Even as the gems & jewellery sector celebrates the signing of the FTA between India and UAE, there is more good news for the industry. Commerce and Industry Minister Piyush Goyal has said that the government looks forward to concluding a similar agreement with the Gulf Cooperation Council (GCC) countries this year.

GCC is a union of six countries in the Gulf region—Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, with a combined nominal gross domestic product of $1.6 trillion.

A similar agreement with other GCC countries is bound to further help the gems & jewellery sector boost its exports.

Terming the India-UAE Comprehensive Economic Partnership Agreement (CEPA) signed last week ‘a landmark pact’, Goyal said it will open up new markets for Indian goods and services. The agreement will prove extremely beneficial for micro, small and medium enterprises (MSMEs), start-ups, farmers, traders and all sections of businesses, he said.

Addressing a press conference in Mumbai, the minister said labour-intensive industries like textiles, gems and jewellery, leather goods and footwear, and food processing would be prominent among those beneficiaries.

“It will create jobs for our youth, open new markets for our start-ups, make our businesses more competitive & boost our economy,” he added. The pact will create a minimum of 10 lakh jobs for Indians. As UAE is a trading hub, the agreement will help offer India market entry points to Africa, the Middle East and Europe,” Goyal added.