Trade
Kolkata's first jewellery export to UK under India-UK CETA boosts Bengal's global trade ambitions
Kolkata/IBNS: The despatch of the first jewellery export consignment to the United Kingdom from Kolkata under the India–UK Comprehensive Economic and Trade Agreement (CETA) is an "encouraging moment" for West Bengal's industry and trade, state Industry and Commerce Minister Tapas Roy said on Wednesday.
Kolkata, one of India's leading centres for jewellery manufacturing and craftsmanship, marked a historic milestone with the flagging off of the first jewellery export consignment to the UK under the landmark agreement at the Kolkata Air Cargo Complex.
'Encouraging moment' for West Bengal industry
Speaking at the event, Roy said, "We are delighted by this significant step towards the vision of a Viksit Bharat and a Viksit West Bengal.
"We extend our gratitude to Prime Minister Narendra Modi and Union Commerce and Industry Minister Piyush Goyal for making this historic agreement possible. This is a truly encouraging moment for industry and trade."
Roy heads the Industry and Commerce portfolio in the newly elected Bharatiya Janata Party (BJP) government in West Bengal.
West Bengal Industry and Commerce Minister Tapas Roy speaking at the event. Photo: Avishek Mitra/IBNS
Kolkata part of nationwide export initiative
The Kolkata flag-off forms part of a nationwide initiative across Delhi, Mumbai, Surat, Jaipur and Chennai, celebrating India's first jewellery exports to the UK under the landmark trade agreement.
Leading exporters from Kolkata participating in the inaugural US$10 million shipment are:
- Jais Jewellery Pvt. Ltd.
- Modern Impex
- L. Gopal & Sons (Jewellers)
- AB Jewels Pvt. Ltd.
- JS Jewels Private Limited
- Hasmukh Parekh Jewellers
The consignment comprises gold, diamond, silver and platinum jewellery.
The ceremony was held Kolkata Air Cargo Complex in presence of West Bengal Industry and Commerce Minister Tapas Roy and British Deputy High Commissioner Andrew Fleming. Photo: Avishek Mitra/IBNS
How CETA benefits India's jewellery industry
The India–UK CETA ushers in a new era for India's gem and jewellery industry by providing zero-duty access to the UK market from the day the agreement comes into force, while eliminating UK import tariffs of up to 4 percent.
The agreement gives Indian exporters a significant competitive advantage in the UK's US$4 billion jewellery import market, paving the way for higher exports, increased investment and greater employment opportunities.
UK envoy calls pact 'transformational'
British Deputy High Commissioner for East and Northeast India Andrew Fleming described the agreement as "transformational" for India–UK bilateral ties.
Addressing the gathering, Fleming said: "We are not just sending a consignment out of Kolkata, but a signal to London and, frankly, to the world that the India–UK Comprehensive Economic and Trade Agreement is no longer just a document. It is now a living, breathing reality.
"I believe this is an exciting opportunity to export a wide range of products, and that can make a meaningful difference to the economy of West Bengal. This agreement is going to be transformational for the UK–India relationship."
(R)British Deputy High Commissioner Andrew Fleming speaking at the event. Photo: Avishek Mitra/IBNS
He said the first shipment demonstrates that the trade pact has moved beyond policy into practical implementation, opening new opportunities for businesses on both sides.
(Photos: Avishek Mitra/IBNS)
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