India-UK Trade Pact to Spark Gems and Jewellery Boom
The India-UK Comprehensive Economic and Trade Agreement (CETA) foresees a significant boost for the gems and jewellery sector, with exports expected to rise from USD 941 million to USD 2.5 billion in the next three years, enhancing bilateral trade to USD 7 billion.
- Country:
- India
The recently signed India-UK Comprehensive Economic and Trade Agreement (CETA) is set to significantly benefit the gems and jewellery industry. According to the Gem and Jewellery Export Promotion Council (GJEPC), exports from India to the UK, which currently stand at USD 941 million, could surge to USD 2.5 billion within three years.
The landmark agreement, signed in London with the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer, is expected to unlock a plethora of new opportunities for the sector due to duty concessions provided under the deal.
GJEPC Chairman Kirit Bhansali highlighted that, alongside increased exports, the agreement aims to strengthen overall bilateral trade within the sector, with estimations suggesting it could reach USD 7 billion.
(With inputs from agencies.)
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- India-UK
- trade agreement
- gems
- jewellery
- exports
- GJEPC
- CETA
- Narendra Modi
- Keir Starmer
- bilateral trade
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