India appeals to the UAE to follow the Quota system for Gold exports, implicitly, on the latest changes in the way it allocated quota for gold imports on concessional duties under the Comprehensive Economic Partnership Agreement (CEPA) to bring more transparency in the process. In the third meeting of the Joint Committee under the India-UAE CEPA, the Indian side seeks to allay any concerns that the UAE might have on the new process affecting its gold exports to India.
Apart UAE’s process affecting gold exports, India permits gold imports from the UAE under CEPA
Besides, UAE’s new process, which affects gold exports to India, the country permits gold imports from the UAE under CEPA, at duties which are 1% less than what it charges on imports from other countries. Changing rules, India decided to allocate limits to authorised imports via competitive bidding or tender process in the end of October. Interestingly, Gold holds the second position in imports from the UAE, followed by Petroleum and its products. In April-September, this year, precious metal imports from the UAE stood at $10.65 billion, it was 13% lower than what was imported in the same period last year. On the contrary, Petroleum imports were at $ 13.02 billion, an increase of 10.86%.
Strengthening the Non-oil Trade
Both nations conducted a comprehensive review of progress under CEPA, and detailed discussions were held on market access issues, data sharing, anti-dumping matters, services, Rules of Origin and Bureau of Indian Standards (BIS) licensing at the joint commission meeting. In addition, discussions covered regulatory cooperation in the pharmaceutical and resolution of issues related to Certificates of Origin.
A statement by the Ministry of Commerce and Industry cited: “Early signing of the Memorandum of Understanding on Food Safety and Technical Requirements between Agricultural and Processed Food Products Export Development Authority (APEDA) and Ministry of Climate Change and Environment (MOCCAE), UAE, was also discussed. The MoU will make the trade in food products between the two sides easier. It was also agreed to enhance trade facilitation, regulatory collaboration, data sharing and convening of Services Subcommittee meetings.
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