With a view to increasing foreign trade, Tirupur Exporters Association (TEA) has appealed to the Government of India to expedite Free Trade Agreement (FTA) with Russia.
In a media statement issued on 17 November 2018 , Shri. Raja M Shanmugham, President, TEA, said that Russia has already given a green signal to India’s competing Country Bangladesh for import of garments duty free and it would help Dhaka to increase their exports to Russia.
Shri Shanmugham said: “ As Russia is a huge market and more leading retail stores setup shops there, It is a right for us also continue to have a negotiation and enter the agreement at the earliest to reap the benefit of potential market. In 2017-18, Russia has imported Rs. 241 crore worth of knitwear garments and Rs.295 crore worth of Woven garments from India. As Russia is importing more winter based garments, we should also concentrate for manufacturing of synthetic garments.”
Shri.Raja M Shanmugham said our Government already negotiated with Eurasian Economic Union (EAEU) comprising of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia and there has been no progress in it.
Shri.Raja M Shanmugham said he has also sent the requisition letters to Shri. Suresh Prabhu, Union Minister of Commerce & Industry and Dr. Anup Wadhawan, Secretary, Department of Commerce, Ministry of Commerce and Industry to expedite the FTA with Russia.
Source :- Dailyshippingtimes.com