Home / Knowledge / News / Textiles / 'Indian textile sector has reached export competitiveness'
'Indian textile sector has reached export competitiveness'
21
Feb '14
The textile sector in India has reached export competitiveness and hence it is no longer eligible for export subsidies, Mr. Rajeev Kher, who recently took over as the Commerce Secretary, has said, according to a Confederation of Indian Industry (CII) press release.
 
Speaking at the 4th CII Export Summit 2014 in New Delhi, Mr. Kher said the benefits that India enjoys at present under Annex VII of the WTO Agreement on Subsidies and Countervailing Measures (ASCM) may soon come to an end. The WTO prohibits the use of export subsidies on manufactured products as a general rule, but the countries which are listed in Annex VII of the ASCM, are exempted from the prohibition. This exemption is available until GNP per capita of a country reaches US$ 1,000 in constant 1990 dollars for three consecutive years.  
 
He informed the audience that the textile sector in India is no longer eligible for export subsidies as it has become competitive. Article 27.6 of WTO ASCM agreement suggests phasing out subsidies for a product that has reached export competitiveness. A product is called competitive when its share reaches at least 3.25 percent in world trade for two consecutive calendar years. 
 
Stating that export today is an important tool for economic development, Mr. Kher added, “We have to move out of a purely incentive based export model to a competitiveness based export model.” He emphasized the importance of promoting both ‘Brand India’ and ‘Indian Brands’ to enhance India’s exports.
 
Elaborating on India’s ongoing Regional Comprehensive Economic Partnership (RCEP) negotiation, he said the RCEP is being negotiated by all 10 members of the Association of Southeast Asian Nations (Asean), along with China, Japan, South Korea, Australia, New Zealand and India. He termed the RCEP as a great opportunity for India because it is going offer a huge territory for seamless movement of goods and services.
 
He informed that the Ministry of Commerce is considering FTAs with Russia, COMESA, Peru and Columbia.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Smita Murarka
Amanté

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

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Ashok Desai
Bombay Textile Research Association

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search