The agreement will benefit apparel, textiles, leather, footwear, gems and jewellery, technical goods and pharmaceuticals in addition to services: FIEO
The agreement will benefit apparel, textiles, leather, footwear, gems and jewellery, technical goods and pharmaceuticals in addition to services: FIEO
The trade deal signed between India and Australia on Saturday will help boost trade and investment between the countries in both directions, according to exporters.
The Federation of Indian Export Organizations (FIEO) said the pact would benefit multiple sectors, including apparel, textiles, leather, footwear, gems and jewelry, engineered goods and pharmaceuticals, in addition to services.
Australia is currently India’s top export destination in the Oceania region and is among the top 15 export destinations, said FIEO President A. Sakthivel.
Colin Shah, Chairman of the Gem and Jewelery Export Promotion Council (GJEPC), said India had secured preferential access for the sector in Australia after successfully negotiating a Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
The main goods exported to Australia include gold jewelery (smooth and studded) and polished diamonds. The main commodities imported from Australia are precious metals – gold and silver bullion.
“We expect Australia to benefit from access to areas where India is a world leader, such as B. Diamonds. By providing preferential access for Indian gemstone and jewelry exports, the deal also makes it cheaper for Australian retailers to source premium jewelry that has been crafted with finesse by Indian manufacturers,” he said.
Mr Shah also said he expected the deal to boost bilateral gem and jewelry trades to $1.5 billion from the current $950 million.
India and Australia signed an economic cooperation and trade deal on Saturday, under which Canberra would grant duty-free access to its market to more than 6,000 of India’s broad sectors, including textiles, leather, furniture, jewelry and machinery.
