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Textile firms to explore trade prospects under Indo-Japan FTA
16
Dec '10
Major textile and clothing manufacturers from India and Japan are trying to explore prospects for enhancing bilateral trade between both the countries, as they gear up to ink a free trade agreement, shortly. Japanese textile companies are interested in making their presence felt in India, now, as they are shifting their focus from China to India because of the disruption in the Sino-Japanese relations caused by political and economic reasons.

Leading Japanese entrepreneurs are scheduled to meet Indian companies such as Arvind Mills, Alok Industries, Raymond, Future Group, Mafatlal and S Kumars. Some of the Indian firms such as Mafatlal Denim and S Kumars Nationwide are keen on entering into joint ventures with Japanese firms in order to get access to the Japanese apparel and fabric market. Most of the Japanese companies are proficient in manufacturing premium quality fabrics and yarns.

Both the countries have jointly announced that the Comprehensive Economic Partnership Agreement is likely to be effective only after signing the deal and accomplishing the essential procedures. The free trade pact is expected to enhance the trade between both the countries considerably which stood at about $11 billion during the last fiscal year.

Several Indian companies have approached the leading retailers as well as manufacturers of Japan in order to sell their branded products in Japan and to bring some of the Japanese brands to India.

Fibre2fashion News Desk - India

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