India-US, EU trade deals to boost Gujarat's economy: ICC Chairman

ICC Gujarat Chairman Pathik Patwari stated that the recent India-US and EU trade deals will boost India's economy, with Gujarat seeing major benefits in its seafood, gems & jewellery, and agricultural sectors, supported by the Union Budget 2026.

The recently concluded India-US trade deal, followed by a broader agreement with the European Union, described as the "Mother of All Deals", is expected to significantly benefit multiple sectors of the Indian economy, according to Pathik Patwari, Chairman, Indian Chamber of Commerce (ICC) Gujarat State Council.

Gujarat's Key Sectors to Benefit

While speaking with ANI on the impact of the tariff agreement, Patwari said on Monday, "Gujarat stands to gain substantially, particularly in sectors such as seafood, gems and jewellery, and agriculture. Gujarat has India's longest coastline, making the state's seafood industry a major beneficiary of improved trade access and tariff rationalisation."

Patwari also highlighted that the Union Budget 2026 has provided considerable accommodation and policy support for these sectors. "The combination of favourable budgetary provisions and international trade agreements has created an encouraging environment for industry," he said.

Gains for Gems and Jewellery

"The gems and jewellery sector, especially lab-grown diamonds, is expected to see notable gains. Surat, located in Gujarat, is the world's largest hub for polished diamond exports, and the state leads India's lab-grown diamond industry," Patwari said. He added that the new trade framework would enhance export opportunities and global competitiveness for the sector.

Agriculture and Farmer Interests

On agriculture, Patwari acknowledged concerns raised during negotiations about the long-term impact on farmers. However, he said these apprehensions were addressed after the release of the joint statement. "It became clear that farmers' interests are well secured and insulated, which was the primary demand," he noted.

Shifting Global Trade Alignments

Patwari also referred to India's evolving energy trade dynamics. Following the Russia-Ukraine conflict, India emerged as one of the first countries to significantly increase oil imports from Russia to manage domestic energy needs. He added that beyond Australia and New Zealand, the US remains a key trade partner for India, and the latest agreement helps rebalance and strengthen trade relations amid shifting global alignments.

Patwari said the India-US tariff agreement, along with parallel deals, signals strong momentum for India's trade strategy and offers long-term opportunities for Gujarat's export-driven industries. (ANI)

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