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India fast tracks FTA negotiations with Australia and EU

Textile industry urged to scale up

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Textile industry urged to scale up

 

It cannot be any better for the textile industry – the government is fast tracking free trade agreements and identifying export partners in new markets.

Making this call, Commerce & Industry Minister Suresh Prabhu said the Government is looking to fast track negotiations of Free Trade Agreements (FTAs) with European Union and Australia.

He said an FTA with EU would relieve the pressure on the industry and enhance competitiveness, he said, calling on the industry to work out a road map for exports.

The government has been making all efforts in identifying potential export partners and strengthening relationships with them, he said, calling on the industry expand beyond markets in the United States and European Union.

But he also wants the industry to develop at a faster pace, urging them to invest in technology and scale up processes to be globally competitive.

Addressing a Global Conclave of Confederation of Indian Textile Industry in New Delhi on 28 Nov 2018, Prabhu assured the Government’s support to the industry.

Contribution from textiles and apparel can be increased by scaling up and increasing investments into the industry along with cost optimization and vertical integration.

Investing in new and more efficient technologies and processes will lead to more superior products, he pointed out.

The Indian textile industry should modernize their approach as well as the technologies and gain competitive advantage over neighboring countries.

Diversify product range across the value chain, added the minister, saying his ministry is making all efforts to get line ministries for greater synergy in order to promote exports. fiinews.com

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