In view of India and UAE signing a Comprehensive Economic Partnership Agreement (CEPA) in February, GJEPC conducted a webinar last week on “Free Trade Agreements: Background and Perspectives” to inform members about the terms and conditions of such trade agreements, and how industries benefit through their implementation with a special focus on the gem and jewellery sector.
Webinar moderator Mithilesh Pandey, Director – Membership, GJEPC explained the importance of understanding the meaning and scope of Free Trade Agreements (FTAs), Regional Trade Agreements (RTAs) and CEPAs as well as the beneficiation arising from each to the trade and industry of both participating countries.
Pandey spoke about GJEPC’s various submissions to Government and the status of ongoing negotiations for trade agreements. Considering that the UAE is one of the biggest export destinations for Indian plain and studded gold jewellery and silver jewellery, GJEPC’s submission to reduce tariff rates applicable on India in UAE from 5% to nil was emphasised and presented to audience.
Invited guest speakers Nishant Shah and Sanjay Notani, Senior Partners, ELP-Economic Laws Practice, Advocates & Solicitors, briefed the 71 attendees about the following topics:
1. What are FTAs, RTAs and CEPAs?
2. What are the typical terms and conditions of the same?
3. How are these relevant for the gems and jewellery industry?
4. What should the industry members understand and work on?
5. What should the industry associations do in this regard for maximising benefits that could be availed from such agreements?