Ministry of Commerce and Industry, Suresh Prabhu have an optimistic intimation on the positive development on the long pending issue of Free Trade Agreement (FTA). He mentioned that the Government is working hard on this front. He ensures to host a meeting of about 40 WTO members in February 2018 to take the multi-lateral processes forward.
The Indian Government is preparing a Standard Operating Procedure (SOP) for any new FTA to be entered with the countries like Eu, Canada and Australia. India hasn’t inked an FTA with any country in recent years and apparel industry is in the dire need to have some as strong competitors like Bangladesh have duty benefits; Sri Lanka too now has a GSP Plus status.
After having meeting with the EU ministers to discuss various issues, he said, “When we talk of FTAs there is always a trade-off… As a country, we have to find how trade-off can benefit us.”
Even apparel export industry stalwarts like Sudhir Dhingra, CMD, Orient Craft, which has an annual turnover of Rs. 1600 crores repeatedly insisted on FTAs on various platforms. “If we get an FTA, one cannot even think how many business opportunities in apparel export trade we will have,” he underlined.
The premier think-tank of the Government, Amitabh Kant, CEO, Niti Aayog said that they are ready to make certain adjustments with liquor and automobile industry, as employment generating industries like apparel export is going to benefit a lot if FTAs with the EU or the US get finalised.
Kant also opined that Indian exporters could not take much benefit from Japan despite the Comprehensive Economic Partnership Agreement (CEPA).
– Apparel and Textile News, Apparel Talk, Indian Apparel
