FTAs needed for textile exports
Free trade agreements (FTAs) with key markets like Australia, Canada, the United Kingdom and the European Union (EU) will help boost India’s textile exports. This statement was made by Apparel Export Promotion Council (AEPC) chairman A Sakthivel. He asserted that the government should pursue FTAs with these countries as they hold tremendous potential for India’s exports. Currently, India’s textile exporters have to pay around 10% customs duty in these countries now. EU accounts for 45% of India’s textile exports. Exporters also face extremely tough competition from Bangladesh, Vietnam and Cambodia.