India-EU leaders discuss duty-free textiles, standardisation, and proposed FTA

Industry leaders stressed the importance of aligning industry-related laws to establish a fair playing field and minimise disparities.

The incorporation of a zero-duty policy for textiles was deliberated by specialists in the context of the proposed Free Trade Agreement (FTA) to facilitate reciprocal development. Additionally, prominent figures in the industry highlighted the significance of harmonizing industry-related legislation to establish fair competition and minimise inconsistencies.

During the conference, experts deliberated on the idea of incorporating a zero-duty policy for textiles within the proposed FTA, aiming to promote mutual growth. Additionally, industry leaders stressed the importance of aligning industry-related laws to establish a fair playing field and minimise disparities.

Several representatives participated in the discussions, including Pratik Gadia, the founder and CEO of The Yarn Bazaar; Dr Amit Lath, the CEO of Sharda Group of Companies; Sanjay Jain, the Chairman of ICC Textile Committee and Managing Director of TT; and Bhadresh Dodhia, the Chairman of the Synthetic & Rayon Textiles Export Promotion Council and Director of Dodhia Group, among others.

Taking into account the respective strengths of each country in the textile sector, experts explored potential policy alignments. Gadia mentioned, “We discussed the possibilities of implementing policies that encourage research and development and facilitate technology transfer between the two nations in the field of textile design and innovation.”

Furthermore, he shared that the panel also examined strategies to enable collaborative efforts, empowering textile companies from both the EU and India to secure a larger portion of the global textile market.

News source: ET Retail