• UGI USER
  • Jun 12, 2024
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GOVERNMENT RESTRICTS GOLD JEWELRY IMPORTS DUE TO UNUSUAL SURGE

Why in the news?

  • The Commerce and Industry Ministry restricted gold jewelry and parts imports with immediate effect.
  • Imports from the UAE under the Free Trade Agreement (FTA) are exempted.
  • Notification issued by the Directorate General of Foreign Trade (DGFT).

About Free trade agreements (FTAs):

  • Free trade agreements (FTAs) reduce barriers to imports and exports.
  • Opposite of trade protectionism or economic isolationism.
  • Major Indian FTAs: India ASEAN, SAFTA, India Korea CEPA, Japan India CEPA, India Singapore CECA, Indo Malaysia CECA.
  • Ongoing negotiations with the UK, Oman, Australia, Canada, Russia, UAE, EU, and Southern African Customs Union.
source:slideshare
About the Directorate General of Foreign Trade (DGFT):

  • The Directorate General of Foreign Trade (DGFT) formulates and implements India’s export-import policies.
  • Formerly known as Chief Controller of Imports & Exports (CCI&E) before 1991.
  • Headquartered: in New Delhi, under the Ministry of Commerce and Industry.
  • Grants Exporter Importer Code (IEC) numbers.
  • Promotes trade with neighboring countries and sets input-output norms.