Texprocil urges government to sign free trade pact with UK
The Cotton Textiles Export Promotion Council (Texprocil) has urged the Indian government to take the necessary steps for signing a free trade agreement (FTA) with the United Kingdom (UK).
Texprocil wants the Indian government to initiate talks regarding FTA during the forthcoming visit of UK Prime Minister Boris Johnson, who is expected to visit India as the chief guest at the Republic Day Parade on January 26, 2021.
“The UK has already signed trade agreements with 62 countries ahead of the end of the Brexit transition period on January 1, 2021, including countries like Turkey, Canada, Singapore, Mexico, etc. It therefore becomes imperative for India to commence the process of negotiations without any delay as India may lose the first-mover advantage and consequent market share," Texprocil chairman, Manoj Patodia, said in a press release.
Patodia also requested the government to simultaneously revive and expedite the FTA negotiation with the EU.
“India’s exports to the EU have been stagnating over the last six years, while countries like Bangladesh, Vietnam and Pakistan have shown positive export growth to EU during the same period. Any further delay will only serve to hamper India’s exports as the competing countries will surge ahead," Patodia added.
UK is one of India’s largest trading partners amongst the European countries in the textiles and clothing (T&C) sector, accounting for almost 24 percent of the T&C products exported from India to the EU region.
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