Siroya Jewellers LLC and the Jewellery Trade of UAE and also India, would like to Thank the Visionary Leadership of UAE and India, the various ministries involved and all their staff for making this Amazing CEPA Trade Deal happen.
Related News: India’s Union Steel Minister RC Prasad Singh visits Conares in Dubai
It is to note that India and UAE are already having very robust bi-lateral trade of about USD 60 billion during the pre-covid period. India has been UAE’s 2nd largest trading partner and largest export destination. UAE is India’s 3rd largest trading partner and the 2nd largest export destination. This concessional/free trade arrangement between two nations will bring out the synergies and complementarities in both economies, which will greatly benefit both sides.
