enhance two-way commerce and investment between the nations. According to the Federation of Indian Export Organizations (FIEO), the agreement will assist a number of industries, including clothing, textiles, leather, footwear, gems and jewelry, engineering items, and pharmaceuticals and other services.
According to FIEO President A. Sakthivel, at present, India’s major export destination in Oceania is Australia, ranking among the leading 15 export destinations of the world. According to Colin Shah, Chairman of the Gem and Jewelry Export Promotion Council (GJEPC), India has gained preferential access for the industry in Australia following the successful negotiation of a Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
India’s primary exports to Australia are simple and studded gold jewelry and polished diamonds. Precious metals such as gold and silver bars are the primary commodities imported from Australia. Colin Shah detailed the benefits of the deal. He said, “We expect Australia to benefit from access to areas where India is a world leader, such as diamonds. By providing preferential access for Indian gems and jewelry exports, the deal also makes it cheaper for Australian retailers to procure world-class jewelry crafted with finesse from Indian manufacturers”.
Additionally, according to Mr. Shah, the deal is estimated to increase the bilateral gem and jewelry trade from $950 million to $1.5 billion. India and Australia inked an economic cooperation and trade deal on Saturday. As part of the deal, Canberra would grant duty-free access to its market to over 6,000 broad categories of Indian industry, including textiles, leather, furniture, jewelry, and equipment.
