The Cotton Textile Export Promotion Council has urged the government to conclude a limited trade deal with the UK that includes textile and clothing products.
With the UK signing trade agreements with 62 countries by January 1, 2021 including competing countries of India such as Bangladesh, Pakistan, Vietnam, it becomes all the more imperative for India to conclude the limited trade deal without any delay as India stands to lose market share.
Manoj Patodia, Chairman, Texprocil, said the textile and clothing industry is very keen that India should sign an early Free Trade Agreement with the UK as a duty free regime would be beneficial in creating a level playing field with other competing nations.
The UK is one of India’s largest trading partners among the European countries with textile and clothing sector accounting for almost 24 per cent of the textile products exported from India to the EU region.
Patodia also mentioned that the proposed visit of the UK Secretary of State for International Trade, Elizabeth Truss provides an opportune moment for India to discuss the ‘limited trade deal’ which can get further cemented during UK Prime Minister Boris Johnson’s likely visit to India in April.