GLOBAL TRADE RESEARCH INITIATIVE - ECONOMY
Why in News?
The Global Trade Research Initiative (GTRI)
has raised serious concerns over a surge in the import of precious metals from
the UAE under a free trade agreement (FTA).
- India-UAE
Comprehensive Economic Partnership Agreement (CEPA) needs urgent review.
- CEPA
allows unlimited imports of gold, silver, platinum, and diamonds
from UAE with zero tariffs.
Consequences:
- Annual
revenue losses.
- Import
business shifting from banks to a few private traders.
- Top
suppliers being replaced by Dubai-based firms.
Recommendations:
- Authorities
should address these issues.
- Ensuring
integrity of import practices.
- Safeguarding
domestic industries.
- Preventing
significant revenue losses.
About GTRI:
- Global
Trade Research Initiative (GTRI) is a research Group focused on Climate
Change, technology and trade based in New Delhi, India.
- GTRI
aims to create high-quality and jargon-free outputs for governments and
industry from the perspective of development and poverty reduction.
Sources: https://epaper.livemint.com/Home/ShareArticle?OrgId=177a7f30a15&imageview=0https://gtri.co.in/