With an aim to enhance India’s apparel exports, the Apparel Exports Promotion Council (AEPC) has asked the government to expedite finalization of India-EU Free Trade Agreement (FTA) to enable better market access for Indian exporters. India's total apparel exports stood at $15.7 billion in 2013.
Over the past few years, India’s exports to FTA countries have increased significantly after signing of the FTA/PTA (Preferential Trade) agreements and these markets now account for around 12% share in India's clothing exports. The AEPC recommended the government to expedite the process of India-EU FTA finalization as India's competitors like Bangladesh, Vietnam and Cambodia, having FTA with European nations, are enhancing their market shares in these markets.
Exports have remained a core feature of India’s textile industry and 'readymade garments' is the largest export segment, accounting for a considerable 40 percent of total textile exports. India’s textile exports accounted around $40 billion in the FY14 and is likely to touch $50 billion mark in the current fiscal. In order to enhance the global competitiveness of textile industry, the government is presently preparing a new National Textiles Policy, which aims to formulate a stable and fibre neutral raw materials guidelines to benefit the entire value chain and to address modernization and mechanization needs of the textile industry.