UAE to address India’s concerns over rise in silver, platinum alloy imports | Economy & Policy News

In the case of silver, over the last few months, the commerce department tried to understand the reasons behind the surge in imports. This is despite the stringent rules of origin or value-addition norms agreed upon under the trade deal.

“The Indian side raised the issue related to the recent surge in imports of silver products, platinum alloy and dry dates and urged UAE to verify compliance to the rules of origin norms and ensure that the rules are not circumvented. UAE has agreed to examine concerns raised by the Indian counterparts,” an official statement said.

India-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed in February 2022 and came into effect from May 2022. 

The pact includes provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years.

Both sides also discussed their aim to attain the target of $100 million non-oil trade well before 2030. The two sides also held wide-ranging discussions on all aspects of the bilateral partnership, including measures to further strengthen and enhance two-way trade, the statement said.

The UAE is India’s third largest trade partner. During the first seven months of the financial year, India exported goods worth $11.45 billion to the West and Asian nations. Imports comprised $31.14 billion. UAE is also India’s second largest export market.

Both sides also agreed to establish technical experts for seamless and timely exchange of trade-related data.

First Published: Oct 16 2024 | 12:22 AM IST