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'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


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