Virtual Trade corridor A virtual trade corridor is an online | Economy Notes UPSC

Virtual Trade corridor

A virtual trade corridor is an online platform that enables faster and more efficient customs clearance for international trade between two countries.
 
Significance:

It will complement the bilateral comprehensive free trade agreement signed between India and the UAE in 2022

The agreement immediately eliminated duties for 90% of India’s exports in value terms covering sectors like gems and jewellery, textiles, leather, and engineering goods.

The two countries estimate non-oil trade to reach $100 billion over the five-year period after the implementation of the free trade agreement

It will cut the cost and time for customs clearance and speed up bilateral trade.