First jewellery consignment under Ind-Aus ECTA flagged off from Mumbai, Surat, Chennai

Many of the products being manufactured in India are providing a huge amount of work and job opportunities for businesses both in merchandise and in services, the commerce and industry minister said.The India-Australia ECTA will boost the bilateral gem and jewellery trade to double to USD 2.5 billion from the present value of USD 1.27 billion over the next 3 years, GJEPC chairman Vipul Shah said.

The first jewellery consignment under the India-Australia Economic Cooperation and Trade Agreement (ECTA) was flagged off on Thursday from Mumbai, Surat and Chennai, the Gem and Jewellery Export Promotion Council said.

Union Minister Piyush Goyal flagged off the first consignment under the India-Australia ECTA on December 29 in Mumbai, GJEPC said in a statement.

''With this agreement with Australia entering into force, that makes it two agreements within a calendar year. It's a matter of great joy and celebration for all of us. There is a lot of potential for exporting finished products to Australia as they're largely a raw material and intermediate producing country.

''So, it's a complete win-win. Many of the products being manufactured in India are providing a huge amount of work and job opportunities for businesses both in merchandise and in services,'' the commerce and industry minister said.

The India-Australia ECTA will boost the bilateral gem and jewellery trade to double to USD 2.5 billion from the present value of USD 1.27 billion over the next 3 years, GJEPC chairman Vipul Shah said. ''The 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. An additional trade of USD 1 billion is likely to generate employment for 88,000 workers in the country,'' Shah added. The free trade agreement between India and Australia, which was signed on April 2, comes into effect on December 29, 2022.