During the ‘Growing Opportunities from Free Trade Agreements – An Industry Perspective’ workshop held on June 24 in Jaipur, Mr. Sabyasachi Ray, Executive Director of the Gem & Jewellery Export Promotion Council (GJEPC), underscored the transformative role Free Trade Agreements (FTAs) can play in expanding India’s gem and jewellery exports.
The event, jointly organised by the Confederation of Indian Industry (CII) and the Centre for WTO Studies, convened industry leaders to discuss strategic trade opportunities through FTAs.
Mr. Ray highlighted a strategic pivot in India’s FTA policy since 2014, shifting focus from developing economies to affluent, high-demand markets such as the UAE, Australia, and the UK. Using the India-UAE Comprehensive Economic Partnership Agreement (CEPA) as an example, he pointed out that exports nearly doubled post-implementation—from $2.4 billion to $4.8 billion.
Looking ahead, Mr. Ray projected that the upcoming India–UK FTA could drive exports up to $1 billion. He emphasized the importance of well-structured FTAs—focused on reducing key tariffs, simplifying customs procedures, and aiding MSMEs—in fully leveraging India’s export capabilities.