Barter is the present and the future of international trade, especially for people who is starting in the import export business. Barter and more: Triangular operations.
The Thai government is in talks with India to resume the free trade agreement (FTA) in gold jewellery. The Southeast Asian nation is keen to export coloured gemstonestudded jewellery to India. India raised the import duty on gold jewellery from Thailand to 15 per cent from 1 per cent in October 2013 to protect the domestic industry.
Earlier, the FTA with Thailand allowed gold jewellery imports at a concessional customs duty of 1 per cent. This concessional rate made gold imports from Thailand attractive, especially considering that the duty for importing the yellow metal from other sources is 10 per cent.
Under the origin norms, a trader can import gold jewellery from Thailand if value addition is 20 per cen. "But if that is followed strictly, import of gold jewellery from Thailand will become less attractive as prices of gold in India and Thailand will almost be the same. Thailand is now keen to export studded jewellery to India under the FTA," according to executive director of Gem & Jewellery Export Promotion Council (GJEPC).
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