India-NZ FTA: GJEPC eyes 200 pc export growth to USD 50 mn in 3 years

The Gem and Jewellery Export Promotion Council GJEPC on Monday welcomed the signing of the India-New Zealand Free Trade Agreement FTA, calling it a timely strategic move that opens up a high-potential market and is likely to drive additional exports of nearly USD 50 million over the next three years.

The Gem and Jewellery Export Promotion Council (GJEPC) on Monday welcomed the signing of the India-New Zealand Free Trade Agreement (FTA), calling it a timely strategic move that opens up a high-potential market and is likely to drive additional exports of nearly USD 50 million over the next three years. ''In today's turbulent global environment, India's continued progress in advancing and concluding FTAs enables the industry to strategically diversify its export markets and reduce overdependence on any single geography such as the US or regions like the GCC,'' GJEPC Chairman Kirit Bhansali said. India and New Zealand on Monday signed the FTA to boost two-way commerce in goods and services and promote investments. He said the India-New Zealand FTA, following the Australia agreement, is a timely step in this direction. ''India's gems and jewellery exports to New Zealand currently stand at around USD 16.61 million, and with zero-duty access under the agreement, we expect this to grow to nearly USD 50 million over the next three years,'' Bhansali added. The agreement also provides a clear duty advantage over key competitors such as China and Thailand, enhancing competitiveness and enabling market share expansion. The FTA also creates opportunities to leverage the Indian diaspora in New Zealand, expand retail presence through local partnerships, and deepen long-term trade and investment engagement in the Oceania region. Recent Indian investments in New Zealand's jewellery retail segment further indicate strong long-term potential, with the agreement expected to support both export growth and stronger bilateral economic ties.