Over fifty prominent Japanese buyers representing brands such as Sumitomo, Toyoshima, Marubeni, Mitsubishi, United Arrows and MYK Fashion will be in India next month to source ready made garments at a reverse buyer seller meet.
“With Indian apparel having duty free access in Japan under Indo-Japan Comprehensive Economic Partnership Agreement, as against 9 per cent duties for Turkey and 9.5 per cent for China, it makes business sense for Indian ready made garments manufacturers and exporters to participate in this unique opportunity,” said Narendra Goenka, Chairman, Apparel Export Promotion Council.
Over 75 Indian RMG manufacturers have confirmed their participation in the first edition of Upnext India 2023, a reverse buyer seller meet with Japan, organised by the AEPC and supported by the Commerce Department under the Market Access Initiative Scheme.
The meet, scheduled on February 10-11 in Gurugram, will have exhibits across various categories including summer and winter collection, per a statement issued by AEPC on Saturday.
There is a big potential for India to increase its RMG exports to Japan as at present its annual garments export to the country is worth just $22 million as opposed to total garment imports of $23 billion annually by Japan, Goenka pointed out.
“ Moreover, stronger opportunities for trade diversion is emerging with continuous Chinese (exports) fall. This gap can be easily filled by Indian companies,” he said.
Top RMG products imported by Japan from across countries include jerseys, pullovers, cardigans, waistcoats of man-made fibres or cotton, both knitted and crocheted.
Top products imported by Japan from India include women’s blouses, dresses, shirts and shirt-blouses of cotton and jerseys, pullovers, cardigans, waistcoats and similar articles of cotton, knitted or crocheted.