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15 December 2021, Mumbai:
India needs to actively pursue free-trade agreements (FTAS) with major export destinations like the EU and the US to push apparel shipments amid increasing competition from Bangladesh and Cambodia that enjoy tariff concessions, an RBI article said on Wednesday, India has traditionally enjoyed a comparative advantage in the textile sector, including apparels, and they constitute a major chunk of India's export basket.
"However, over the past few years, near-stagnation in India's textile exports, particularly in apparel exports, has been witnessed," said the article in its analysis of the role of tariff regimes of the destination country in directing the exports of apparel from major suppliers including India.
The article published in the RBI Bulletin said India's apparel exports to the EU, which is the largest market for apparel experts, have stagnated in the last decade while other countries like Bangladesh, Vietnam, and Cambodia have witnessed robust growth.
(The news article has not been edited by DFU Publications staff)
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