The landmark trade agreement between India and the US is set to open up America’s USD 118 billion global imports market of textiles, apparels and made ups, a “major opportunity” for India’s textile industry, the government said on Saturday.
Notably, the US is the top market for India’s textile exports.
The 18 per cent reciprocal tariffs on Indian textiles products including apparel and made-ups will not only remove the disadvantage that Indian exporters had, but would place them in a better position than most competitors like Bangladesh (20 pc), China (30 pc), Pakistan (19 pc) and Vietnam (20 pc), who have higher reciprocal tariffs, the textile ministry said.
This would alter the market dynamics as large buyers would surely relook at their sourcing in the light of this agreement, it added.
India and the US on Saturday announced that they have reached a framework for the first phase of the bilateral trade agreement under which both sides will reduce import duties on a number of good​The landmark trade agreement between India and the US is set to open up America’s USD 118 billion global imports market of textiles, apparels and made ups, a “major opportunity” for India’s textile industry, the government said on Saturday.
Notably, the US is the top market for India’s textile exports.
The 18 per cent reciprocal tariffs on Indian textiles products including apparel and made-ups will not only remove the disadvantage that Indian exporters had, but would place them in a better position than most competitors like Bangladesh (20 pc), China (30 pc), Pakistan (19 pc) and Vietnam (20 pc), who have higher reciprocal tariffs, the textile ministry said.
This would alter the market dynamics as large buyers would surely relook at their sourcing in the light of this agreement, it added.
India and the US on Saturday announced that they have reached a framework for the first phase of the bilateral trade agreement under which both sides will reduce import duties on a number of good ​Latest News [ SOBAN NEWS: International and National ]
