Textile industry contributes to success of free trade agreement

2022-08-18 13:37:33 Exim News

Union Textiles Minister Piyush Goyal said that Textile Industry has a big role to play in making Free Trade Agreements a success.

Delivering the Keynote address at the 10th Asian Textiles Conference TEXCON  on the theme- 'Reimagining the Textile and Apparel Industry for the next Decade', he said that FTAs with Developed Countries is high on the agenda of his Government.

Mr Goyal said that innovation is going to be the defining feature in India's march towards becoming a Developed Nation. He highlighted the role of innovation across all value chains in the Textile sector and also urged the Textile sector to focus on recycling and digitization. He said if the industry focuses on innovation, sustainability, digitization, newer products and utilization of Free Trade Agreements (FTAs), it can grow fast and compete with the best in the world.

Speaking on sustainability, the Minister said that textiles sector can reduce the pressure on the environment by using reusable resources as well as reduce its own production costs.

Digitization is another area which can help optimize the entire value chain in the sector.

 He expressed satisfaction at the fact that the industry captains are talking about digitization. In current era of information technology, every industry is benefitting from new technologies like block chain and more. He suggested that the industry should think about high quality products and elementary products like zip and embellishments, which the Indian textile industry imports at present.

Complementing Confederation of Indian Textile Industry, CITI, for bringing together all stakeholders of the Textiles value chain on one platform , the Minister said that the theme, ‘Reimagining the Textile and Apparel Industry for the Next Decade’ is very appropriate, specially with Indian textile exports aiming to reach the target of 100 billion US dollars by 2030. He appreciated the forward looking approach of the 10th edition of the Asian Textile Conference.

Confederation of Indian Textile Industry  and Egyptian Cotton also signed a Memorandum of Understanding (MOU). Both the industry bodies will work together for mutual benefits.  

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