TEXPROCIL hails resumption of India-EU trade agreement negotiations
Mumbai (Maharashtra) [India], June 2 (ANI/NewsVoir): Manoj Patodia, Chairman, The Cotton Textile Export Promotion Council (TEXPROCIL) welcomed the present developments of resumption of talks under the leadership of Hon'ble Prime Minister Narendra Modi. Resuming the long pending negotiations will benefit the bilateral trade between India and the European Union.
ANI
Jun 02, 2021 16:12 IST
Mumbai (Maharashtra) [India], June 2 (ANI/NewsVoir): Manoj Patodia, Chairman, The Cotton Textile Export Promotion Council (TEXPROCIL) welcomed the present developments of resumption of talks under the leadership of Hon'ble Prime Minister Narendra Modi. Resuming the long pending negotiations will benefit the bilateral trade between India and the European Union.
The European Union, he stated, is the single largest region importing Textile & Clothing products in the world, accounting for US$ 131 billion in the year 2020, of which India's market share is approximately 4%, whereas market share of Bangladesh is approximately 11% mainly because of "Zero duty" tariff advantage.
Patodia also mentioned that, India is unable to substantially increase its market share over the years, mainly on account of "zero" tariff benefit granted by EU not only to Bangladesh but other competing countries like Pakistan, Sri Lanka & Vietnam.
Whereas, the average tariff applied on import from India into EU is approximately 9.6% for T&C products, it is "zero" for the above mentioned countries. This big duty gap compels the importers in Europe to buy more quantity from our competitors, he added.
Patodia pointed out that, if the 'zero' tariff advantage is extended to India also under the proposed Broad-based Trade and Investment Agreement (BTIA) between the two sides, it will go a long way in manifold increase in export of Textile & Clothing from India to the European Union trading block.
For more information, please visit www.texprocil.org.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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