Indian garment exporters are eyeing a potential free trade agreement (FTA) with the United Kingdom to revive their fortunes after textile exports slumped for the second year in a row.
This follows a surge in exports of ready-to-wear clothing to Mauritius and Australia, with a notable increase of 16.8% and 5.7% recorded in the initial eight months of the ongoing fiscal year, after the recent Free Trade Agreements signed with the two countries. Sudhir Sekhri, chairman of the Apparel Export Promotion Council (AEPC), expressed optimism that a similar deal with the UK, a key market accounting for 8% of India’s garment exports, could yield positive results.
India’s textile and apparel exports have witnessed a decline of 3.24% in 2023-2024 and a steeper 16.3% in 2021-2022 compared to the previous year. To address this slump and achieve the ambitious target of $40 billion in garment exports by 2030, the AEPC is implementing a multi-pronged strategy.
This strategy includes participation in 17 international trade fairs around the world, with a focus on emerging markets like Saudi Arabia, Poland, Mexico, and South Africa. The council will also be hosting the second edition of “Bharat Tex”, an exhibition designed to showcase India’s textile and garment capabilities to a wider audience.
The Ministry of Textiles has also emphasised the importance of closer collaboration between manufacturers and brands. Rohit Kansal, an additional secretary in the ministry, believes that “stronger engagement will build trust and ensure compliance with international standards.”
Shubhra, a tade advisor in the ministry, further highlighted the need for capacity expansion to achieve the set export target.
