India-Australia trade agreement expected to increase export of gemstones and jewelry

The India-Australia Economic Cooperation and Trade Agreement (ECTA), which goes into effect on December 29, is expected to increase exports of gem and jewelry, engineering goods, and plastic goods, according to industry executives at a recent outreach program on the India-Australia ECTA and the India-UAE Comprehensive Economic Partnership Agreement (CEPA).

Pankaj Parekh, regional chairman of the Gem & Jewellery Export Promotion Council (Eastern region), stated that the India-Australia ECTA will double India’s gem and jewelry exports to Australia from their current $350 million to $800 million over the next three years.

The India-UAE CEPA, which came into effect on May 1, 2022, has resulted in a 20% overall increase in exports to the UAE compared to the same period last year.

The India-Australia ECTA is expected to create 100,000 jobs, increase Indian merchandise exports to Australia by $10 billion, allow zero duties on 100% of tariff lines, provide cheaper raw materials for the steel and aluminum industries, and lead to $45-50 billion in bilateral trade over the next five years, according to B D Agarwal, regional chairman of the Engineering Export Promotion Council of India.

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