New Delhi [India], May 7 : The Indian textile industry has welcomed the India-UK Free Trade Agreement (FTA), calling it a major step towards expanding India's presence in the lucrative UK market.
Industry leaders believe the agreement will open new doors for exporters and strengthen the sector in terms of trade, employment, and global competitiveness.
Santosh Katariya, President of the Clothing Manufacturers Association of India (CMAI), said that the UK is one of the most promising and growing markets for Indian textile and apparel products.
He noted that the recent tariff-related developments in the US have underlined the need to diversify export destinations, and this FTA comes at the right time.
"Post the latest US tariff announcement, there was a strong need to diversify textile exports and with this FTA agreement, India's knitted and woven apparel can now gain substantial foothold in the UK market," Katariya said.
He added "By emphasizing on Sustainability, Quality and Digital Marketing, not only our Exports but Indian brands will also get an opportunity to stand out with reduced prices for UK consumers".
Industry experts believe that reduced tariffs under the FTA will increase demand for Indian textiles in the UK, leading to higher export volumes.
The agreement is also expected to encourage investments and improve the ease of doing business for textile stakeholders in both countries.
A. Sakthivel, Vice Chairman of the Apparel Export Promotion Council (AEPC), also praised the deal. He congratulated the Prime Minister Narendra Modi and the Union Commerce Minister Piyush Goyal for their key role in concluding this historic trade pact.
"This is a Himalayan achievement that will provide a strong impetus to India's textile exports and boost employment and growth in the sector," said Sakthivel.
He added "The India-UK FTA is expected to pave the way for long-term growth, attract investment, and create a more favourable business environment for textile stakeholders in both countries".
According to industry leaders, the India-UK FTA marks the beginning of a new era for Indian textiles, with long-term benefits expected in terms of market access, innovation, and global branding.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor