Coming in the backdrop of the promise of stability in West Asia after the initiation of the US-Iran peace deal, the UK deal will help immediately in the planning and negotiations, said industry bodies TEXPROCIL and CITI (Confederation of Indian Textile Industries)
India-UK Comprehensive Economic and Trade Agreement (CETA) will boost access to the UK, one of the largest markets for Indian textile and apparel products.
Also read: India-UK pact to unlock huge opportunities for apparel exporters: AEPC
“The sector can expect to grow by 10-12% against the current growth of 6.7% per annum in the next 3 years from the date of entry into force of the agreement. Textiles trade, including garments and home textiles, is expected to increase from the present $ 1.9 billion to $ 3 billion in the next three years,” said Vijay Agarwal, chairman, TEXPROCIL.
India’s share in UK T&C market in all categories like garments, made-up, home textiles etc is expected to rise from 6.7% at present to at least 12% in the next 3-5 years.