Texprocil urges Govt to expedite FTA with EU to boost exports

Posted by Daily Shipping Times on 03-10-2017        Tweet

MUMBAI: 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.

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.