The recently signed India-European Union Free Trade Agreement, spearheaded by Prime Minister Narendra Modi, is a significant development for India’s gems and jewellery export sector. ACPL Exports SEZ Director Rohit Gupta emphasized that this agreement is poised to enhance the industry’s foothold in European markets, providing a much-needed boost amidst challenging global trade conditions.
Gupta highlighted the potential of the trade pact to empower Indian gems and jewellery exporters in Europe, fostering confidence and competitiveness. He underscored the agreement’s role in creating fresh avenues for growth and employment opportunities, particularly benefiting artisans and skilled workers within the sector.
Noting the labor-intensive nature of the jewellery industry, Gupta emphasized the advantageous position India holds in terms of cost-effective labor, creativity, and craftsmanship. With the European Union comprising 27 countries, Gupta pointed out the vast opportunities for Indian manufacturers to excel in the region, potentially transforming India into a preferred manufacturing hub.
The agreement’s provision of duty-free access to European components, coupled with domestic value addition, could significantly enhance India’s competitiveness in high-value European markets like Italy, France, Germany, Sweden, Finland, and Denmark. Gupta envisioned this trade pact as a strategic move that could elevate India’s global standing in the gems and jewellery domain, driving sustainable export growth and bolstering the nation’s manufacturing capabilities.
