Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports.
In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services
India and Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. The Global Trade Research Initiative (GTRI) has highlighted the challenge of duty concessions on gold, which accounts for 80% of India s imports from Peru. Gold, a high-value product with low volume, attracts a 10% basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. The next round of talks is expected to start in Lima, Peru.
Duty concessions on gold, which accounts for 80 per cent of India’s imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday.
Economic think tank Global Trade Research Initiative (GTRI) said