Import duty on Indian products to be reduced by 90 per cent; decision made in context of comprehensive co-operative trade agreement

NEW DELHI: UAE Minister of Finance Abdulla bin Touq Al-Marri has said that customs costs for importing Indian products will be reduced by up to 90 per cent. He made the announcement after a meeting with Union Commerce and Industry Minister Piyush Goyal in Delhi. He added that the UAE would create 140,000 skilled jobs through comprehensive cooperation agreements.

The huge concessions on imports from India are part of a comprehensive co-operative trade agreement signed between India and the UAE in February. India is the first country to sign a comprehensive cooperation agreement with the UAE. The minister said eight more similar agreements would be signed this year. The agreement will pave the way for further progress in the areas of aviation, environment, logistics, construction and digital trade. In addition, 11 sectors, including business services, accounting, real estate, tourism and advertising, and 100 sub-sectors will benefit from the agreement.