Dubai: Inauguration of new Jewelery Expo marks UAE’s strong ties with India – News

The platform enables SMEs to benefit from bilateral agreements

The Indian Jewelry Exhibition Center (IJEX) has been inaugurated in Dubai to mark the one-year anniversary of the signing of the UAE-India Comprehensive Economic Partnership Agreement.

This will serve as an important gateway for the Indian gems and jewelery industry into the MENA region.

Within the scope of the Gem and Jewelery Export Promotion Council (GJEPC), IJEX will provide a platform for Indian micro, small and medium jewelery enterprises (MSMEs) to showcase their products to the Middle East market at the Dubai Gold Souk.

The move reflects the importance of the Middle East to India’s gems and jewelry industry, which accounts for 30 percent of its exports. This also reflects the impact of the reduction in gold import tariffs after the implementation of CEPA last year.

His Excellency Juma Al Kait, Assistant Undersecretary for Foreign Trade, Ministry of Economy and UAE Chief Trade Negotiator, said: “This week we were able not only to celebrate the achievements of the first year of the UAE-India CEPA, but also to forge new partnerships, new investments and new A platform for collaboration.The launch of the India Jewelry Exhibition Center is a move by CEPA and it is a clear proof that our country can offer more opportunities for trade and investment. Being at the heart of our two cultures, the gems and jewelry industry is a major driver of bilateral trade — and one of the industries that will benefit the most from the agreement.”

Meanwhile, 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. 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; GJEPC Deputy Chairman Kirit Bhansali.