India-UK Trade Pact: A New Dawn for Textile Exports

India's signing of a comprehensive economic and trade agreement (CETA) with the United Kingdom is set to significantly boost the country's textile exports, a sector expert from the commerce ministry revealed. This move allows garments, home textiles, carpets, and handicrafts to benefit from immediate duty-free access to the UK market.

Industry insiders suggest that this new agreement provides a golden opportunity for Indian exporters to gain a competitive edge in the UK, which imports a staggering $27 billion worth of textiles annually. This development is particularly promising in light of high tariffs imposed by the US on Indian textiles.

The UK, being India's third-largest export destination, currently accounts for 5.80% of India's textile exports. The CETA is expected to bolster India's market share from 6% to approximately 12%, adding about $1.1-1.2 billion annually and raising exports by 30-45% by 2030.

(With inputs from agencies.)