India’s Ministry of Textiles is constantly in touch with the Ministry of Commerce for signing an FTA with the EU to boost trade especially in the textile sector. This was revealed recently by Secretary, Ministry of Textiles, Rashmi Verma.
Verma revealed that while Bangladesh enjoys preferential treatment and tax benefits for textile exports, India has greater competitive advantage in terms of environmental compliances. As countries of the European Union attach huge importance to environmental compliances, India stands to gain over Bangladesh.
The Indian textile industry is at a turning point. While on one hand, China?s export growth in textiles is on the decline, India, which is riding on cost advantage, has its prominent role in international textile trade. India is also amongst a few selected countries that have the entire value chain within the country.
The secretary appealed to the industry to take full advantage of the special package announced by the government for the textile sector.