UAE to review India’s concerns on surge in silver, platinum alloy imports | News
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The UAE is the third-largest trading partner of India. | Representative Image
India has raised its concerns over jump in imports of silver products, platinum alloy, and dry dates from the UAE and urged the country to ensure that the rules are not circumvented under the free trade agreement (FTA), an official statement said on Tuesday.
The UAE has agreed to examine the concerns raised by the India, the commerce ministry said.
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Following significant increase in imports, India sought review of certain provisions of the FTA with the UAE that came into force on May 1, 2022.
The concerns were raised during the second meeting of the joint committee (JC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) in the UAE on October 14.
The Indian delegation was led by Additional Secretary in the Department of Commerce Ajay Bhadoo and Assistant Undersecretary for International Trade Affairs, Ministry of Economy of the UAE, Juma Al Kait co-chaired from the UAE side.
“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,” the ministry said.
The UAE is the third-largest trading partner of India with $ 83.65 billion bilateral trade in 2023-24.
Seeking an urgent review of the pact, think tank Global Trade Research Initiative (GTRI) has said the India-UAE CEPA allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years.
GTRI has claimed that many imports do not meet Rules of Origin conditions and, hence, do not qualify for concessions.
India’s gold and silver imports from UAE have skyrocketed 210 per cent to $ 10.7 billion in 2023-24. India allows 7 per cent tariffs, or customs duty concessions, on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold.
The Indian side also urged that the Indian Jewellery Exposition Centre in Dubai be categorised as a Designated Zone so that the benefit of concessional duties can be availed by domestic jewellery manufacturers, including non-registered entities under the UAE’s domestic regulation.
“UAE side conveyed its willingness to examine this request after consulting its internal stakeholders, including federal tax authorities,” it said.
On issues related to sanitary and phyto-sanitary (SPS)/TBT (technical barriers to tarde) measures, India asked the to grant recognition to the i-CAS (India Conformity Assessment Scheme) Halal scheme that will considerably ease the certification process and promote export of animal products to the UAE.
“Both sides also agreed to take forward the discussion on fast-tracking of registration as well as reference pricing mechanism for pharma products. Both sides agreed on early finalisation of MoU on food safety between their competent authorities,” it added.
Further, the Indian side highlighted the need of professional bodies from both sides to enter into mutual recognition agreements to enable professionals such as chartered accountants, lawyers, nurses to provide their services without the need for another certification.
Both sides agreed to work on an actionable plan in this regard.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 15 2024 | 8:35 PM IST
