Indian garment exporters are hopeful that a potential free trade agreement (FTA) with the United Kingdom might be the key to revitalising their fortunes.
This optimism stems from the consecutive decline in the country’s textile and apparel exports over the past two years.
The recent successful FTAs with Mauritius and Australia, resulting in a notable increase in readymade garment exports by 16.8 per cent and 5.7 per cent, respectively, in the initial eight months of the current fiscal year, have further fuelled this hope.
Chairman of the Apparel Export Promotion Council (AEPC), Sudhir Sekhri, expressed confidence regarding a possible agreement with the UK, which currently contributes 8% to India’s apparel exports.
As they eagerly anticipate the potential FTA with the UK, Indian garment exporters are actively pursuing strategies to rejuvenate the sector and reclaim their position in the global textile and apparel market.