The Chairman of Texprocil, Manoj Patodia welcomed the initiative taken by the Ministry of Textiles, in conveying to the Commerce Ministry, to pursue and conclude a limited trade deal with the UK that includes textile and clothing products.
"The textile & clothing industry is very keen that India should sign an early Free Trade Agreement (FTA) with the UK as a duty-free regime would be beneficial in creating a level playing field with other competing nations," Patodia said.
Patodia said that the UK is one of India's largest trading partners amongst the European countries in the T&C sector accounting for almost 24 per cent of the T&C products exported from India to the EU region. With the UK signing trade agreements with 62 countries by January 1, 2021, including competing countries like Bangladesh, Pakistan, Vietnam, it becomes all the more imperative for India to conclude the limited trade deal without any delay as India stands to lose market share.
Patodia also mentioned that the proposed visit of the UK Secretary of State for International Trade, Elizabeth Truss provides an opportune moment for discussing the 'limited trade deal' which can get further cemented during UK Prime Minister Boris Johnson's likely visit to India in April.
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( With inputs from ANI )
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