India-UK discuss technical issues, inch closer towards FTA

For the fourth round of negotiations, detailed draft treaty text was advanced across the majority chapters. Technical experts from both sides discussed in 71 separated sessions covering 20 policy areas.

While the UK is eyeing large market of India to ensure its economic growth, India wants to increase its exports of labour-intensive products like textile, handicraft and footwear.

In recent months, India’s monthly apparel exports to the UK have remained very volatile. India’s clothing exports fell to $72.364 million in March 2022 from $143.344 million in February, according to Fibre2Fashion’s market insight tool TexPro. India’s exports were valued at $39.010 million in January 2022, $61.378 million in December 2021, $51.602 million in November 2021 and $114.502 million in October 2021. Annually, the value of export stood at $962.448 million in 2021, $1037.891 million in 2020 and $1194.198 million in 2019.

In the home textiles segment, India’s exports fell to $28.857 million in March 2022 from $30.231 million of February, as per TexPro. India’s exports were valued at $25.855 million in January 2022, $39.927 million in December 2021, $26.088 million in November 2021 and $41.298 million in October 2021.  Annually, the export stood at $403.558 million in 2021, $305.304 million in 2020 and $348.896 million in 2019.

Fibre2Fashion News Desk (KUL)