UAE to Address India’s Concerns Over Rising Imports of Silver and Platinum Alloys
The United Arab Emirates (UAE) has agreed to look into India’s concerns over compliance with rules on imports of silver products, platinum alloy and dry dates, the Commerce Department said on Tuesday.
At a joint committee meeting under the India-UAE trade agreement, New Delhi-based officials expressed concern over the recent surge in imports of these goods. These were shipped to India, taking advantage of the lower rates under the contract.
Indian government officials, who were in the UAE for the meeting, urged officials from West Asian countries to check compliance with norms of origin and ensure they are not ‘spinned’.
As for silver, over the past few months, the trade department has been trying to find out the reasons behind the increase in imports. This is despite the strict rules of origin or value addition terms agreed under the trade agreement.
“The Indian side raised the issue of the recent increase in imports of silver products, platinum alloy and dry dates and urged the UAE to verify compliance with rules of origin and ensure that rules are not violated. The UAE has agreed to look into the concerns raised by its Indian counterparts,” an official statement said.
The India-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed in February 2022 and came into effect from May 2022.
The agreement includes provisions for duty-free import of gold, silver, platinum and diamonds into India over the next few years.
The two sides discussed achieving a target of $100 million in non-oil trade by 2030. Detailed discussions were held on both sides about all the supporting party participants. said in the complaint.
The third-biggest trading partner of India. Over the first seven months of the fiscal year, India exported items valued at 11.45 billion seats to nations in the West and Asia.
It generated $31.14 billion in revenue. The UAE is India’s second-largest export destination.
The establishment of technical specialists for the smooth and prompt exchange of trade-related data was agreed upon by both parties.
The group agreed to get together shortly in order to learn about one another’s statistical systems and create procedures for coordinating statistics on bilateral commerce.
.The statement went on to say, “This will help analyze trade data in a compatible and comparable format to further deepen mutual understanding.”
The point of contention:
> Under the India-UAE trade deal, India has expressed worry over rising imports of dry dates, silver, and platinum alloys.
> Indian authorities requested that the UAE make sure that the laws of origin were followed.
> With a goal of $100 million in non-oil commerce by 2030, both parties talked about ways to advance trade.