UAE to Investigate Allegations of Misuse of Free Trade Agreement with India

India Raises Concerns Over UAE’s Silver and Platinum Exports

DUBAI: It is suspected that other countries are misusing the free trade agreement between the United Arab Emirates and India, and are accumulating their silver products, platinum alloy and dried persimmons in India through the UAE and making more profit.

A free trade agreement is in force between India and the United Arab Emirates. Accordingly, unrestricted export and import are allowed on both sides.

But taking advantage of this, the central government expressed concern over the UAE’s export of large quantities of silverware, platinum alloy and dried persimmons to India.

It also said that this would be an abuse of the Free Trade Agreement.

India brought this issue to the attention of the United Arab Emirates during the talks on the Integrated Economic Partnership Agreement held on the 14th between the two countries.

Following this, the Ministry of Commerce has informed that the United Arab Emirates has confirmed that it will investigate the export of these products in large quantities.

According to the Emirates side, an investigation will be conducted to see if the export is taking place under certain rules and if the rules of the Free Trade Agreement are being violated.This has raised suspicions that some other countries are funneling their goods into India through the UAE, abusing the Free Trade Agreement.

India’s 3rd largest trading partner is the United Arab Emirates

Bilateral trade was worth Rs 7.02 lakh crore in the last financial year

Free Trade Agreement with UAE entered into force on 1 May 2022