India-UAE Gold TRQ: A New Era of Competitive Bidding

In a significant development, the Indian government announced on Wednesday that tariff rate quota (TRQ) allocations for gold under the free trade agreement with the UAE will now follow a competitive bidding approach.

Under this agreement, India is set to import up to 200 metric tonnes of gold annually from the UAE with a reduced tariff, as part of the Comprehensive Economic Partnership Agreement (CEPA).

The amended procedure, outlined by the Directorate General of Foreign Trade, aims to bring greater transparency and efficiency, requiring eligible applicants to register with the Bureau of Indian Standards and GST for hallmarking, while excluding Gold Dore from consideration under TRQ.