India-Australia ECTA To Boost Bilateral Gem & Jewellery Trade To $2 billion
The Govt. of India has been successful in facilitating gem & jewellery trade in the post pandemic era – first, with the India-UAE CEPA which helped gain remarkable progress in gems & jewellery exports to UAE, and now with the India-Australia Economic Cooperation & Trade Agreement (ECTA), which got Australian parliament approval recently. The historic India-Australia trade agreement is expected to unlock millions of dollars of additional trade due to the preferential access accorded towards India’s gem and jewellery exports to the island nation.
India-Australia has a significant bilateral trade of USD 1.3 billion for gem and jewellery commodities in financial Year 2021-22. Key commodities exported to Australia are plain gold jewellery, studded jewellery and cut & polished diamonds. The main commodities imported from Australia are precious metals i.e. gold and silver bars.
Vipul Shah, Chairman, GJEPC, said, “Since the India-Australia negotiations started, India’s gem and jewellery exports have witnessed positive growth, complementing the upcoming India-Australia ECTA. India’s G&J exports to Australia grew 21% to 183.86 million during April – October 2022 as compared to the same period last year.”