Don’t miss the latest developments in business and finance.

India-UAE Trade

External Affairs Minister S Jaishankar met with his UAE counterpart Abdullah bin Zayed Al Nahyan in Abu Dhabi on Thursday.In a post on X, EAM Jaishankar shared a picture with Abdullah and outlined the meeting as a "productive day with a great meeting."The EAM said that they discussed opportunities for advancing wide-ranging cooperation between both the countries."Completed a productive day with a great meeting with DPM & FM @ABZayed in Abu Dhabi. Discussed opportunities for advancing our wide-ranging cooperation. Also exchanged views on global developments," Jaishankar said in his post.Earlier in the day, Jaishankar visited the BAPS Hindu Mandir in Abu Dhabi.Jaishankar said that the temple was a sign of friendship between India and UAE.In a post on X, he said, "Received blessings at the BAPS Hindu Mandir in Abu Dhabi today. A true symbol of India-UAE friendship and of peace, harmony and goodwill around the world."Jaishankar also visited the Bharat Mart site in Dubai earlier in .

Updated On: 15 Nov 2024 | 7:20 AM IST

India's revised approach to bilateral trade now includes a three-year local remedy clause in the UAE pact which could impact future investment

Updated On: 17 Oct 2024 | 11:38 PM IST

The UAE's investments into India are expected to increase as the bilateral investment treaty (BIT), signed in August, takes effect

Updated On: 07 Oct 2024 | 11:09 PM IST

The government on Monday said bilateral investment treaty (BIT) signed between India and the UAE has been enforced from August 31 this year. The BIT was signed on February 13 this year at Abu Dhabi, UAE, and it entered into force with effect from August 31, 2024, the finance ministry said. Enforcement of this pact with the UAE gives continuity of investment protection to investors of both the countries, as the earlier Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and the UAE signed in December 2013 expired on September 12 this year. As per the treaty, the UAE investors must have to exhaust domestic remedies (for at least three years) before commencing arbitration under the BIT. The time period earlier was five years. The other key features of the pact included provisions of closed asset-based definition of investment with coverage of portfolio investment; treatment of investment with obligation for no denial of justice, no fundamental breach of due .

Updated On: 07 Oct 2024 | 11:45 AM IST

Honasa Consumer Ltd, which owns Mamaearth, brand, on Saturday said there will be no attachment of its assets in the UAE as it has no assets there, although a court in Dubai has ordered such an action in its ongoing litigation with RSM General Trading LLC over termination of distributorship. The company, which also owns The Derma Co and Aqualogica brands, had on Friday said a court in Dubai has ordered attachment of its assets in the UAE but refused to cancel the trading licence of Honasa Consumer General Trading LLC. In a filing on Saturday, the company said,"... there shall be no attachment of the company assets, as the company has no assets located in the UAE." Honasa Consumer General Trading LLC, a subsidiary of Honasa Consumer Ltd has been exempted from this order, it added. RSM General Trading LLC (RSM) and Honasa Consumer Ltd (Honasa) had filed grievance statements against the precautionary attachment order passed by Court of Merits at Dubai, the UAE on June 6, 2024. The Dub

Updated On: 05 Oct 2024 | 4:54 PM IST

India and the United Arab Emirates on Monday inked four agreements to expand energy cooperation as Prime Minister Narendra Modi held wide-ranging talks with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, focusing on boosting overall strategic ties. An Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Ltd and another between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) are among the four pacts. Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) also inked an MoU for the operation and maintenance of the Barakah Nuclear Power Plant, according to the Ministry of External Affairs (MEA). The fourth pact is a production concession agreement for Abu Dhabi onshore block-one between Urja Bharat and ADNOC. A separate pact was inked between the Gujarat government and Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India. MEA spokesperson .

Updated On: 09 Sep 2024 | 10:21 PM IST

India is reviewing its trade deal with the UAE as a surge in silver and gold imports raises concerns over tariff concessions, value addition norms, and govt procurement commitments under the CEPA

Updated On: 05 Sep 2024 | 9:56 PM IST

The government has notified the import of up to 160 tonnes of gold by manufacturers and traders from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, an official said on Tuesday. The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022. Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ). Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added. Think tank GTRI in its report in June stated that India's gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement. India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according

Updated On: 27 Aug 2024 | 11:06 PM IST

With the government seeking a review of certain provisions of a free trade agreement with UAE, think tank GTRI on Friday asked for the withdrawal of duty cut concessions on platinum, silver, diamonds, gold jewellery, and tweak the rules of origin norms in the pact. India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, and implemented on May 1, 2022. The Global Trade Research Initiative (GTRI) has earlier stated that the pact contains provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years and it would hurt domestic industry. It has also alleged that there is a potential misuse of the rules of origin in the agreement and due to that India should review the CEPA. Meeting these rules are must to get duty concessions under the agreement. In the review, it said India should focus on issues such as "withdraw

Updated On: 16 Aug 2024 | 6:12 PM IST

Think tank GTRI on Tuesday expressed serious concerns over spurt in import of precious metals from the UAE under a free trade agreement and demanded an investigation as it is impacting domestic jewellery industry and leading to potential annual revenue loss. The Global Trade Research Initiative (GTRI) said that by addressing these issues, authorities can ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. Seeking an urgent review of the agreement, it said the India-UAE comprehensive economic partnership agreement (CEPA) allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. This will lead to significant "annual revenue losses, move import business from banks to a few private traders, and replace top suppliers with Dubai-based firms," it said in its report. "The zero-tariff policy under CEPA is projected to cause an annual revenue loss of Rs 63,375 cr

Updated On: 16 Jul 2024 | 3:50 PM IST

The target of USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President R Dinesh said on Sunday. He said that the free trade agreement between India and the UAE, which was implemented in May 2022, has resulted in a surge in bilateral trade and investments. Dinesh was here to participate in global investors' event 'Investopia' and various bilateral meetings, including with many participants at the WTO (World Trade Organisation) Ministerial Conference. "The target to achieve USD 100 billion in non-oil trade between India and UAE is ambitious but I do believe that it is achievable and recent developments are encouraging in this regard," the CII president told PTI here. He said that the agreement, officially dubbed as comprehensive economic partnership agreement, covers duty-free access to all labour-intensive sectors such as g

Updated On: 03 Mar 2024 | 11:55 AM IST

The government on Thursday approved the signing and ratification of a Bilateral Investment Treaty (BIT) between India and the United Arab Emirates (UAE). The pact would help promote investments between the two countries. "The Union Cabinet chaired by Prime Minister Narendra Modi, today has given its approval for signing and ratification of BIT between India and the UAE," an official statement said. The treaty is expected to improve the confidence of investors, especially large investors, resulting in an increase in foreign investments and overseas direct investment (ODI) opportunities, the statement said, adding that this may have a positive impact on employment generation. "The approval is expected to increase investments in India and is likely to help in realising the goal of Atmanirbhar Bharat by encouraging domestic manufacturing, reducing import dependence, increasing exports etc," it added. The two nations have also implemented a free trade agreement in May 2022. India rece

Updated On: 01 Feb 2024 | 12:59 PM IST

Joint committee of officials from both sides to review terms of CEPA, which came into force on May 1, 2022

Updated On: 12 Jun 2023 | 7:24 PM IST

"Such trade facilitation can also help in enhancing our exports; logistics cost will also come down," the official said

Updated On: 23 Mar 2023 | 11:19 PM IST

India exported goods worth $285.9 billion during the June-January period, up 3.1%

Updated On: 17 Feb 2023 | 11:51 PM IST

The clause was added to the agreement to encourage other countries to join the pact, making it a regional agreement, the sources said

Updated On: 28 Nov 2022 | 11:57 PM IST

India on Friday flagged to the UAE some of the issues faced by its agriculture sector, including problems faced by rice exporters, during a meeting here. S Vikramjit Singh, MP, Chair, India-Arab Council, and Member of the India-UAE Joint Task Force, met Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of UAE and discussed various areas of bilateral cooperation. Singh said that trade with the UAE would take new dimensions with two major bilateral agreements already in place. He also flagged issues faced by the Indian agriculture exporters to the Gulf nation. Major discussions took place between both sides regarding trade between India and the UAE after the conclusion of the Comprehensive Economic Partnership Agreement (CEPA) and the Free Trade Agreement (FTA), Singh said in a statement. Singh, a member of the India-UAE Joint Task Force, flagged the key issues faced by the agriculture sector regarding the rejection of rice exports from India due to the presence of

Updated On: 29 Oct 2022 | 12:01 AM IST

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

Updated On: 14 Oct 2022 | 12:34 PM IST

A greater use of the rupee in tea trade is an encouraging sign, but it's unlikely to boost the currency's status in a major way

Updated On: 26 Sep 2022 | 11:18 PM IST

In a symbolic gesture for operationalising the agreement, Commerce Secretary BVR Subrahmanyam handed over Certificates of Origin to three exporters from the gems and jewellery sector here

Updated On: 01 May 2022 | 5:12 PM IST