Under the trade agreement, crude oil has been completely eliminated, although basic customs duty of the commodity was anyway negligible at Rs 1 per metric tonne
A year after the free trade agreement (FTA) with the United Arab Emirates (UAE) kicked in, India's non-petroleum exports grew at a relatively slower pace than exports of refined petroleum products to the West Asian nation.
Commerce and industry ministry data showed that non-oil exports witnessed a 3 per cent jump at $22.95 billion, while the overall shipments to the UAE grew 9.5 per cent at $30.98 billion during May 2022-April 2023.
Export of refined petroleum products to UAE grew at 17.8 per cent to $7.52 billion during the same period. The rise in exports was led by demand for items such as gold jewellery, electrical machinery and equipment.
First Published: Jul 19 2023 | 8:23 PM IST