India-UK Trade Deal Boosts Textile, Leather, and Footwear Sectors

The Department of Commerce, Ministry of Commerce and Industry, convened a pivotal industry meeting in New Delhi on Monday with key stakeholders from the textiles, leather, and footwear sectors. The gathering aimed to scrutinize the myriad opportunities unleashed by the India-UK Comprehensive Economic and Trade Agreement (CETA). Union Minister of Commerce and Industry, Piyush Goyal, in his message, hailed the agreement as a transformative opportunity, paving the way for unprecedented growth in exports for these industries, stated the Ministry.

Highlighting the landmark nature of the India-UK CETA, Minister Goyal underscored the potential for an exponential increase in textile exports. Secretary of the Department of Commerce, Sunil Barthwal, further emphasized that by abolishing tariffs and supporting MSMEs, the agreement would not only stimulate job creation but also bolster the global status of Indian artisans. Barthwal noted that the strategic deal eradicates previous tariff barriers, granting Indian textile and clothing products duty-free entry into the UK, a critical market.

Participants in the engagement included prominent bodies such as the Council for Leather Exports (CLE), Confederation of Indian Industry (CII), and the Indian Footwear Components Manufacturers Association (IFCOMA), alongside various government departments like the Ministry of Textiles. They deliberated extensively on leveraging the CETA to maximize sectoral benefits. By removing UK import duties, Indian leather, and footwear industries now expect to vastly amplify exports, doubling sales to an anticipated USD 1 billion over three years, greatly empowering MSMEs, artisans, and young entrepreneurs.

(With inputs from agencies.)