look news india
Mumbai: Indian government officials will bring to the notice of UAE authorities the sharp rise in silver imports from the United Arab Emirates (UAE) into India next week.
An Indian government team is going to UAE next week to review the trade agreement with UAE. After the signing of the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates in 2022, there has been a sharp increase in silver imports from there.
Silver imports increased to $1.74 billion in FY2024 compared to $2.92 billion in FY2023. The country's Commerce Minister Piyul Goyal, while talking to journalists in Delhi, said that the increase in silver imports has already been discussed with UAE Commerce Minister Thani Al Zeyoudi.
Goyal said there was an assurance from Thani Al Zeyoudi that nothing would be done by the UAE that would threaten India's trade interests.
Under the agreement with the UAE, the import duty on silver is currently eight per cent and India has promised to reduce it to zero in a phased manner over the next eight years.
UAE is not only India's third largest trading partner, but it is also India's third largest export hub.