India’s exports to the UAE, excluding petroleum products, grew by 14.5 per cent annually in the three months since the two countries began the introduction of a Comprehensive Economic Partnership Agreement (CEPA).
Exports from India grew to $5.92 billion in the three months from June to August, up from $5.17bn recorded for the same period in 2021, state news agency Wam said on Monday, citing data from the Indian Ministry of Commerce and Industry.
Although implementation of the CEPA began on May 1, the ministry said the exports data of the first 30 days was not included in the study as it was considered a transition period.
"The UAE-India CEPA is already creating a significant positive impact on bilateral trade," Wam cited the Indian ministry as saying.
"India's global non-petroleum exports during June-August 2022 grew by 3 per cent annually. This implies that the growth rate of India's non-petroleum exports to the UAE is almost five times as that of India's non-petroleum exports to the world."
The CEPA, signed in February between the UAE and India, Asia’s third-largest economy, is expected to boost non-oil trade between the two countries to $100bn in five years, from $60bn currently.
It is expected to add 1.7 per cent, or $8.9bn to the UAE's gross domestic product. The deal will also boost exports by 1.5 per cent, or $7.6bn by 2030, Abdulla bin Touq, UAE Minister of Economy, said at the time of signing the agreement.
It marks a new phase of co-operation and will open additional avenues of investment and trade for companies in India and the UAE.
It lifts 80 per cent of tariffs on UAE and India goods, with plans to scrap all fees within 10 years, Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said in February.
India’s Ministry of Commerce and Industry expects the country’s exports to the UAE to increase further in the coming months.
"A series of trade promotion events in the UAE during the current financial year are planned," the ministry said.
Meanwhile, India’s imports from the UAE during the June-August period also grew to $5.61bn from $5.56bn from a year earlier.
The UAE-India Cepa is already creating a significant positive impact on bilateral trade
India's Ministry of Commerce and Industry
The trade increase in both directions is significant "in the context of global macro-economic headwinds, including policy tightening in advanced economies, global growth slowdown and a reduction in international merchandise trade”, the ministry said.
The UAE, which has already signed CEPAs with Israel and Indonesia, is keen on a similar pact with Turkey to further boost international trade.
The UAE and Turkey in April began talks on a deal that is expected to double bilateral trade from $13.7bn, the UAE Ministry of Economy said at the time.
A similar pact with South Korea is expected to be finalised by the end of 2022. This is aimed at enhancing the economic partnership between the two countries to a minimum of $20bn in the next three to five years.
The UAE is also holding CEPA negotiations with Kenya, Georgia and the Philippines.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
It's up to you to go green
Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.
“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”
When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.
He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.
“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.
One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.
The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.
Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.
But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
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