2023-24: India's gold and silver imports from UAE increase 210% to $10.7bn due to CEPA concessions.

India's gold and silver imports from the UAE have soared 210% in 2023-24, reaching $10.7 billion, according to a report by economic think tank Global Trade Research Initiative (GTRI). The sharp increase is attributed to import duty concessions granted by India to the UAE under their Comprehensive Economic Partnership Agreement (CEPA), which was signed in February 2022 and implemented in May 2022. The surge raises concerns about the need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge.