India mulls quota-based duty cuts on gold imports to Switzerland under EFTA

Switzerland is the largest source of gold imports, with about 41 per cent share during April-October this fiscal, followed by the UAE (about 13 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country's total imports.

India is considering quota-based duty concessions on gold imports from Switzerland as part of a proposed free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. India seeks a USD 50 billion investment commitment from EFTA members over the first ten years post-agreement and an additional USD 50 billion in the subsequent five years.

Indian banks have been given permission to import gold from the UAE at a discounted duty rate under the countries' FTA, according to government officials. | Latest News India

India signed a free trade pact with Switzerland, Norway, Iceland, and Liechtenstein, committing to reduce tariffs and receive $100 billion in investments over 15 years. The pact is expected to boost exports, attract investments, and improve trade ties between India and Switzerland.

Bilateral non-oil trade between India and the United Arab Emirates (UAE) reached $50.5bn in the first 12 months of the countries' Comprehensive Economic Partnership Agreement (CEPA), up 5.8% on year. The two sides have doubled their non-petroleum trade target to $100 billion by 2030 from the earlier anticipated $48 billion. The first meeting of the joint committee of India-UAE CEPA reaffirmed the countries' commitment to working together and enhancing trade in services, MSMEs, startups and women entrepreneurs.

India's Commerce and Industry Minister, Piyush Goyal, has said the country is looking at ways of expanding its trade in value-added gold products with the UAE, a current major gold supplier to India. India has already offered certain duty concessions on UAE gold under a free trade agreement, and now the two countries are looking to build on this partnership further, Goyal added. India is hoping UAE exporters will ship the specified quantity of gold and benefit the Indian gold jewellery sector.

The Centre exempted gold imported by the Reserve Bank of India from import duty and Agriculture Infrastructure Development Cess. India, the second-biggest consumer of gold, depends on imports. Cumulative gold imports reached $37.85 billion from April-January in FY24, with imports in January alone standing at $1.9 billion.

Amid surge in imports of gold and silver from the UAE under the Comprehensive Economic Partnership Agreement (CEPA), All India Jewellers & Goldsmith...

India will link duty cuts under the trade deal with the European Free Trade Association (EFTA) with investment by companies from the member nations — Switzerland, Norway, Iceland, and Liechtenstein — which have together vowed to invest $100 billion over 15 years.

Investment pledge, duty-free access for India’s animal products.