Indian textile exporters set to gain ground on Bangladesh, Pakistan under FTA with UK
Indian industry bodies say the India-UK Comprehensive Economic and Trade Agreement will significantly improve access to one of the largest markets for Indian textile and apparel products.
Indian textile exporters expect to double their share of the UK market within the next three to five years as the India-UK free trade agreement takes effect on 15 July, granting India zero-duty access and placing it on a level playing field with competitors such as Bangladesh, Pakistan, Vietnam and Turkey.
Industry bodies, including the Textiles Export Promotion Council of India (TEXPROCIL) and the Confederation of Indian Textile Industries (CITI), say the India-UK Comprehensive Economic and Trade Agreement (CETA) will significantly improve access to one of the largest markets for Indian textile and apparel products.
The sector can expect annual growth of 10-12%, up from the current 6.7%, over the next three years following the agreement's entry into force, said TEXPROCIL Chairman Vijay Agarwal.
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He added that textile trade, including garments and home textiles, is projected to rise from the current $1.9 billion to $3 billion within three years.
According to Agarwal, India's share of the UK textile market across categories such as garments, made-ups and home textiles is expected to increase from 6.7% to at least 12% over the next three to five years.
