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The Gem and Jewelery Export Promotion Council (GJEPC) has launched the first Indian Jewelry Exhibition Center (IJEX) in the UAE to mark the one-year anniversary of the UAE-India Comprehensive Economic Partnership Agreement (Cepa).
Announced during the Cepa Beyond Trade celebration, IJEX will provide a platform for Indian micro, small and medium jewelery enterprises (MSMEs) to showcase their products to the Middle East market from its location at the Dubai Gold Souk.
The move reflects the importance of the Middle East to India’s gems and jewelry industry, which accounts for a full 30% of its exports, as well as reduced import duties on gold due to the Cepa coming into effect in May 2022. IJEX will now serve as a key gateway for the Indian gems and jewelery industry to the MENA region.
tangible benefits
Juma Al Kait, Assistant Undersecretary for External Trade at the Ministry of Economy and UAE Chief Trade Negotiator, said the launch demonstrates the tangible benefits that the UAE-India Cepa is delivering.
He added: “This week we were not only able to celebrate the achievements of the first year of UAE-India Cepa, but also new partnerships, new investments and new collaboration platforms. , clearly demonstrating that our countries can offer more opportunities for trade and investment. At the heart of our two cultures, the gem and jewelry industry is a major driver of bilateral trade – and one of the sectors that will benefit most from this agreement one.”
The UAE-India Cepa led to continued growth in bilateral non-oil trade between the two countries, which rose 6.9% to $45.5 billion in the first 11 months of the deal. Meanwhile, figures for the first quarter of 2023 show an impressive 24.7% quarter-on-quarter growth.
Al Kait was joined by representatives from the UAE and India at the launch, including Sunjay Sudhir, Indian Ambassador to the UAE; Rajesh Kumar Singh, DPIIT Secretary, Ministry of Commerce and Industry, Government of India; Dr. Srikar K. Reddy, Joint Secretary, Ministry of Commerce, Government of India; and GJEPC Kirit Bhansali Vice Chairman. — trade arab news agency
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