India exploring export prospects with China

India exploring export prospects with China

To grab the market share vacated by Chinese apparel manufacturers, India's Clothing Manufacturers' Association of India (CMAI) has signed a memorandum of understanding with China Chamber of Commerce for Import and Export of Textiles (CCCT) to explore potential areas of mutual co-operation for increasing apparel exports from India.

To grab the market share vacated by Chinese apparel manufacturers, India’s Clothing Manufacturers’ Association of India (CMAI) has signed a memorandum of understanding with China Chamber of Commerce for Import and Export of Textiles (CCCT) to explore potential areas of mutual co-operation for increasing apparel exports from India. 
India’s apparel export stood at $17 billion for the financial year 2015-16. With Rs 5,000 crore package approved to boost the entire apparel sector, the government has set a target for apparel exports at $20 billion as against the industry’s pre-package target of $18.75 billion for the current financial year. The textile ministry has also asked the apex industry body the Apparel Exports Promotion Council (AEPC) to create 1 million jobs and achieve $30 billion in three years.
The MoU between India and China assumes significance especially in terms of the latter’s reducing focus on labour- and energy – intensive industries to which textiles remain in the forefront. This has resulted into China’ reducing its global market share by 3 per centage points in the last 18 months to around 38 per cent now. India, however, is way behind China with around 3.5 per cent of global market share. India’s position in the last few years has improved though.
“This MoU will benefit both countries when we explore opportunities. While organizing trade fairs, both of us would co-operate in associating new clients, visitors and associated supply chain participants to the forum for the benefit of the apparel trade which will ultimately benefit India’s apparel industry," said Rahul Mehta, president, CMAI and International Apparel Federation (IAF), the global representative body of apparel manufacturers. The MoU was signed on the sidelines of 32nd IAF World Fashion Convention India 2016 on Tuesday.
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