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News: India has raised concerns over the recent surge in imports of silver products, platinum alloy and dry dates under the Comprehensive Economic Partnership Agreement. It has urged UAE to verify compliance with the rule-of-origin norms.
1. India- UAE CEPA, 2022: It is a major trade agreement between India and UAE that aims to strengthen bilateral trade and investment flows.
2. Some of the key features of the agreement include tariff reduction, investment promotion, removal of unnecessary technical barriers, greater market access.
3. Rules of Origin: They are the criteria used to determine the national source of product. They are used to identify whether the goods qualify for preferential tariff treatment under various trade agreements.
4. Custom Duty: It is the tax levied on goods that are imported or exported across the international borders.
5. There are various types of custom duties like Basic Custom Duty (BCD), Countervailing Duty (CVD), Anti- Dumping Duty.
6. In India, custom duty is defined under the Custom Act, 1962 and matters related to it fall under the purview of Central Board of Excise and Customs.
