Date
24-May-2024
The first Special Economic Zones (SEZ) Interactive Trade Meet for the fiscal year 2024-25 was meticulously organized by the GJEPC Sub Committee and convened by Shri Suvankar Sen, the esteemed Convener of the SEZ Committee, on May 7th, 2024. The primary objective of this gathering was to provide a comprehensive update to members on the latest developments concerning infrastructure projects, Free Trade Agreements (FTAs), policies, and to engage in a robust discussion about the inherent prospects and challenges facing SEZ exporters.
During the session, Shri Sen and Mr. Ravi Menon, CEO of Mega CFC, shared pivotal updates with SEZ members. Notably, the inauguration of the Mega Common Facility Centre (CFC) was announced, scheduled to commence operations offering services including CAD Rendering, 3D printing, and CNC operations, effective from June 1st, 2024. Progress on the India Jewellery Park construction was also highlighted, with milestones such as the erection of the boundary wall, establishment of the site office, and ongoing muck removal activities being reported. Furthermore, Mr. Sen elaborated on the successful operations of the India Jewellery Exposition Centre (IJEX) facility by GJEPC in Dubai, underscoring its significance in the global jewellery landscape.
In terms of FTAs, Mr. Sen provided a comprehensive overview to members. He revealed that negotiations for 8 FTAs are currently underway, with 13 already in effect, including notable agreements such as the UAE CEPA, Australia ECTA, and EFTA. Of paramount importance was the elimination of tariffs on jewellery products (gold/silver/platinum/imitation) across all FTA partners for Indian exporters under recent agreements. This development was emphasized as a monumental opportunity for Indian jewellery exporters to enhance their export potential. Mr. K.K. Duggal, Director of Policy, further enriched the discussion by providing insights into policy updates related to the Transfer of Property and duty Drawback, among other pertinent matters.
Additionally, the convener shed light on the burgeoning export opportunities facilitated by e-commerce platforms, albeit not without acknowledging the accompanying logistical challenges. Importantly, export trends from SEZs were analyzed, showcasing notable increases in exports of plain gold jewellery, plain silver jewellery, and platinum jewellery, while experiencing a slight downturn in CPD, studded gold jewellery, and polished lab-grown diamonds.
The session concluded with the team addressing queries from SEZ members and announcing the imminent launch of an online Computer-Aided Design (CAD) training program in May, further underscoring GJEPC's commitment to capacity building within the sector. A vote of thanks marked the end of the meeting, accompanied by a pledge to continue conducting interactive sessions with SEZ members regularly, thereby fostering a collaborative and informed environment for the progress of SEZs.
