India to Import 140 Metric Tons of Gold from the UAE Under CEPA

In a strategic move aimed at encouraging business in the Indian gems and jewelry sector, India has prioritized the import of 140 metric tons of gold from the UAE under a reduced rate for 2023-24. The two countries have negotiated a gold tariff quota provision under their Comprehensive Economic Partnership Agreement (CEPA).

Fresh window for UAE gold imports for 2023-24

A dedicated channel will facilitate India’s gold imports from the UAE at a one percent concessional duty rate. This has been allowed under the CEPA arrangement signed between India and the UAE, which came into effect May 1, 2022.

The India-UAE CEPA aims to accelerate bilateral trade and investment across various sectors, including goods, services, and investment. The two markets have pledged to reduce or eliminate tariffs on a range of goods, including on gold. The goal is to supercharge two-way annual trade to…