The flagging off ceremony of India-UAE Comprehensive Economic Partnership Agreement (CEPA) was held on May 1 at the Customs House/Cargo Complex, Indira Gandhi International Airport, New Delhi.

The landmark agreement has come into force by flagging off the first three consignments of Jewellery from New Delhi to Dubai, which will attract zero duty market access.

The flagging off ceremony was presided over by Commerce Secretary B.V.R. Subrahmanyam in the presence of Director General of Foreign Trade, Santosh Kumar Sarangi, Vipul Bansal, Joint Secretary, Department of Commerce (DoC), and other senior officials of the DoC.

Speaking at the event, Subrahmanyam said, “The India-UAE CEPA is the first comprehensive bilateral trade agreement in a decade and it will increase the flow of goods, services, investments, technology & work opportunities for our people, bringing strong multiplier benefits across sectors such as gems & jewellery, leather, pharmaceuticals and agriculture.”

Colin Shah, Chairman, GJEPC, said, “Congratulations to all our member exporters - Hasmukh Parekh Jewellers, Emerald Jewel Industry India Ltd, and Malabar Gold Private Ltd, who were fortunate to be part of this historic occasion. GJEPC is also proud to further facilitate this agreement by advising the Govt. of the finer details which will help the gem & jewellery exports to grow to USD 75 billion in next three years from India.

“We also understand that the first consignment of gold bullion with subsidised import duty is also being facilitated by DGFT and Customs to be imported from UAE simultaneously. We express our gratitude to the Govt for issuing necessary Gazette notifications and circulars on a time bound manner through Customs and DGFT. One of the precautions enacted by Govt is putting gold scrap imports under restricted category to be imported through canalization. GJEPC welcomes such move by Govt which will be of great relief to a major section of the industry.”

K Srinivasan, Convener, Jewellery Panel Committee, GJEPC, said, “The Indian Gem & Jewellery industry will be the most benefited from this agreement. I am sure this strategic pact will boost India’s exports to UAE to the tune of USD 10 billion annually.”

The following three member companies of GJEPC exported their consignments from Delhi on 1st May, 2022, under India-UAE CEPA:

Hasmukh Parekh Jewellers, Kolkata

Emerald Jewel Industry India Ltd, Coimbatore

Malabar Gold Private Ltd, Calicut