An India Jewellery Exposition Centre (IJEX) has been inaugurated in Dubai to commemorate the first anniversary of the UAE-India Comprehensive Economic Partnership Agreement.
This will serve as an important gateway to the MENA region for the Indian gemstone and jewellery sector.
Under the ambit of the Gem & Jewellery Export Promotion Council (GJEPC) IJEX will provide a platform for India's micro, small and medium jewellery enterprises (MSMEs) to showcase their products to the Middle East market in Dubai's Gold Souq.
This move reflects the significance of the Middle East to India's gem and jewellery industry, which makes up 30 per cent of its exports. This also displays the impact of the decrease in import tariffs on gold following the implementation of the CEPA last year.
Juma Al Kait, Assistant Undersecretary for Foreign Trade at the Ministry of Economy and Chief Trade Negotiator for the UAE, says, “This week we have not only been able to celebrate the achievements of the first year of the UAE-India CEPA but also forge new partnerships, new investments and new platforms for collaboration. The launch of the India Jewellery Exposition Centre is CEPA in action, and clear evidence of the opportunities for greater trade and investment that our nations can deliver. Central to both our cultures, the gems and jewellery sector is a key driver of bilateral trade – and among the industries that will gain the most from the agreement.”
Meanwhile, the UAE-India CEPA has resulted in continued growth in bilateral non-oil trade between the two countries, which climbed 6.9 per cent to reach US$45.5 billion in the first 11 months of the deal. The figures in Q1 2023, show an impressive quarter-on-quarter growth of 24.7 percent.
Al Kait was joined at the launch ceremony by representatives from both the UAE and India including Sunjay Sudhir, Ambassador of India to UAE; Rajesh Kumar Singh, Secretary at DPIIT, Ministry of Commerce & Industry, Government of India; Dr Srikar K. Reddy, Joint Secretary at the Ministry of Commerce & Industry, Government of India; and Kirit Bhansali Vice Chairman of GJEPC.
ALSO READ:
Nandini Sircar has a penchant for education, space, and women's narratives. She views the world thro...