New Delhi: The India-UK free trade agreement is expected to provide huge opportunities to domestic apparel exporters by extending duty-free access in the British market, AEPC said on Thursday.
The Apparel Export Promotion Council (AEPC) said the duty-free access will enhance the competitiveness of Indian products in one of the world's largest and most discerning consumer markets.
"For India's apparel industry, the agreement is expected to unlock substantial opportunities by providing duty-free market access," AEPC Chairman A Sakthivel said.
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The comprehensive economic and trade agreement (CETA) will come into force from July 15.
"The agreement will provide a significant competitive advantage to Indian exporters by eliminating tariff barriers and creating a level-playing field in the UK market," he said adding it has the potential to substantially increase India's apparel exports to the UK, attract fresh investments, and generate large-scale employment.
The pact, he said, will open a new chapter of growth for India's labour-intensive apparel sector, and support manufacturing expansion.
Sakthivel further noted that the UK is among India's most important apparel export destinations, with considerable untapped potential.
The duty-free access secured under the agreement is expected to improve price competitiveness, facilitate deeper market penetration and enable Indian exporters to secure a larger share of the UK's apparel imports.
A present, India's apparel exports to the UK stand at approximately USD 1.4 billion, while the UK's total apparel imports from the world are valued at USD 19.84 billion.
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