India's Budget 2024: Impact on Custom Duties and Trade with Dubai
International Freight Shipping in Dubai India's Budget 2024 has brought significant changes to customs duties, influencing various sectors and impacting trade dynamics with Dubai. One of the notable adjustments is the reduction of duties on mobile phones, benefiting companies like Apple in Special Economic Zones (SEZs). This reduction aims to boost domestic market sales, although non-SEZ manufacturers may face challenges despite a reduced duty on printed circuit board assembly. The budget also slashes customs duties on gold, silver, and platinum, potentially reducing Dubai's attractiveness as a source due to the India- UAE Comprehensive Economic Partnership Agreement (CEPA). With gold imports from Dubai now taxed at 5%, the previous arbitrage opportunities diminish. This change aims to curb the practice of mixing gold with platinum to exploit duty differentials, thereby bringing other international suppliers back into play. Additionally, duties on 25 critical minerals ha...