Home / Knowledge / News / Textiles / India seeks greater access to Korean textile market
India seeks greater access to Korean textile market
21
Aug '13
Textiles and garments is among the three sectors for which India has sought greater access in the South Korean market.
 
At a bilateral meeting between India’s Minister of Commerce and Industry Anand Sharma and his Korean counterpart Mr. Yoon Sang-jick on the sidelines of Asean Ministerial meeting in Brunei, Mr. Sharma pointed out the widening trade deficit for India.
 
Realizing the need for more balance in the bilateral trade, the Korean Minister agreed to consider providing better market access to Indian products.
 
Mr. Sharma identified textiles and garments, information technology and generic medicine as the three sectors in which India needs greater access to the Korean market.
 
“A balanced trade is conducive to long term, sustainable and harmonious development of our economic cooperation” said Mr. Sharma, according to a statement from the Indian Ministry of Commerce and Industry.
 
Mr. Sharma appreciated the 70 percent growth in the first two years of implementation of Comprehensive Economic Partnership Agreement (CEPA) with Korea.
 
He informed the Korean Minister about the 12 National Investment and Manufacturing Zones (NIMZ) coming up in India as part of the National Manufacturing Policy which aims to increase the share of manufacturing in GDP from the current 16 percent to 26 percent, and elaborated on the huge opportunities available for the Korean companies to invest in infrastructure development in India. 
 
In January-June 2013, India’s import from Korea stood at US$ 6.34 billion, while exports were US$ 1.77 billion in the same period.
 
In 2012, India’s exports from Korea stood at US$ 4.14 billion, while imports were US$ 13.50 billion.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X