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India in a spot over FTA talks with Europe on gold
Elimination of duty on gold could become a sticking point in the ongoing negotiations for a free trade agreement (FTA) between India and the EFTA group, government sources said. India and the European Free Trade Association (EFTA) countries -- Switzerland, Norway, Iceland and Liechtenstein -- are in the process of putting in place the free trade agreement, officially known as the Trade and Economi
New Delhi : Elimination of duty on gold could become a sticking point in the ongoing negotiations for a free trade agreement (FTA) between India and the EFTA group, government sources said. India and the European Free Trade Association (EFTA) countries -- Switzerland, Norway, Iceland and Liechtenstein -- are in the process of putting in place the free trade agreement, officially known as the Trade and Economic Partnership Agreement (TEPA).
India is in a spot as it is already grappling with a surge in gold imports from its FTA partners, including South Korea and Asean member Indonesia. Currently, there is a 10 per cent Customs duty on gold imports, in addition to three per cent Integrated GST (IGST).
In the EFTA bloc, Switzerland is a major exporter of gold items, including gold bars. Given a significant increase in imports of the precious metal from some of the free trade pact partners, it will be a little tricky for Indian negotiators to agree to complete elimination of duties on gold from the EFTA group, the government sources pointed out.
