The Textile Ministry is supporting the Free Trade Deal between India and the UK which would include tariff reduction for textile and clothing items, resulting in possible gains for the sector.
As per the Hindu Business Line, Piyush Goyal, Commerce & Industry Minister, proposed to the UK . Secretary of State for International Trade Elizabeth Truss that the two countries could initially work on an interim pact on a preferential basis based on which both sides would reduce or eliminate tariffs on select items.
The Textile Ministry wants more market access for textiles and clothing under the proposed trade pact with the UK as the Indian industry has been complaining about not being able to perform to its full potential in the country because of tariff disadvantages.
As per figures collated by the Apparel Export Promotion Council (AEPC), total import of apparels in the UK in 2019 was $24.9 billion, of which India’s share was just $1.4 billion while Bangladesh’s share was at $3.6 billion.
