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PNN
Mumbai (Maharashtra) [India], August 4: The recently signed India-UK Comprehensive Economic Trade Agreement (CETA) by the Hon'ble Prime Minister of India, Shri Narendra Modi, and the Prime Minister of the United Kingdom, Mr. Keir Starmer, marks a transformative milestone in strengthening economic and trade ties between the two countries. The Agreement offers 100% duty-free market access for Indian exports to the UK, covering 99% of the UK's tariff lines, thereby unlocking new opportunities for several sectors, particularly Technical Textiles. Bhadresh Dodhia, Immediate Past Chairman of MATEXIL (Manmade Fibre and Technical Textiles Export Promotion Council), who was part of the High-Powered Business Delegation accompanying Prime Minister Modi to the UK, said "This historic agreement is poised to open substantial new market opportunities for India's Technical Textiles sector. India will now enjoy a significant competitive edge over China in this domain, as China does not have any FTA with the UK." The UK currently imports Technical Textiles worth over USD 7 billion annually. India, with its growing capabilities, can scale up its exports in this segment from USD 240 million at present to over USD 1 billion by 2030. Shaleen Toshniwal, Chairman, MATEXIL, welcomed the CETA and emphasized that key sub-segments such as Agrotech, Geotech, Hometech, Indutech, Packtech, and Sportech are poised for strong growth under the agreement, citing India's cost competitiveness and manufacturing strength. Further , he added that "With the removal of tariff barriers, Indian exporters can now significantly enhance their footprint in the UK across high-potential categories like medical textiles, protective wear, geo-textiles, industrial fabrics, and agro-tech textiles." India already possesses the technical capability to produce high-performance textiles in line with global standards. The India-UK CETA will allow Indian manufacturers to compete on equal terms with global players in the UK market. MATEXIL, which is entrusted with the export promotion of both Manmade Fibre Textiles and Technical Textiles, is actively collaborating with industry stakeholders and the Ministry of Textiles to: - Identify priority export products, - Support compliance with UK regulatory and sustainability standards, and - Facilitate buyer-seller linkages and certification support. Bhadresh Dodhia further advised exporters that "Until the agreement is fully implemented, Indian Technical Textile exporters should proactively study UK market requirements, technical standards, and sustainability norms to better position themselves and maximize the benefits of the CETA." To support the industry, MATEXIL will soon be organizing outreach programs, B2B meetings, and market intelligence sessions to ensure that Indian exporters are well-prepared to capitalize on the immense opportunities offered under the India-UK CETA. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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