Mumbai, 24th March, 2021:The Chairman of Texprocil, Shri Manoj Patodia welcomed the initiative taken by the Ministry of Textiles, in conveying to the Commerce Ministry, to pursue and conclude a limited trade deal with the UK that includes textile and clothing products. “The textile & clothing industry is very keen that India should sign an early Free Trade Agreement (FTA) with the UK as a duty free regime would be beneficial in creating a level playing field with other competing nations”, Shri Patodia said.
Shri Patodia said that the UK is one of India’s largest trading partners amongst the European countries in the T&C sector accounting for almost 24% of the T&C products exported from India to the EU region. With UK signing trade agreements with 62 countries by January 1, 2021 including competing countries like Bangladesh, Pakistan, Vietnam, it becomes all the more imperative for India to conclude the limited trade deal without any delay as India stands to lose market share.
Shri Patodia also mentioned that the proposed visit of the UK Secretary of State for International Trade, Ms Elizabeth Truss provides an opportune moment for discussing the ‘limited trade deal’ which can get further cemented during UK Prime Minister Mr Boris Johnson’s likely visit to India in April.
