Texprocil urges govt to pursue FTA with UK



The Cotton Textiles Export Promotion Council (Texprocil) has urged the Indian authorities to take rapid steps in formulating a free commerce settlement (FTA) with the UK. The forthcoming go to of UK Prime Minister Boris Johnson presents simply the opportune second to formulate a complete framework for commencing FTA negotiations, it mentioned.

Prime Minister Johnson will go to India because the Chief Visitor on the Republic Day Parade on January 26, 2021.

UK is certainly one of India’s largest buying and selling companions amongst the European international locations within the textiles and clothes (T&C) sector, accounting for nearly 24 per cent of the T&C merchandise exported from India to the EU area.

“The UK has already signed commerce agreements with 62 international locations forward of the tip of the Brexit transition interval on January 1, 2021, together with international locations like Turkey, Canada, Singapore, Mexico and many others. It subsequently turns into all of the extra crucial for India to begin the method of negotiations with none delay as India could lose the primary mover benefit and consequent market share,” Texprocil chairman Manoj Patodia mentioned in a press launch.

Patodia additionally requested the federal government to concurrently revive and expedite the FTA negotiation with the EU, as it’s one the main markets for India’s exports of T&C merchandise the place competing international locations like Bangladesh, Pakistan, Vietnam have an edge over India because of a zero tariff association.

India’s exports to the EU have been stagnating over the past six years, whereas international locations like Bangladesh, Vietnam and Pakistan have proven constructive export progress to EU throughout the identical interval.

“Any additional delay will solely serve to hamper India’s T&C exports because the competing international locations will surge forward,” Patodia added.

Fibre2Fashion Information Desk (RKS)

The Cotton Textiles Export Promotion Council (Texprocil) has urged the Indian authorities to take rapid steps in formulating a free commerce settlement (FTA) with the UK. The forthcoming go to of UK Prime Minister Boris Johnson presents simply the opportune second to formulate a complete framework for commencing FTA negotiations, it mentioned.





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