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Gold and silver imports from UAE increased by 210 percent, GTRI said - there is a need for duty revision in FTA
Gold-Silver Import from UAE: India's free trade agreement (FTA) partner United Arab Emirates (UAE) imports of gold and silver increased. Imports have increased by 210 percent in FY24. To reduce this increase, there is a need to revise the concessional customs duty rates. GTRI has presented a report on this. Let us know in detail in this article.
The United Arab Emirates (UAE), India's free trade agreement (FTA) partner, increased its gold and silver imports. In the fiscal year 2023-24, it climbed by 210 percent to $10.7 billion.
To limit this growth, the concessional customs duty rates must be revised. The Economic Research Institute Global Trade Research Initiative (GTRI) presented a report on this.
According to the GTRI report, this sharp increase in gold and silver imports is mainly driven by the import duty concessions given by India to the United Arab Emirates under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
According to the GTRI report, India pays a duty of 7 percent on silver imports and a concession of 1 percent on 160 metric tonnes. The CEPA was signed in February 2022 and came into force in May 2022.
