Tirupur Exporters' Association (TEA) has stressed the need to enter into Free Trade Agreements (FTA) with European Union, USA, the UK and Russia, to face the Chinese threat in export markets.
In a memorandum submitted to Union Textile minister, Smriti Irani in New Delhi, the association said though garment exports from China had been declining in a gradual manner since 2013, Chinese were 'silently' entering countries like Bangladesh, Sri Lanka, Vietnam and of late Myanmar, by setting up manufacturing bases.
China, by using advantages available to these countries with predominant EU and US markets, increased export and circumvented Indian industry's growth prospects in the global market, which was a real threat to the industry here, TEA President Raja M Shanmugham said.
"To face the onslaught of the Chinese, it was important for India to enter into FTA with EU, US, the UK and Russia, Comprehensive Economic Partnership Agreement with Australia and Comprehensive Economic Cooperation Agreement with Canada and other promising countries," he said.
Source:- Dailyshippingtimes.com
