Vice President CP Radhakrishnan stressed the need for FTAs with more countries to compete with countries like Bangladesh in textile exports. The Vice President on Saturday said India needs to enter into more Free Trade Agreements (FTAs) to catch up with competitors like Bangladesh in the global textile and apparel export market. The Vice President, who attended the awards function of Apparel Export Promotion Council (AEPC), said that earlier very few countries were competing with us for textile exports at the global level, but now many nations like Bangladesh, Laos, Cambodia, Vietnam and African countries are present in this competition.
FTA is the biggest strength of competing countries
C. P. Radhakrishnan said, “Therefore FTAs are essential and FTAs are the biggest strength of competing countries.” He said that India aims to create a textile market of $ 350 billion by 2030, which includes textile exports of $ 100 billion. He also urged the apparel industry to actively explore new markets and adopt eco-friendly manufacturing practices, responsible sourcing and waste reduction strategies. He said that India aims to reach the textile market size of $350 billion by 2030, out of which $100 billion will come from textile exports alone.
India’s textile exports will double in the next three years
The Vice President of India said, “The only hurdle today is that the free trade agreement with the US is a bit uncertain. I think this will also happen sooner or later.” He also acknowledged that due to geopolitical situation, there are many problems in India’s textile and apparel industry, but India is the sixth largest exporter of textiles and apparel globally, which shows how much the textile industry is contributing to the country’s growth. The Vice President expressed confidence that India’s textile exports will double in the next three years.
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