India-UK Trade Pact Spurs Textile and Leather Export Growth
The commerce ministry encourages India’s leather and textile exporters to boost production and supply chains, leveraging the India-UK free trade agreement. This agreement eliminates tariffs, offering duty-free market access, thus enhancing competitiveness against countries like Bangladesh and Cambodia. Exports could double in three years according to industry expectations.
- Country:
- India
The commerce ministry has tasked Indian leather and textiles exporters with ramping up production to exploit new opportunities under the India-UK free trade agreement. Under this agreement, tariffs on labor-intensive segments are removed, presenting new market prospects.
The ministry recommended collaboration with the Indian Mission in London and UK retailers to bolster exports. This came after discussions with industry stakeholders on leveraging the India-UK Comprehensive Economic and Trade Agreement (CETA).
Commerce Secretary Sunil Barthwal highlighted that the deal not only offers duty-free access but also directly addresses challenges Indian exporters faced compared to competitors like Bangladesh and Cambodia. The agreement is expected to elevate exports significantly over the coming years.
(With inputs from agencies.)
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