To boost exports in the Middle East markets, Indian leather goods and footwear exporters must capitalise on the trade agreement between India and the United Arab Emirates, a senior official stated on Tuesday.
India’s export growth depends on the GCC markets, particularly Saudi Arabia and the United Arab Emirates, according to R Selvam, Executive Director of the Council of Leather Exports (CLE).
Indian leather and footwear exports rose by US $ 2.45 billion in the first half of the fiscal year 2024–2025. In the second half, which is expected to reach US$5 billion by the end of the year, Selvam says there is optimism for a faster development. Indian exports of leather goods, which include footwear as well as leatherware, reached a worth of US $ 4.69 billion in 2023-24
Given the increasing number of free trade agreements (FTAs), like the Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates, the GCC markets offer the Indian leather and footwear sectors tremendous growth potential.
The GCC currently makes up 15 per cent of India’s overall commerce, with US $ 162 billion in bilateral transactions last year. With US $ 84.84 billion in FY ’23 and US $ 10.72 billion in FY ’22, respectively, the UAE and Saudi Arabia are the two main markets that make up the majority of this commerce.
