India's gold, silver import from UAE hit record $10.7 Bn
Over the few years, India saw a surge in the gold and silver imports from the United Arab Emirates. The rise in precious metals imports of India was basically due to lower import duty on these items imports from UAE. India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was established in 2022 allows a duty concession of 1% and 7% on gold and silver shipments from the UAE. Whereas, while importing gold from other countries, India has to pay 15% duty. On the other hand, gold imports from the UAE are taxed at 14%. Whereas silver imports are taxed at 15% for other countries and for UAE its 8% only. That is why due to lower import duties, India's gold and silver imports saw significant rise over the past few years. According to the India import export data , the imports of gold and silver from the UAE went up by 210%. This year, it is estimated to be around $10.7 billion. Whereas, India's imports of all other products from the United Arab Emirates was recorded to be...