First year of FTA with UAE: India's fuel exports grow faster than non-fuel

The trade deal is expected to benefit almost 90 per cent of India's exports, in terms of value

free trade agreements

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

Shreya Nandi New Delhi

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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

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