INDIA-UAE PACT first consignment flagged off

BVC Logistics delivered the first of three consignments from India to Dubai under the recently signed Comprehensive Economic Partnership Agreement (CEPA) flagged off by B.V.R Subrahmanyam, Commerce Secretary and other dignitaries. All the three consignments would be getting a zero-duty access to the United Arab Emirates market. The consignment was handed over to the representatives of Malabar Gold and Diamonds by Khalfan Al Kaeibi, Head of Customs, Dubai Airport Free Zone Authority. CEPA came into force at the most opportune time for the Indian gems and jewellery industry as it looks to bounce back after two years of the ongoing pandemic. CEPA is said to support the gems and jewellery industry to increase bilateral trade between UAE and India to the tune of US$10 billion annually. The sector looks to positively reach its target of US$52 billion with the UAE by March 2023.