Editor’s Note
This article highlights the positive reception of the India-EU Free Trade Agreement by the gem and jewellery industry, which anticipates significant benefits from reduced tariffs.
Industry Hails FTA as a Major Relief
Surat, January 28 (IANS). The India-European Union Free Trade Agreement (FTA) is a step taken at the right time and will greatly benefit the gem and jewellery industry, according to industry experts on Wednesday.
“This agreement has brought major relief for the country’s gem and jewellery sector. The tax on India’s gems and jewellery in the European market has been reduced to 0-3 percent from the earlier 10 percent,” said Jagdish Khunt, President of the Surat Diamond Association, in an interview with IANS.
He described the move as timely.
FTA to Act as a Booster Dose for Exports
“India’s Free Trade Agreement (FTA) with the European Union will act as a booster dose for the gem and jewellery industry,” said Dinesh Navadia, Chairman of the Indian Diamond Institute.
He noted that the industry currently exports goods worth Rs 91,000 crore to Europe, and a 20 percent surge is expected in the coming years due to the FTA.
Access to a High-Value Market and Broader Opportunities
“As our Prime Minister Modi said, this is the ‘Mother of All Deals’. This statement is proving true after the FTA has come to light. It has given Indian companies access to the high-value market of 500 million people living in the EU,” said Dr. Vaibhav Garg, President of Global Government Affairs at the Meril Group of Companies, to the news agency.
He added that this is a major opportunity for India’s medical device sector.
“This will provide access for the country’s medtech companies to the markets of 27 EU countries. It will help in increasing India’s exports as well as achieving the goals of self-reliance and Make in India,” he further stated.
PM Modi: A New Blueprint for Shared Prosperity
Announcing the FTA between India and the European Union (EU), Prime Minister Modi said that this FTA is not just a trade agreement, but a new blueprint for shared prosperity.
–IANS
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