India Seeks Review of Free Trade Agreement with UAE Over Precious Metals and Customs Duties

India is seeking to review certain provisions of its free trade agreement with the UAE, which came into act in May 2022. Commerce Secretary Sunil Barthwal highlighted issues such as value addition norms and customs duties, while concerns grow over increased imports of precious metals from the UAE under CEPA.

India is pushing for a review of its free trade agreement with the UAE, which has been effective since May 2022, according to Commerce Secretary Sunil Barthwal on Wednesday.

Barthwal indicated that discussions are ongoing with the UAE on various issues within the Comprehensive Economic Partnership Agreement (CEPA), focusing on value addition norms and customs duties.

Experts have expressed concerns about the surge in imports of gold, silver, platinum, and diamonds from the UAE, which could hurt India's annual revenue and shift import business from banks to private traders. Further reviews may address these issues, including rules of origin and future trade policies.