Home / Knowledge / News / Textiles / Indian textiles to get greater access in Chinese market
Indian textiles to get greater access in Chinese market
13
Sep '16
Commerce and industry minister Nirmala Sitharaman briefing the media on the Cabinet decision. Courtesy: PIB
Commerce and industry minister Nirmala Sitharaman briefing the media on the Cabinet decision. Courtesy: PIB
Indian textile exporters are set to get greater market access in China and South Korea, as the Union Cabinet has approved the exchange of tariff concessions, on Margin of Preference basis, under the fourth round of negotiations under the Asia Pacific Trade Agreement (APTA) and related amendments. Bangladesh, Sri Lanka and Laos are also members of APTA.

The APTA (formerly the Bangkok Agreement) is an initiative under the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) for trade expansion through exchange of tariff concessions among developing country members of the Asia-Pacific region.

“Many of the sectors where we benefit are of critical value to us. Particularly, China and Korea have offered textiles, chemicals, pharma, heavy engineering machine tools, gems and jewelery, iron and steel, agri and marine products for us,” commerce and industry minister Nirmala Sitharaman told reporters after the Cabinet nod.

“On its part, India will give market access to the other members in sectors like railway locomotives, rolling stock, nuclear plants, fissile material, aircraft and spacecraft. These are the items which are procured only by government agencies in India,” she added.

However, no product will come into the country at zero duty as APTA is a preferential trade agreement. “The duty will be around 7 per cent,” she said.

The latest decision of the Union Cabinet would be implemented after it is ratified during the fourth session of the ministerial council of APTA, which is due in January 2017.

Since APTA is a preferential trade agreement, the basket of items as well as extent of tariff concessions are enlarged during the trade negotiating rounds which are launched from time to time. Till date, three rounds of trade negotiations have taken place.

“Up to the third round, India has offered tariff preferences on 570 tariff lines at an average Margin of Preference (MoP) of 23.9 per cent and an additional 48 tariff lines to LDC members at an average MoP of 39.7 per cent at the 6-digit HS level. The third round, with respect to all participating states, cumulatively covered concessions on 4,270 products with MOP of 27.2 per cent,” an official statement said.

The Cabinet also gave its approval to amend the preamble of APTA to effect accession of Mongolia as the 7th APTA Participating State. Other amendments to incorporate the Sectoral Rule of Origin to the Agreement were also approved. (RKS)

Fibre2Fashion News Desk – India


Interviews View All

Neel Sawhney, One Friday

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Top executives, Textile industry

Top executives
Textile industry

In 10 years' time, everything will have the responsible factor integrated

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Awanda Booth,

Awanda Booth

Held every year in New York City, Surtex is a global business-to-business...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Isabel Herranz, European School of Business & innovation

Isabel Herranz
European School of Business & innovation

Cutting-edge ideas like the Internet of Things and artificial intelligence ...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Tony Ward, Tony Ward

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

Leave your Comments


November 2019

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

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search