Welcoming the treaty, the Indian textile industry terms the India-UK Free Trade Agreement (FTA) as a significant step toward increasing India's presence in the UK market.
The agreement will help unlock new opportunities for exporters, boosting trade, employment, and global competitiveness, opine experts
Santosh Katariya, President, Clothing Manufacturers Association of India (CMAI), notes, UK is a growing and promising market for Indian textile and apparel products.
Recent tariff developments in the US highlight the need to diversify export destinations, making this FTA especially timely, he points out.
There is a strong need to diversify textile exports, and this FTA agreement will help knitted and woven apparel from India boost share in the UK market, adds Katariya.
An emphasis on sustainability, quality, and digital marketing with reduced prices will help Indian brands for UK consumers, he notes.
Experts opine, reduced tariffs under this FTA will drive demand for Indian textiles in the UK, resulting in increased export volumes.
The agreement will help stimulate investment and enhance the ease of doing business for textile stakeholders in both countries, they add.
Thanking Prime Minister Narendra Modi and Union Commerce Minister Piyush Goyal for their instrumental roles in securing this historic trade pact, A. Sakthivel, Vice Chairman, Apparel Export Promotion Council (AEPC), said, this monumental achievement will provide a strong boost to India's textile exports and fuel employment and growth in the sector.
The FTA will pave the way for long-term growth, attract investment, and create a more favorable business environment for textile stakeholders in both countries, he added.
The India-UK FTA marks the beginning of a new era for Indian textiles, with long-term benefits anticipated in market access, innovation, and global branding, industry leaders opine.