Enter into limited trade deal with United States to improve the fortunes of apparel exports
The Apparel Export Promotion Council has urged the Commerce Ministry to go
for a limited trade package with United States that could be a precursor to the
much desired bilateral free trade agreement..
Congratulating Commerce minister Piyush Goyal for announcing India’s
readiness to sign the initial limited trade package with America, the council
said the trading atmosphere in the US is looking good and there are positive
sentiments for engaging with India as a reliable partner in the global value
Govt requested to
review all existing trade pacts and remove disadvantages
Besides, the AEPC has requested the government to thoroughly review all the
existing trade pacts with the EU, UK, US, Australia and Canada to remove the
disadvantages. FTA with USA, UK and EU along with CEPA with Australia and
Canada can help double apparel exports in three years, he said.
Apparel Export Promotion Council (AEPC) Chairman Dr A Sakthivel, who was
addressing the members at 41st Annual General Meeting of the Council through
video conferencing, said apparel exports from the country will expand by about
40 per cent this fiscal.
“We are working with a target to achieve a 40 per cent increase in apparel
exports this financial year with major focus on new medical textiles. This will
take our total apparel exports up from 15.4 billion US dollars last fiscal to
about 22 billion US Dollars in 2020-21,” Dr Sakthivel said.
MMF is the key to
increasing India’s textile exports to the global market
The need of the hour is to quickly engage in product diversification into
MMF. We plan to sign MoUs with a number of MMF manufacturers, including
Reliance Industries Ltd, to improve the sector. MMF is the key to increasing
India’s textile exports to the global market,” Dr Sakthivel said, while
stressing on the need to improve design and processing.
The Chairman expressed his gratitude to MSME Minister Nitin Gadkari for
revising the definition of MSMEs.
Further, the Chairman shared the Council’s plans of foraying into Virtual
Trade Fairs & Exhibitions by setting up AEPC’s own virtual platform .
The objective is to reach out to audiences across segments, irrespective of
geographical boundaries and develop personalized connect with buyers. For this,
it is imperative to create interactions on a B2B, B2C and B2G mode.
We have initiated
dialogues with virtual fair platform agencies says Chairman
“This is aimed at MSMEs who would otherwise not be able to access
international buyers during these trying times. We have initiated dialogues
with virtual fair platform agencies,” he added.
AEPC Vice Chairman Shri Narendra Goenka gave the vote of thanks.