India and UAE sign customs agreement | SupportBiz

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India and UAE sign customs agreement

India and the United Arab Emirates (UAE) have signed an agreement on co-operation and mutual assistance in customs matters. The agreement was signed between visiting Indian customs delegation led by Central Board of Excise and Customs (CBEC) chairman Satish Kumar Goel and the UAE's Federal Customs Authority (FCA).

Indian ambassador to UAE MK Lokesh and Consul General Sanjay Verma were also present.

Khaled Ali Al Bustani, FCA acting director general, said the UAE was keen on boosting trade with India, as it has been a top-ranking country in non-oil trade over the past years.

Mutual trade has grown over the past years, reaching AED787 billion (around USD214 billion) in between the period from 2003 and October 2011.

Re-exports from the UAE to India were worth AED225 billion (over USD60 billion) during the same period. Exports to India touched AED120 billion (USD32 billion), while the imports from India reached AED440 billion (USD120 billion).

Goel said he was looking forward to seeing legitimate trade grow further between the two countries.

Lokesh said that "being the largest trade partners for each other, the agreement is very important in further facilitating trade between India and the UAE".

The agreement includes the fight against practices that jeopardize security, economy and safety of the society, development of customs awareness and culture by exchanging experiences and information and offering joint training courses.