Home / Knowledge / News / Textiles / To avoid RCEP-like stalemate, India to go slow on FTAs

To avoid RCEP-like stalemate, India to go slow on FTAs

Dec '19
Pic: Shutterstock
Pic: Shutterstock
India will not sign any free trade agreement (FTA) in a hurry or to the disadvantage of the industry and exporters, according to commerce and industry minister Piyush Goyal, who recently told the Confederation of Indian Industry (CII) Exports Summit that New Delhi is talking to the European Union (EU) and the United Kingdom regarding trade pacts.

“I can assure all of you that going forward, none of the FTAs will be settled in a hurry or will be settled to the disadvantage of Indian industry and exporters,” he said.

Even the first leg of India’s trade deal with the United States is for the benefit of both sides equitably, he was quoted as saying by a news agency.

As the Regional Comprehensive Economic Partnership (RCEP) agreement, which India opted out of last month after negotiating it for seven years, has been reduced to an India-China FTA, nobody wants it, he said.

He clarified that walking out of the RCEP does not mean that India does not want to be a part of the global value chain. He urged the industry to focus on becoming part of the value chain with Europe, the United States, ASEAN nations, Japan and Korea.

Goyal said that Indian business and industry have been put to disadvantage over the years and instead of addressing some of the real issues that industries face, more and more distress was caused to them.

Simultaneously, India's export faced huge trade barriers in other countries, he said.

After 2011 when FTAs were finalised, India's exports barely inched up while imports shot up drastically and therefore the country's trade imbalance became manifold, he added.

CII has identified 18 developing economies that hold the promise of sustained growth over the coming few decades based on current gross domestic product (GDP) levels and population indicators. These are: Brazil, Mexico, Indonesia, Turkey, Thailand, South Africa, Malaysia, Philippines, Egypt, Vietnam, Ethiopia, Myanmar, Ghana, Tanzania, Uzbekistan, Cote D’Ivoire, Cambodia and Guinea.

The report titled ‘India’s Exports to Emerging Economies: Targeting Prospects and Chasing Opportunity’ was released by Goyal.

CII’s research also pinpoints to 53 products at the 4-digit HS code level which hold strong prospects for greater inroads into the identified emerging economies. These products were identified based on a multi-tier analysis including the top imports of the identified countries, India’s current export competitiveness in each of the products (revealed comparative advantage) and current global export volumes.

Of this list, the products have been further sub-divided into three lists to indicate levels of export potential from India based on existing competitiveness and other factors.

Fibre2Fashion News Desk (DS)

Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2021

Industry 4.0 could transform Cambodian garment sector: ADB

Cambodia should consider developing industry transformation maps in...

Pic: Shutterstock

Textiles | On 22nd Jan 2021

China leads global economic recovery

China has turned the only major economy to end up with a positive GDP ...

Pic: Shutterstock

Apparel/Garments | On 22nd Jan 2021

Bangladesh apparel exports decline 2.99% in H1 FY21

Readymade garment exports from Bangladesh declined by 2.99 per cent...

Interviews View All

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Textile industry, Head honchos

Textile industry
Head honchos

GenNext is slowly but surely adapting to global trends and practices

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Alessandro Marengo,

Alessandro Marengo

Founded in 1974, Italian firm Zaitex SpA is one of the leading suppliers...

Nantas Montonati,

Nantas Montonati

The Riri Group is a one-stop supplier of metal accessories for the luxury...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Justin Gutierrez, INDA

Justin Gutierrez

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

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...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Varsha Wadhwa, VW

Varsha Wadhwa

Coming from a family that ran a business of jute and linen mills since...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

January 2021

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

Advanced Search