India-UAE intend to speed up cargo shipments with virtual trade corridor


India

According to the Indian financial daily Mint, India and the UAE are attempting to create a virtual trade corridor to enable quicker processing of cargo shipments. The action will hasten bilateral trade while lowering the price and duration of customs processing.

In the first five years following the implementation of the complete free trade agreement on May 1, 2022, the two nations anticipate non-oil commerce to reach $100 billion.

"A virtual corridor is intended to expedite goods. According to India's ambassador to the UAE, Sunjay Sudhir, "it will investigate whether we can do clearances online, particularly for extremely key hubs like Dubai and Abu Dhabi, which connect India and the rest of the world.

According to the newspaper, the customs officials of the two nations would look into the possibility of gaining access to pre-arrival information for cargo movement, which would speed up cross-validation of information and facilitate pre-clearance of goods.

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