Page 23 - Plastics News March 2022

FEATURE

is expected to lead to additional exports expected to grow at CAGR (compound and polypropylene will reduce import
worth $2 billion over the next five years. annual growth rate) of 26% to 28% in costs of inputs for domestic industries,”
This segment will include textiles of both the next five years to touch more than $1 he said. In automobiles, the projected in-
man-made fibres and cotton. “With billion. “As the UAE’s local formulation crease in exports over the five-year hori-
duty free tariffs, India can cater to the industry is developing fast, India may zon is $160 million. “After India gets the
hospital segment of the UAE through have a chance of increasing APIs [active FTA benefit, the average per unit price
institutional selling of home textiles, pharmaceutical ingredients] much faster for India manufactured vehicles will re-
such as bed and bath linen, and contract now,” he said. duce from $12,829 to $12,218, which
textiles such as beach towels, salon and The agreement will facilitate automatic should benefit us,” he added.
spa linen,” he said. registration and marketing authorisation Similarly, the deal will boost India’s
“The exports of engineering goods are of Indian generic medicines in 90 days, leather and footwear industry and ag-
projected at $7 billion, $8 billion and he said, adding the UAE plans to be- ricultural products. “In the leather and
$9.2 billion for 2024-25, 2025-26 and come a global regional distribution hub footwear segment, an additional increase
2026-27, respectively,” he said. India’s for pharmaceuticals by 2030, which will in exports is projected at $130 million
exports of engineering products to the greatly benefit India. over the next five years. On agricultural
UAE during April-December 2021-22 It is projected that preferential access of products, additional increase in exports
saw a 77% jump to $4.2 billion, up from Indian plastic products to the UAE mar- is projected at $850 million in five
$2.4 billion in the same period in the ket will lead to additional exports to the years,” he added.
previous fiscal. In the gems and jewellery tune of $1.3 billion. “Additional increase In the segment of other products, such
segment, exports of plain gold jewellery in exports is projected at $872 million in as furniture, wood products and sports
and gold studded jewellery is expected the short term and another $402 million goods, the customs duty imposed by the
to increase to $10 billion in 2023. Tariff in the long term,” he said. During 2020- UAE will be reduced to zero, which will
concessions offered to the UAE by India 21, India exported plastics worth $418 boost manufacturing within India, the
in products such as gold will reduce the million to the UAE. official said.
import cost of inputs, he said The phar- “Tariff concessions offered to the UAE
maceuticals and medical devices sector is by India in products like polyethylene

Working Towards ‘Ending Plastic Pollution’

Heads of State, environment ministers and other representatives from 175 nations, endorsed a historic resolution at
the three-day UN Environment Assembly UNEA-5.2, in Nairobi earlier this month to end plastic pollution, and forge
an international legally binding agreement, by the end of 2024.

The fifth session of the United Nations
Environment Assembly (UNEA-5.2) was
held in Nairobi on 28 February–2 March
2022.The overall theme for UNEA-5
was “Strengthening Actions for Nature
to Achieve the Sustainable Development
Goals”. This highlights the pivotal role
nature plays in our lives and in social,
economic and environmental sustainable
development. Immediately after UNEA-
5.2, the Assembly held a Special Session
of the Assembly on 3 - 4 March 2022,
which is devoted to the commemora-
tion of the 50th anniversary of the crea-
tion of UN Environment Programme in

23 PLASTICS NEWS March 2022