Home / Knowledge / News / Apparel/Garments / EVFTA will heighten competition for Indian textiles: ITF

EVFTA will heighten competition for Indian textiles: ITF

27
Jun '19
Pic: Council of the European Union
Pic: Council of the European Union
The EU-Vietnam Free Trade Agreement (EVFTA), which is to be signed on June 30, will further increase competition for Indian textiles and apparel, according to the Indian Texpreneurs Federation (ITF). The EVFTA is the most ambitious free trade deal ever concluded by EU with a developing country. It provides for 99 per cent elimination of customs duties.

Once the EVFTA enters into force, 71 per cent of duties will disappear on Vietnamese exports to the EU, and the remainder will be phased out over a period of up to 7 years, according to the decision adopted by European Council earlier this week.

Currently, Vietnam is EU’s second largest trading partner within ASEAN. In 2017, EU’s garment imports from Vietnam stood at €3.3 billion, constituting a 9 per cent share of total clothing imports made by the EU.

“The EVFTA will bring down tariff on Vietnamese knitted and woven apparel to zero from the current level of 9.4 per cent and 9.2 per cent respectively. This may bring further competition to us (the Indian textile and apparel industry) along with margin pressures,” ITF said in a statement.

“There is an urgent need to improve the efficiency and also move towards value added products,” it added. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 23rd Sep 2021

Global economic recovery continues but remains uneven: OECD

The global economy is growing far more strongly than anticipated a...

Pic: Shutterstock

Textiles | On 23rd Sep 2021

ADB revises down Cambodia’s growth forecast, sees rebound in 2022

Cambodia’s economy is projected to grow by 1.9 per cent this year...

Pic: Shutterstock

Retail | On 23rd Sep 2021

Prompt action needed to reduce business rates burden on UK retail: BRC

The British Retail Consortium has urged the government to take prompt ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Switch was not 100% pandemic related

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Mumin Can Eker,

Mumin Can Eker

Maseksport Inc is a readymade garment exporter. Founded in Izmir in 1989,...

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

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

Leave your Comments


September 2021

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


Advanced Search