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India to import gold at 1% concessional rate under UAE CEPA

India will import 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), which went into effect a year ago on May 1.

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,

The Director General of Foreign Trade (DGFT) Santosh Sarangi said, “Considering the strong trade partnership between India and UAE as well as to uphold the spirit of the Trade Agreement [CEPA], the matter was considered bythe government and the DOR (Department of Revenue) Notification dated 31.03.2023 was issued removing the Jewelery manufacturer criteria.”

The gold tariff rate quota (TRQ) will be allocated to applicants as per India’s revised simpler eligibility criteria under the 2023 Foreign Trade Policy, which promises to ease the compliance burden for Indian importers.

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