ANI
01 Jun 2020, 17:48 GMT+10
New Delhi [India], June 1 (ANI): The Apparel Export Promotion Council (AEPC) on Monday urged Prime Minister Narendra Modi to conclude an early Comprehensive Economic Partnership Agreement (CEPA) with Australia and include apparel as a focus product.
Australia has preferential agreements with India's major competitors like China and Vietnam. It also gives benefits under the Generalised System of Preferences (GSP) to Bangladesh and Cambodia, resulting in a five per cent duty advantage for these countries vis-a-vis India.
"We are desirous of engaging with Australia in a big way," said AEPC Chairman A Sakthivel in a letter to Modi. "As per our estimate, India can increase additional exports of 500 million dollars in the next three years if the CEPA with Australia is concluded."In the European Union (EU) market, said Sakthivel, Indian apparel exports have a duty disadvantage of 9.6 per cent as compared to its competitors like Bangladesh, Cambodia, Sri Lanka and Pakistan.
Vietnam recently concluded a free trade agreement with the EU, implementation of which will make India uncompetitive. "Hence there is an urgent need to have a level-playing field in terms of market access and margin of preference in the biggest global market of Indian apparel," said Sakthivel.
(ANI)Get a daily dose of Japan Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.
More InformationBEIJING, China: China's sales of heavy trucks could be dominated by electric vehicles by 2028, with battery-powered models potentially...
MOSCOW, Russia: Russia has sentenced a 33-year-old Australian man to 13 years in a high-security prison for fighting with Ukrainian...
TOKYO, Japan: Japan's economy contracted for the first time in a year, shrinking at a faster pace than expected in the first quarter...
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the...
ZHENGZHOU, May 20 (Xinhua) -- President Xi Jinping has underscored unwavering confidence in boosting high-quality development and enhancing...
NANJING, May 20 (Xinhua) -- The overwhelming number of visitors flocking to the newly opened Suzhou Archaeological Museum came as a...
BEIJING, China: China's sales of heavy trucks could be dominated by electric vehicles by 2028, with battery-powered models potentially...
STOCKHOLM, Sweden: Apple has blocked access to the popular video game Fortnite on iPhones in the United States and through Epic Games'...
NEW YORK, New York - U.S. stocks struggled on Monday as a further downgrading of U.S. debt by Moody's sent the dollar sliding and Treasury...
PARIS, France: Richemont, the owner of luxury brands Cartier and Van Cleef & Arpels, posted a stronger-than-expected seven percent...
TOKYO, Japan: Japan's economy contracted for the first time in a year, shrinking at a faster pace than expected in the first quarter...
WASHINGTON, D.C.: Parts of the U.S. and Canada may not have enough electricity this summer if hot weather causes more people to use...