Under the India-UAE free-trade pact, a concessional tariff is applicable on the first 120 tonnes of gold imports in the first year, referred to as the tariff rate quota (TRQ).
In FY23, India imported only about 52.81 tonnes of gold from Abu Dhabi, one of the seven emirates that constitute the UAE, the data showed. That is 47% lower than 99.86 tonnes imported during the previous year. It is also the lowest annual gold import from the UAE since FY03, when it was 18 tonnes.
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