Trade UAE agrees to review India’s precious metal export concerns By Pramod Kumar October 17, 2024, 8:05 AM Kabir Jhangiani/ZUMA Press Wire/Alamy via Reuters Connect Silver imports from the UAE to India have increased dramatically, up from $29m in 2023 to $1.7bn in 2024 The UAE has agreed to examine India’s concerns over a sharp increase in precious metal exports, New Delhi said in a statement on Tuesday. The concerns were raised at the second meeting of the joint committee under comprehensive economic partnership agreement (Cepa) on Monday as the two nations hoped to reached the $100 billion non-oil trade target before 2030. “India raised the issue related to the recent surge in imports of silver products, platinum alloy and dry dates”, the statement said, urging the UAE to verify compliance with the rules of origin norms and ensure that the rules are not circumvented. Under the Cepa, operational since May 2022, the UAE has enjoyed significant tariff concessions – 1 percent on gold and 7 percent on silver – provided a 3 percent local value addition is met. UAE oil exports to India rise, squeezing out GCC neighbours GCC-India trade tumbles as New Delhi snaps up Russian oil Metals market under pressure with India-UAE pact review However, a 210 percent surge in imports from the UAE, up to $10.7 billion in the fiscal year 2023-24, has raised alarm in New Delhi which traditionally has strongly protectionist instincts. Silver imports from the UAE have increased even more dramatically, up from $29 million in the full year to 2023 to $1.7 billion in 2024. Last month, India’s commerce secretary Sunil Barthwal raised concerns about the potential use of loopholes that could weaken India’s diamond sector, which contributes $16 billion to global exports.
