New Delhi:India on Tuesday raised the issue related to the recent surge in imports of silver products, platinum alloy and dry dates and urged UAE to verify compliance to the rules of origin norms and ensure that the rules are not circumvented. UAE agreed to examine concerns raised by the Indian counterparts.
Both sides successfully held the second Meeting of the Joint Committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in UAE. The Indian delegation was led by Additional Secretary, Department of Commerce, Government of India, Ajay Bhadoo and Assistant Undersecretary for International Trade Affairs, Ministry of Economy of the United Arab Emirates, Juma Al Kait co-chaired from the UAE side.
Silver imports from UAE soared from $29 million 2022-23 to $1.7 billion during the last financial year, amid concerns of gaps in the implementation of a bilateral trade agreement.
Both sides noted substantial growth in bilateral trade during the first two years of implementation of CEPA and expressed optimism in attaining the target of $100 million non-oil trade well before the year 2030. The two sides also held wide-ranging discussions on all aspects of the bilateral partnership including measures to further strengthen and enhance two-way trade.
The progress achieved in accomplishing agreed outcomes from the 1st Sub-Committee Meeting on Trade in Goods which was held in January, 2024 was also reviewed. In this regard, both sides agreed to establish a technical group of technical experts for seamless and timely exchange of trade-related data.
It was decided that the group would meet at the earliest to understand each other’s statistical systems and formulate methodologies for harmonization of bilateral trade statistics. It will enable analysis of trade data in a compatible and comparable format further deepening mutual understanding.
On the issue of implementation of Tariff Rate Quotas on earmarked products, both sides agreed to work closely to ensure that UAE exporters are able to access the benefits effectively. The Indian side conveyed to the UAE counterparts that the procedure for allocation of licenses under TRQ have been amended by factoring in the feedback received from different stakeholders.
Indian side reiterated its request that the Indian Jewellery Exposition Center located in Dubai may be categorized as a Designated Zone so that the benefit of concessional duties may be availed by Indian jewellery manufacturers including those which are non-registered entities under UAE’s domestic regulation. UAE side conveyed its willingness to examine this request after consulting its internal stakeholders including federal tax authorities.
On issues related to SPS/TBT measures, Indian side reiterated that the UAE side may grant recognition to the i-CAS Halal scheme which will considerably ease the certification process and promote export of animal products to the UAE. Both sides also agreed to take forward the discussion on fast tracking of registration as well as reference pricing mechanism for pharma products. Both sides agreed on early finalization of MoU on food safety between their competent authorities.
On issues related to the trade in services matter, the two sides exchanged focal points and agreed to hold the First Sub-Committee Meeting at the earliest. Indian side highlighted the need of professional bodies from both sides to enter into Mutual Recognition Agreements that would enable professionals like chartered accountants, lawyers, nurses etc. to provide their services without the need for another certification. Both sides agreed to work on an actionable plan in this regard.
Indian side raised the issue related to the recent surge in imports of silver products, platinum alloy and dry dates and urged UAE to verify compliance to the rules of origin norms and ensure that the rules are not circumvented. UAE agreed to examine concerns raised by the Indian counterparts.
The two sides agreed to hold the next JC in India at a mutually convenient date. The visit of the Indian delegation led by the Additional Secretary to UAE is in keeping with the well-established mechanism of regular exchanges between India and UAE, and to further strengthen the existing close ties of friendship and cooperation between the two countries.
