Gems & Jewellery News

First consignment under the India-Australia ECTA flagged off from Chennai

The first consignment of gems, jewellery and float glass under the India-Australia Economic Cooperation and Trade Agreement (ECTA) was flagged off on Thursday at the Chennai air cargo customs. Another consignment of float glass was flagged off from Adani Ennore Container Terminal.

Rajalakshmi Devaraj, Zonal Additional Director General of Foreign Trade, said the removal of trade barriers between India and Australia serves the commercial interests of both nations. The competitiveness of Indian exports will increase due to immediate zero duty access and will result in higher market share. The pact will boost overall bilateral trade and benefit various labour intensive sectors of Indian products wherein import duty from existing 5 per cent becomes zero under the India-Australia ECTA.

New Avenues

At the Adani Ennore Container Terminal, Saint Globain’s float glass consignment to Australia was flagged off. Glasses and building materials will be getting zero duty concession in Australia under ECTA, says a release.

According to FIEO, textiles and garments will gain immensely especially on the made-ups, apparel and garments along with opening of windows for the handloom sector. Other segments which can gain larger market share within a short term from Tamil Nadu are gems and jewellery, leather and non-leather footwear segment, handicraft, auto parts, engineering products.

During the financial year 2021-2022, export form Tamil Nadu to Australia was to the tune of $384 million. During the current financial year, from April to October, export from the State was $322 million, the release said.

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