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India has exported the first consignment of jewellery products made up of gold, silver and imitation jewellery to Australia worth $300 million (about ₹2,400 crore) under the Economic Cooperation and Trade Agreement.
The ECTA is expected to double the bilateral gem and jewellery trade from the present $1.27 billion to $2.5 billion over the next 3 years.
An additional trade of $1 billion is likely to generate domestic employment for 88,000 workers. Indian exports will benefit from preferential zero duty market access in Australia for 100 per cent of its tariff lines, said the Gem and Jewellery Export Promotion Council of India.
Preferential access
India has provided preferential access to Australia on over 70 per cent of its tariff lines
Marking the beginning of the free trade agreement, Piyush Goyal, Union Minister for Minister of Commerce & Industry flagged off dispatch of consignments from Mumbai, Surat and Chennai.
Goyal said, with this agreement with Australia, is the second FTAs in this year and has potential for exporting finished products as they are largely a raw material and intermediate producing country.
Vipul Shah, Chairman, GJEPC said zero per cent duty on jewellery products made up of gold, silver and imitation jewellery exported to Australia will provide a fillip to these products.
The government has protected the domestic industry by not decreasing import duty on gold/silver/platinum jewellery, he said.
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