Trade Agreements signed with Australia and UAE will open infinite opportunities: Piyush Goyal
- IBEF
- April 13, 2022
Union Minister of Commerce and Industry, Consumer Affairs, Food, Public Distribution, and Textiles, Mr. Piyush Goyal, said that new Economic Cooperation and Trade Agreements with Australia and the United Arab Emirates would provide Textiles Handloom and Footwear with limitless potential. He stated that Indian textile exports to Australia and the United Arab Emirates would be duty-free. He expressed optimism that Europe, Canada, the United Kingdom, and the Gulf Cooperation Council countries would soon follow suit.
Trade agreements will help increase exports from labour-intensive businesses. He went on to say that India must be open to obtaining new technologies, rare minerals, and raw resources that are in short supply in India at reasonable prices from the rest of the globe. This will only enhance our output, productivity, and quality, resulting in increased demand for our products worldwide, he said.
He also stated that the Indian textile industry has the potential to export US$ 100 billion by 2030. He praised CITI-CDRA for directly engaging roughly 90,000 cotton farmers in developing a robust cotton ecosystem. He stated that our textiles must become a symbol of Quality, Reliability, and Innovation to achieve atmanirbharta in the textiles sector.
It should be mentioned that India's textile sector accounts for roughly 10% (US$ 43 billion) of the country's overall merchandise exports. According to the Minister, India is the world's largest cotton producer, accounting for 23% of worldwide production and employing 65 lakh people directly and indirectly.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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