Indian Garment Exporters Eye UK FTA Amidst Declining Textile Exports

ENA Sectors 2024-05-08 15:05:55 New Delhi, May 8 (KNN) Indian garment exporters are pinning their hopes on a potential free trade agreement (FTA) with the United Kingdom to revive their fortunes, as the country's textile and apparel exports have declined for two consecutive years. The industry is buoyed by the success of recently concluded FTAs with Mauritius and Australia, which saw a significant jump in readymade garment exports by 16.8 per cent and 5.7 per cent, respectively, in the first eight months of the current fiscal year. Sudhir Sekhri, Chairman, Apparel Export Promotion Council (AEPC), expressed optimism about a potential deal with the UK, which currently accounts for 8 per cent of India's apparel exports. The success of the recently concluded FTAs with Mauritius and Australia bodes well for a potential deal with the UK, Sekhri said. India's textile and apparel exports have witnessed a decline of 3.24 per cent in 2023-2024 and 16.3 per cent in 2021-2022 compared to the previous years. To address this slump and achieve the ambitious target of USD 40 billion in garment exports by 2030, the AEPC is implementing a multi-pronged strategy. The council plans to participate in 17 international trade fairs globally, focusing on emerging markets such as Saudi Arabia, Poland, Mexico, and South Africa. Additionally, the association will host the second edition of Bharat Tex, an exhibition showcasing Indian textile and garment capabilities, to increase outreach to potential buyers. Rohit Kansal, Additional Secretary, Ministry of Textiles, stressed the importance of closer collaboration between manufacturers and brands, stating, Stronger engagement will build trust and ensure compliance with international standards. Shubhra, Trade Adviser, Ministry of Textiles, highlighted the need for capacity expansion within the industry to meet the increasing demand and maintain competitiveness in the global market. As the Indian garment exporters eagerly await the potential FTA with the UK, they are actively pursuing strategies to revive the sector and regain their position in the global textile and apparel market. (KNN Bureau) 37714 https://knnindia.co.in/news/newsdetails/sectors/indian-garment-exporters-eye-uk-fta-amidst-declining-textile-exports 2024-05-08 15:05:55 knnindia.co.in Indian Garment Exporters Eye UK FTA Amidst Declining Textile Exports