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TEXPROCIL Hails Resumption of India-EU Trade Agreement Negotiations

Mr. Manoj Patodia, Chairman, The Cotton Textile Export Promotion Council (TEXPROCIL) welcomed the present developments of resumption of talks under the leadership of Hon’ble Prime Minister Shri Narendra Modi. Resuming the long pending negotiations will benefit the bilateral trade between India and the European Union. The European Union, he stated, is the single largest region importing Textile & Clothing products in the world, accounting for US$ 131 billion in the year 2020, of which India’s market share is approximately 4%, whereas market share of Bangladesh is approximately 11% mainly because of “Zero duty” tariff advantage.

Mr. Manoj Patodia, Chairman – TEXPROCIL

Mr. Patodia also mentioned that, India is unable to substantially increase its market share over the years, mainly on account of “zero” tariff benefit granted by EU not only to Bangladesh but other competing countries like Pakistan, Sri Lanka & Vietnam.

Whereas, the average tariff applied on import from India into EU is approximately 9.6% for T&C products, it is “zero” for the above mentioned countries. This big duty gap compels the importers in Europe to buy more quantity from our competitors, he added.

Mr. Patodia pointed out that, if the ‘zero’ tariff advantage is extended to India also under the proposed Broad-based Trade and Investment Agreement (BTIA) between the two sides, it will go a long way in manifold increase in export of Textile & Clothing from India to the European Union trading block.

This article is shared with Prittle Prattle News in the form of a Press Release. Disclaimer: The following Press Release comes to you under a network of a strategic syndication partnership with PR Newswire. Prittle Prattle News takes no editorial responsibility for the same.

TEXPROCIL Hails Resumption of India-EU Trade Agreement Negotiations

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