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GIFT City will be nominated as the agency to import 200 tonnes of gold from the United Arab Emirates (UAE) under the recently signed Free Trade Agreement (FTA) with the Middle East country. Piyush Goyalduring a visit by the federal minister of commerce and industry to Gujarat on Saturday.
“I have made a decision to benefit GIFT City and its expansion. Recently, we signed a free trade agreement with the UAE. The agreement came into force on May 1, under which almost 100% of the goods exported to the UAE will be Duty free. We also allow the import of some items from the UAE with lower tariffs. To encourage our gems and jewellery industry, 200 tonnes of gold will be shipped to India at a discounted price. We will nominate GIFT City as the agency to import gold,” Goyal said in an interview with students Media personalities at iHub, a hub for entrepreneurship and innovation, said while interacting. ahmedabad.
Goyal visited at GIFT City Gandhinagar And in an interaction with officials Saturday morning, he said the imported gold would be distributed from Gift City to the rest of the country. “This solves a big problem for the middlemen facing the gem and jewelry industry. Buying gold used to be very expensive because of these middlemen. With today’s decision, we also solve their problem,” he added.
“Except for 40-50 items, all other 11,000 items exported to the UAE will be duty-free,” Goyal said. Under the Comprehensive Economic Partnership Agreement (CEPA) signed in February 2022, India allows a 1% tariff reduction on inbound goods of up to 200 tonnes from the UAE.
Gold will be imported from the UAE via participants of the Indian International Bullion Exchange (IIBX) in Gujarat, according to official GIFT City. IIBX also has three vaults that can store imported gold.
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