Apparel exporters have appealed for the early conclusion of India-Australia Comprehensive Economic Partnership Agreement (CEPA) to benefit apparel exports from the country.
Estimates by the Apparel Export Promotion Council show exports will increase by $500 million in the next three years if the agreement with Australia is concluded soon.
The first virtual bilateral summit between the Prime Ministers of India and Australia is scheduled for June 4.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel has in a letter to Prime Minister Narendra Modi indicated that the Indian apparel exporters were desirous of engaging with Australia in a big way.
“Include apparels as a focus product; early conclusion of CEPA will help triple India’s apparel exports to Australia,” he said.
Australia is the 18th largest importer of apparel valued at $6.6 billion in 2019. Supplies from China accounted for 64 per cent of the total, while India’s share stood at 1.2 per cent (worth $206 million).
“Australia has preferential agreements with China and Vietnam. It also gives GSP benefits to Bangladesh and Cambodia, resulting in 5 per cent duty advantage for them vis-à-vis India,” Sakthivel said.
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