FTA between the EU and the UK will revolutionize home industry: AEPC

 FTA between the EU and the UK will revolutionize home industry: AEPC

The trade discussions are nearing their conclusion with Britain, and the EU talks are moving quickly forward as well.

Eighty percent of the clothing industry's revenue comes from exports, with an average of Rs 10 crore in revenue coming from apparel manufacturing facilities in India that have between 250 and 400 machines.

The planned free trade deal with the UK and the EU, according to AEPC on Saturday, would revolutionize the home sector and greatly assist garment exporters.

According to Chairman of the Apparel Export Promotion Council (AEPC) Naren Goenka, trade agreements with the United Arab Emirates, Australia, and Japan provide the industry access to new markets. "If we sign an FTA agreement, the EU will provide a huge benefit and the FTA with the UK will be a game changer for the industry," he said.

The trade discussions are nearing their conclusion with Britain, and the EU talks are moving quickly forward as well. He said that inadequate economies of scale are a key contributing factor to the low export competitiveness of Indian garments.

Eighty percent of the garment industry's revenue comes from exports, with an average revenue of around Rs 10 crore. Indian textile manufacturing facilities typically contain 250–400 machines, compared to the average of 800-1000 machines in rival nations. Furthermore, in contrast to Vietnam and other rival nations, there aren't many vertically integrated firms here. The industry's capacity to invest in technologies that boost productivity is restricted by both of these constraints, the speaker said.

Speaking at the AEPC Export Awards, which were presented to exporters on December 8 here, was he. The awards honor the role that Indian clothing exporters have played in advancing the development of a distinct export culture and contemporary export businesses.