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Textiles ministry bats for FTA with EU to boost exports
14
Oct '16
The ministry of textiles has urged the ministry of commerce to negotiate a free trade agreement (FTA) with the European Union (EU) to boost exports. The FTA can benefit Indian companies as they are ahead of their competitors in terms of environmental compliances. The downtrend in China's textile export growth is also a favourable factor for Indian textiles.

The textiles ministry “is in constant touch with the ministry of commerce to pursue an FTA with EU to boost international trade especially in the textile sector,” textiles secretary Rashmi Verma said in New Delhi.

India has greater competitive advantage compared to countries like Bangladesh in terms of environmental compliances. Since EU countries give huge importance to environmental compliances, India stands to benefit from FTA, Verma said.

Stating that India's textile industry was at a turning point, she said, “On one hand, China's export growth in textiles is decreasing, India, riding on cost advantage, has a huge potential to play a prominent role in international textile trade.”

At present, Indian textile exports attract a 9.5 per cent duty in the EU, while countries like Bangladesh, Kenya and Ethiopia enjoy duty-free access. To offset this disadvantage, the government is considering a proposal to give access to automobiles and wine imports from the EU in return for access to Indian textiles. (RKS)

Fibre2Fashion News Desk – India

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