Media ININ Economy We Trust
The Indian government said in a statement that it will call for new bids for gold import quotas from the UAE at soft fees agreed upon under the Comprehensive Economic Partnership Agreement between the two countries signed last year.
The statement added that the quotas are intended for the import of 140 tons of UAE gold in the fiscal year that began on the first of April, at fees that are one percentage point lower than the standard gold import fee in India of 15%.
The comprehensive economic partnership signed between India and the UAE aims to reduce tariffs and effectively increase annual trade between them to $100 billion within five years. Under the agreement, the share of gold imports with lower fees from the UAE will be raised to 200 metric tons.
India is the second largest consumer of gold in the world, and imports the bulk of its gold.
