With zero-duty access secured under the free trade agreement, India’s exports to New Zealand are expected to grow to nearly USD 50 million over the next three years
Emphasising that India’s current gem and jewellery exports to New Zealand stand at approximately USD 16.61 million, the Gem and Jewellery Export Promotion Council (GJEPC) has stated that with zero-duty access secured under the free trade agreement, exports are expected to grow to nearly USD 50 million over the next three years.
New Zealand, with its high per capita jewellery consumption trends, brings new opportunities for Indian exporters. The agreement also provides a clear duty advantage over key competitors such as China and Thailand, enhancing competitiveness and enabling expansion of market share, the council said. Along with Australia and Fiji, New Zealand in Oceania presents a compelling avenue for diversification.
“In today’s turbulent global environment, India’s continued progress in advancing and concluding FTAs is enabling the industry to strategically diversify its export markets and reduce overdependence on any single geography such as the US or regions like the GCC. The India-New Zealand FTA, following the Australia agreement, is a timely step in this direction,” stated Kirit Bhansali, Chairman, GJEPC.
Improved market access, combined with India’s strength in manufacturing diverse jewellery categories, is expected to generate employment opportunities across major producing centres such as Gujarat, Maharashtra, Rajasthan, and West Bengal.
The agreement offers a clear duty advantage over competitors such as China and Thailand, which is expected to strengthen India’s competitiveness and improve market share across gold, silver, platinum, studded, contemporary, couture, and fashion jewellery segments, the council added.
Aimed at opening new pathways for trade in goods and services, boosting investment flows, and enhancing labour mobility between the two nations, India and New Zealand have inked their long-awaited Free Trade Agreement (FTA) on Monday.
Union Minister of Commerce and Industry Piyush Goyal formalised the pact in the presence of his New Zealand counterpart Todd McClay. The FTA eliminates duty on 100 per cent of Indian exports and includes a USD 20 billion investment commitment over 15 years, strengthening long-term economic and strategic cooperation.
