Union Minister of Commerce, Industry and Textiles Piyush Goyal addresses the media on 14 December 2022 in Varanasi. Photo credit: PTI
Trade and Textile Union Minister Piyush Goyal said in Varanasi on Wednesday that the deal would benefit the textile sector as India and the UK engage in negotiations to finalize a free trade agreement (FTA). He said his similar FTAs signed with the United Arab Emirates and Australia would also guarantee opportunities for the sector. Goyal was addressing reporters at the National Textile Conclave as part of the Kashi Tamil Sangam.
The Minister said textiles is a very important sector with margins of 4% to 5% to increase competitiveness. “We claim the FTA will give us duty-free access to textiles in both the UAE and Australia. The textile sector will ensure that there is an opportunity for both,” he said Mr Goyal.
He said the center is working on other FTAs to support the textile sector. “For example, in his FTA with the UK, he has an import duty of 9-12% on various items. Yes,’ added the Minister.
The minister said it was clear that the textile industry would reach its $100 billion target in exports and that the sector would become the largest creator of jobs and jobs. We are in the process of evaluating our proposals and hope to be able to finalize them in the near future,” said Goyal.