Latest News | India-UK FTA May Push Gems, Jewellery Exports to USD 2.5 Bn in Next 3 Years: GJEPC

Mumbai, Jul 24 (PTI) The India-UK free trade agreement will unlock new opportunities for the gems and jewellery sector and the exports are expected to surge to USD 2.5 billion within the next three years, GJEPC said on Thursday.

The agreement, officially called Comprehensive Economic and Trade Agreement (CETA), was signed in London on Thursday in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.

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"This landmark accord unlocks exciting new opportunities for the gems and jewellery sector. Currently, exports to the UK stand at USD 941 million. With the duty concessions in place, this figure is poised to surge to USD 2.5 billion within the next three years," Gem and Jewellery Export Promotion Council (GJEPC) Chairman Kirit Bhansali said in a statement.

This will help enhance the overall bilateral trade of the sector to an estimated USD 7 billion, he added.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)