IJEX will enable India’s MSME manufacturers to take advantage of India-UAE CEPA to expand in the Middle East region
National, 9th May, 2023 (GNI): India and the United Arab Emirates celebrated the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA). Commemorating the 1st year of India-UAE CEPA, apex trade body Gem & Jewellery Export Promotion Council (GJEPC) launched the first-of-its-kind India Jewellery Exposition Centre (IJEX), the 365-day exhibition platform in Dubai.
(From Left): H.E. Sunjay Sudhir, (Ambassador of India to UAE); Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); H.E. Juma Al Kait (Assistant Undersecretary – Foreign Trade Affairs at Ministry of Economy, UAE) – photo by GNI
IJEX is a 365-day exhibition and showcasing venue in Dubai located at the new Gold Souk in Deira, Dubai. This would be a much-needed platform for MSME jewellers to exhibit their indigenously products on a regular continuous basis in the Middle East market. Since the Middle East market accounts for 30% of India’s gem and jewellery exports, IJEX will enable India’s MSME manufacturers to take advantage of India-UAE CEPA to expand in the WANA region.
(From Left): Mr. Sanjiv, (Joint Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); Mr. Kirit Bhansali (Vice Chairman, GJEPC); H.E. Juma Al Kait (Assistant Undersecretary – Foreign Trade Affairs at Ministry of Economy, UAE); Mr. Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); H.E. Sunjay Sudhir, (Ambassador of India to UAE); and Dr. Srikar K. Reddy (Joint Secretary, Ministry of Commerce & Industry, Government of India).- photo by GNI
Commemorating this historic milestone, officials from both India and the UAE convened in Dubai at a gala function on 9th May 2023. Present on the occasion were Mr. Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); His Excellency Sunjay Sudhir, (Ambassador of India to UAE); His Excellency Juma Al Kait (Assistant Undersecretary – Foreign Trade Affairs at Ministry of Economy, UAE); Dr. Srikar K. Reddy (Joint Secretary, Ministry of Commerce & Industry, Government of India); Mr. Sanjiv, (Joint Secretary, DPIIT, Ministry of Commerce & Industry, Government of India) along with Mr. Kirit Bhansali (Vice Chairman, GJEPC).
The CEPA has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16% to reach USD 84.5 billion in the fiscal year 2022-23, up from USD 72.9 billion the previous year. Of this, India’s exports to the UAE grew by 11.8% to USD 31.3 billion, with the gem & jewellery sector witnessing particularly an impressive surge of 16.54% to USD 5.77 billion.
Shri Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India) said, “CEPA is one of the most ambitious pacts. The depth and range of market access and services it provides is unprecedented, benefitting all stakeholders. India’s exports to UAE have exceeded $30 billion, with gems & jewellery and plastics deriving benefits from lower priced inputs. GJEPC has set up IJEX and I see tremendous value in such initiatives. CEPA will accelerate business momentum and is expected to transform the scale and scope of bilateral partnerships.”
His Excellency Sunjay Sudhir, Ambassador of India to UAE, said, “The historic India-UAE CEPA is a major trade agreement to transform bilateral economic, trade and investment ties and propel economic growth. The agreement also holds promise as a gateway for the Indian exporters to emerging economies in the Middle East and Africa. The gems & jewellery sector is among the industries which are poised to a gain considerably from CEPA. With IJEX , Gems and Jewellery Sector will continue to serve as a catalyst for deeper collaboration and commercial engagement between the two nations”.
all around the world, including the Middle East market, North Africa, CIS countries, and beyond. By bringing together buyers and manufacturers, IJEX aims to generate transactable business that will ultimately increase exports. IJEX is a year-round business-to-business initiative that offers GJEPC members an opportunity to display their goods and book orders from overseas buyers. The facility allots 10 cubicles on a first-come, first-served basis for three months.
CEPA has made gold cheaper for Indian manufacturers, with 1% cheaper gold being made available from the UAE. At the same time, Indian jewellery exports to the UAE have become 5% cheaper in comparison to other competing nations like Malaysia, Turkey, etc. This reduction in costs has resulted in a 16.54% increase in Indian jewellery exports to the UAE in just one year. This mutually beneficial arrangement has allowed Indian jewellers to capitalise on the tax laws of both countries, stated in a press release.
About The Gem and Jewellery Export Promotion Council (GJEPC): The Gem & Jewellery Export Promotion Council (GJEPC), set up by the Ministry of Commerce, Government of India (GoI) in 1966, is one of several Export Promotion Councils (EPCs) launched by the Indian Government, to boost the country’s export thrust, when India’s post-Independence economy began making forays in the international markets. Since 1998, the GJEPC has been granted autonomous status. The GJEPC is the apex body of the gems & jewellery industry and today represents 9000 members in the sector. With headquarters in Mumbai, GJEPC has Regional Offices in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of which are major centres for the industry. It thus has a wide reach and is able to have a closer interaction with members to serve them in a direct and more meaningful manner. Over the past decades, GJEPC has emerged as one of the most active EPCs and has continuously strived to both expand its reach and depth in its promotional activities as well as widen and increase services to its members.
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