The apparel industry is ecstatic after the Minister of Commerce and Industry and Textiles, Piyush Goyal, announced that there is a “very positive momentum” in terms of FTAs with the United Kingdom, the European Union, Australia, Canada, the United Arab Emirates, Israel, and the Gulf Cooperation Council countries.
In a statement, Dr. A. Sakthivel, Chairman of the Apparel Export Promotion Council (AEPC), stated, “We are happy to hear that negotiations on FTAs with several nations are moving quickly.” We have asked the government to expedite trade agreements. Many markets will benefit from the elimination of tariff disadvantages for Indian clothing as a result of FTAs. Early Harvest Agreements with the United Kingdom and Australia have the potential to treble production.
Dr. Sakthivel said that the Government is taking sincere efforts towards achieving the target of US $ 400 billion merchandise exports in the current fiscal. He said that with the dynamic leadership provided by the current Government we will also achieve the 2030 export target of $ 2 trillion with equal contribution from merchandise and services exports.
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