Comments
The Cotton Textiles Export Promotion Council (Texprocil) urged the government to expedite the FTA with EU as exporters face stiff competition from countries that have preferential duties with the EU and are losing market share to them.
EU as a combined trade block is the single largest market for export of T&C from India. EU accounts for 24 per cent (USD 8.63 billion) of India’s export of T&C.
Therefore, in the interest of India’s export performance, it is important to conclude India —EU FTA without further delay, Texprocil chairman Ujwal Lahoti said at the 63rd annual general meeting (AGM) here.
Countries like Pakistan, Bangladesh, Turkey and Vietnam have leveraged the advantage of preferential access, Lahoti said.
As per a study done by Ernst Young, it was estimated that 55 lakh jobs can be created if FTAs with EU, Australia and Canada are finalised.
With the implementation of GST, Lahoti cautioned that there are some critical issues which need to be addressed by the Government on a priority basis in order to facilitate a smoother transition. He highlighted issues such as the inordinate delay in the refund of GST on exports.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.