Indian apparel exporters divided on FTA with UK/EU | Policy News India
Home » News » Policy News » Indian Apparel Exporters Divided On Fta With Ukeu

Indian apparel exporters divided on FTA with UK/EU

Share: 
      Newsletter

READ MORE ON FTAIndian Apparel IndustryPolicy News IndiaTrade Relations

FTA India-UK

Indian Finance Minister Arun Jaitley and Philip Hammond, Chancellor for Exchequer, UK, during 9th India-UK Economic & Financial Dialogue

Indian textile and apparel industry has been from a long time looking to have a Free Trade Agreement (FTA) with the EU, but now after Brexit it is being said that India should prefer to have FTA with the UK because discussion with the EU is taking a lot of time. Negotiations have now started with the UK and the deal will take effect when the island nation exits the EU. Britain will work for a “future FTA” with India, one of its key investment and trading partners, British chancellor of the exchequer Philip Hammond said after a three-and-a-half-hour marathon meeting with Indian Finance Minister Arun Jaitley. He was addressing 9th India-UK Economic & financial Dialogue in New Delhi.

Apparel Resources talked to various Indian apparel exporters regarding this and most of them prefer to have FTA with the UK as things are not moving with the US. However, few exporters still prefer to have things finalized with the EU… Sudhir Dhingra, CMD, Orient Craft, Gurgaon says, “In today’s world where Brexit is happening and Trump is in the power in the US, India has a great opportunity to negotiate beneficial trade agreements on bilateral basis, with all our importing partners particularly in UK, US and Europe. These countries need India to sell their merchandise and gain market share in Indian market, which must be used as a tool to the advantage of Indian garment industry. This is the only way Indian garment industry will grow and millions of jobs be created, which India is in dire need of.”

Also ReadIndia-EU FTA to yield better results for apparel sector: Report

Arun Jain, Director, Jain Shawls, Ludhiana shares, “India should avoid this agreement with the UK as it will may affect our relations with the EU. India should only concentrate on the EU, and put more efforts to do these kinds of agreements as it is a more potential market for us.” Ramesh Verma, President, Diamond Exports, Panipat believes that India is already doing so much trade with the UK, and the EU had never showed us any negative reaction. But why to tap smaller market if we can get the bigger one…? he questions.

Exporters too say that there is nothing from the EU’s side. “FTA with the EU is delaying and if we harm our other markets for that, it will be a negative decision for us,” says RG Tantia, Director, VT Exports, Kolkata.

 

Have some news? Let us know on news@apparelresources.com

Comments are closed.

Recommended by Apparel Resources

GST: Indian Govt. Rules Out Rate Revision for Textile Industry

The Indian Government has ruled out any scope of relaxation on Goods and Services Tax (GST) for the textile industry. Textile traders have...

Indian Govt. restores old rates for ROSL scheme

The Government of India has decided to continue ROSL...

Bangladesh Budget: Corporate Tax for RMG sector at 12%, Tax at Source 1%

In what may be termed as some reprieve to the readymade garment manufacturers of Bangladesh, the Government has lowered the Corporate Tax to...

GST gets mixed response from Indian textile industry

Goods and Services Tax (GST) will become the part of Indian taxation policy from 1st July, 2017. Despite several seminars and knowledge sharing...

India’s EPCH takes measures to ensure smooth GST roll-out

Goods and Services Tax (GST) will be effective from 1st July, 2017 and become one of the biggest taxation reforms in India… In a bid to ensure hassle-free execution of the...

Bangladesh will continue to get duty-free access to UK post Brexit

Even as readymade garment exporters in Bangladesh have been speculating on the fate of duty-free benefits (that it currently enjoys in United Kingdom)...

India imposes anti-dumping duty on sewing machine needles from China

The Union Finance Ministry of India has imposed definitive anti-dumping duty for a period of five years on sewing machine needle import from...

Textile industry clueless on draft of UP Textile Policy ’17

Draft of Textile, Handicrafts and Sericulture Policy 2017 has recently been approved by the Yogi Adityanath-led State Government in Uttar Pradesh, India. The draft is however not available in public...

Indian knitwear industry likely to get ‘special package’ soon

Indian knitwear industry might get to hear good news in around two months’ time as the Government is likely to announce a package...