Govt notifies 160 tons of gold import from UAE at concessional rate

The government has notified the import of up to 160 tonnes of gold by manufacturers and traders from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, an official said on Tuesday.

The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022.

Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ).

Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added.

Think tank GTRI in its report in June stated that India's gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement.

India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according