India-Australia FTA to provide relief to Indian textile exporters: CITI
The India-Australia Economic Cooperation and Trade Agreement, which came into force from Thursday, is set to provide a "big relief" to Indian textile exporters, the Confederation of Indian Textiles Industry said.
Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one.
India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.
Confederation of Indian Textiles Industry (CITI) Chairman T Rajkumar said he is hopeful that the "India-Australia ECTA (Economic Cooperation and Trade Agreement) will help boost textile and apparel exports as the FTA is slated to provide a big relief to Indian textile exporters who had to pay about 10 per cent customs duty in countries like Australia, Canada, and the UK".
Sharing that India's ready-made garment exports to Australia have seen a growth of an average of 11.84 per cent over the last five years, Rajkumar opin