Exporters in Rajasthan are expecting a sharp rise in gems, jewellery, handicrafts and textiles shipments to the United Kingdom once the Free Trade Agreement (FTA) with India comes into effect.
As part of the FTA, which was signed in July this year and is likely to come into effect next year, duties on 99 per cent exports to the UK will be reduced to zero.
Jaipur-based jeweller K B Goyal of Dwarka Jewellers said the removal of the 3-3.5 per cent duty on jewellery items in the UK will give Indian jewellers a strong edge in global markets.
“The duty removal will help jewellers in sales and marketing of jewellery samples abroad… We will give tough competition to China, Thailand, and Hong Kong,” Goyal told PTI on Wednesday.
He said India’s estimated export of gold, silver, and platinum jewellery to the UK stands around USD 400 million, with Rajasthan contributing nearly 40 per cent.
“We expect this export to increase 1.5 times in the next 2-3 years,” he added.
Trade policy expert Ri​Exporters in Rajasthan are expecting a sharp rise in gems, jewellery, handicrafts and textiles shipments to the United Kingdom once the Free Trade Agreement (FTA) with India comes into effect.
As part of the FTA, which was signed in July this year and is likely to come into effect next year, duties on 99 per cent exports to the UK will be reduced to zero.
Jaipur-based jeweller K B Goyal of Dwarka Jewellers said the removal of the 3-3.5 per cent duty on jewellery items in the UK will give Indian jewellers a strong edge in global markets.
“The duty removal will help jewellers in sales and marketing of jewellery samples abroad… We will give tough competition to China, Thailand, and Hong Kong,” Goyal told PTI on Wednesday.
He said India’s estimated export of gold, silver, and platinum jewellery to the UK stands around USD 400 million, with Rajasthan contributing nearly 40 per cent.
“We expect this export to increase 1.5 times in the next 2-3 years,” he added.
Trade policy expert Ri ​Latest News [ SOBAN NEWS: International and National ]
