Indian Textile Exporters Eye UK Market Growth with New Trade Deal
En resumen
- Indian textile exporters anticipate doubling their UK market share within 3-5 years due to the India-UK trade deal offering zero duty access from July 15.
- Trade is projected to rise from $1.9 billion to $3 billion.
Resumen generado por IA
Pune: Indian textile exporters expect to double their share in the UK market in the next 3-5 years as the India-UK trade deal kicks in from July 15. That will bring India at par with its competitors like Bangladesh, Pakistan, Vietnam and Turkey due to zero duty access.
Coming in the backdrop of the promise of stability in West Asia after the initiation of the US-Iran peace deal, the UK deal will help immediately in the planning and negotiations, said industry bodies TEXPROCIL and CITI (Confederation of Indian Textile Industries).
India-UK Comprehensive Economic and Trade Agreement (CETA) will boost access to the UK, one of the largest markets for Indian textile and apparel products.
Also read: India-UK pact to unlock huge opportunities for apparel exporters: AEPC
"The sector can expect to grow by 10-12% against the current growth of 6.7% per annum in the next 3 years from the date of entry into force of the agreement. Textiles trade, including garments and home textiles, is expected to increase from the present $ 1.9 billion to $ 3 billion in the next three years," said Vijay Agarwal, chairman, TEXPROCIL.
India's share in UK T&C market in all categories like garments, made-up, home textiles etc is expected to rise from 6.7% at present to at least 12% in the next 3-5 years.
