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December 10, 2023

India’s trade agreement with Australia and UAE will open new avenues for growth and development

By Priti Naik

The new economic cooperation and trade agreement with Australia and UAE will open infinite opportunities for sectors such as textiles, handloom, footwear etc, said Union Commerce and Industry Minister Piyush Goyal. He added that Indian textile exports to Australia and UAE would now face zero duty and expressed confidence that soon Europe, Canada, the UK and GCC countries would also welcome Indian textile exports at zero duty.

The minister was delivering the keynote address at the Golden Jubilee Celebrations of the ‘Confederation of Indian Textile Industry- Cotton Development and Research Association’ (CITI- CDRA) in New Delhi. Vice President M Venkaiah Naidu was the chief guest at the celebration. Goyal said that trade agreements would help in increasing exports from labor-intensive industries.

He added that India must also be open to receiving new technology, rare minerals, raw materials which are in short supply in the country. “This will only increase our production, productivity and quality, which in turn will increase demand for our products all over the world,” he said.

Goyal also said the Indian textile Industry has the potential to achieve USD 100 billion dollars in exports by 2030. He applauded CITI-CDRA for working towards developing a robust cotton ecosystem by directly engaging about 90,000 cotton farmers. The Minister observed that more than just fibre, cotton has been an integral part of Indian culture, lifestyle and tradition.

Reminiscing the monopoly enjoyed by India in manufacturing various cotton textiles for about 3,000 years, the Minister said that the entire world sang praises of the superiority of Indian fabrics. By the mid-17th century, Indian calico and chintz were superhits in Europe, he added. Speaking of the need to achieve atmanirbharta in the textiles sector, Goyal said that textiles of the country must become a symbol of quality, reliability and innovation.

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