The US trade agreement framework is hailed as a significant advancement for India’s textiles and apparel industry, according to industry experts. Dr. A Sakthivel, Chairman of the AEPC, representing apparel exporters in India, expressed appreciation for the India-US joint statement on the trade deal. He emphasized that the upcoming decade holds immense promise for India in textile trade, positioning the country as a preferred global sourcing destination.
The trade agreement is anticipated to create extensive opportunities throughout the textiles value chain, leading to substantial employment growth, especially for women and MSMEs, as stated by Sakthivel. Rural Indian farmers are also expected to benefit significantly, promoting inclusive and sustainable development. The elimination of tariffs and improved market access resulting from the agreement are projected to enhance the global competitiveness of India’s textiles and apparel sector, solidifying India’s position as a reliable sourcing hub worldwide.
The agreement is seen as a means to tackle non-tariff trade barriers, reduce compliance burdens, and streamline procedural delays, facilitating quicker movement of goods to the US market. The AEPC Chairman expressed confidence that the current decade will mark a prosperous era for India’s textile and apparel industry. The Federation of Indian Export Organisations (FIEO) has also lauded the finalization of the India-US trade deal, anticipating significant benefits for various sectors, including engineering goods, textiles, pharmaceuticals, chemicals, leather products, gems, jewelry, and agricultural products.
SC Ralhan, President of FIEO, highlighted that the trade agreement will enhance the competitiveness of Indian products in the US market, driving export growth across multiple sectors. Lower tariffs are expected to enhance price competitiveness and facilitate deeper integration of Indian exporters into US supply chains.
