Page 43 - Diamond Digest :: May June 2023

Commemorating this historic milestone, officials from both India and the UAE convened in Dubai at a gala function on 9th May 2023. Present on the occasion were Mr. Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India); His Excellency Sunjay Sudhir, (Ambassador of India to UAE); His Excellency Juma Al Kait (Assistant Undersecretary – Foreign Trade Affairs at Ministry of Economy, UAE); Dr. Srikar K. Reddy (Joint Secretary, Ministry of Commerce & Industry, Government of India); Mr. Sanjiv, (Joint Secretary, DPIIT, Ministry of Commerce & Industry, Government of India) along with Mr. Kirit Bhansali (Vice Chairman, GJEPC).
The CEPA has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16% to reach USD 84.5 billion in the fiscal year 2022-23, up from USD 72.9 billion the previous year. Of this, India’s exports to the UAE grew by 11.8% to USD 31.3 billion, with the gem & jewellery sector witnessing particularly an impressive surge of 16.54% to USD 5.77 billion.
Shri Rajesh Kumar Singh (Secretary, DPIIT, Ministry of Commerce & Industry, Government of India) said, “CEPA is one of the most ambitious pacts. The depth and range of market access and services it provides is unprecedented, benefitting all stakeholders. India’s exports to UAE have exceeded $30 billion, with gems & jewellery and plastics deriving benefits from lower priced inputs. GJEPC has set up IJEX and I see tremendous value in such initiatives. CEPA will accelerate
business momentum and is expected to transform the scale and scope of bilateral partnerships.”
His Excellency Sunjay Sudhir, Ambassador of India to UAE, said, “The historic India- UAE CEPA is a major trade agreement to transform bilateral economic, trade and investment ties and propel economic growth. The agreement also holds promise as a gateway for the Indian exporters to emerging economies in the Middle East and Africa. The gems & jewellery sector is among the industries which are poised to a gain considerably from CEPA. With IJEX , Gems and Jewellery Sector will continue to serve as a catalyst for deeper collaboration and commercial engagement between the two nations”.
His Excellency Juma Al Kait (Assistant Undersecretary – Foreign Trade Affairs at Ministry of Economy, UAE) said, “Today as we celebrate the achievements of the CEPA, let’s create an alliance of growth that will kick-start an era of prosperity, focusing on critical supply chains. UAE and India are writing a new chapter in their longstanding partnership, playing a key role in each other’s success. Gems & jewellery is central to our partnership, and gold is UAE’s biggest non-oil export commodity. Our next trading goal should be US$ 100 billion by 2030. CEPA is living up to its promise, and we must keep pursuing new partnerships, so that CEPA delivers for everybody.”
Vipul Shah, Chairman, GJEPC said, “The Gems & Jewellery sector is among the industries that have gained significantly from CEPA. India’s exports in this sector
43 • Diamond Digest • May - June • 2023