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.

"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. PTI SM ANU ANU