India-UK CETA: A New Era for Technical Textiles
The India-UK Comprehensive Economic Trade Agreement (CETA) offers duty-free market access for Indian exports, particularly boosting the Technical Textiles sector. With significant growth potential, Indian exports aim to reach over USD 1 billion by 2030, leveraging cost advantages and robust manufacturing capabilities.
- Country:
- India
The India-UK Comprehensive Economic Trade Agreement (CETA), signed by Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, represents a pivotal moment in economic relations between the two nations. The agreement grants 100% duty-free market access to Indian exports, effectively covering 99% of UK's tariff items.
This development opens up vast opportunities, especially for India's Technical Textiles sector, which stands to gain a substantial advantage over Chinese competitors lacking a similar trade agreement with the UK. Bhadresh Dodhia, former Chairman of MATEXIL, emphasizes the historical significance of this move, predicting a scaling of exports from USD 240 million to USD 1 billion by 2030.
Shaleen Toshniwal, Chairman of MATEXIL, highlights the expected growth across sub-sectors such as Agrotech and Geotech, thanks to India's cost competitiveness and regulatory alignment with UK standards. MATEXIL is preparing outreach initiatives to support exporters during this transition, focusing on compliance and buyer-seller linkages to maximize the benefits of the agreement.
(With inputs from agencies.)
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