02 April 2022, Mumbai:
Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) thanked Prime Minister Narendra Modi for his visionary leadership and Piyush Goyal, Minister of Textiles, Commerce, and Industry and Consumer Affairs, Food and Public Distribution for their relentless efforts which have enabled the finalization of the India UAE CEPA (Comprehensive & Economic Partnership Agreement) on March 27, 2022.
The Chairman pointed out that with a "zero for zero" duty-free access for textiles and clothing, well supported by robust Rules of Origin, Indian export of cotton textiles to the region is poised to grow exponentially in the coming years.
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The CEPA is expected to generate an additional increase of USD 2 billion in overall exports over the next 5 years and will also provide a platform for SMEs to expand internationally by access to new customers, networks, and avenues of collaboration.
It is also expected to improve the Women's Workforce Participation Rate & increase employment opportunities for youth.
The Chairman mentioned that there is good potential for the export of cotton textile items like bed & bath linen, kitchen & table linen, curtains & valances, quilts and comforters, and cotton woven fabrics including denim.
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With the setting up of Warehousing or Distribution Centres in UAE, the CEPA will encourage trade movement to neighboring GCC as well as African markets and initiatives like these will help in collaboration, innovation, and cooperation between the two countries.
With India crossing its ambitious target of USD 400 billion in goods export this year, the India UAE CEPA will provide the much necessary impetus and momentum to increase our exports in home textiles and fabrics to the UAE, the Chairman added.
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CREDITS: TEXPROCIL (The news article has not been edited by DFU Publications staff).
