India-Australia Trade Pact: Catalyst for textile growth

IndiaAustralia

12 January 2023, Mumbai

Sanjay Garg, President of NITMA, expressed his gratitude to the Honorable PM Narendra Modi and Honorable Minister for Commerce & Industry & Textiles Shri Piyush Goyal Ji for the historic accomplishment.

The Economic Cooperation and Trade Agreement between India and Australia, which came into effect on December 29, 2022. The two nations' business relations as well as the full range of goods and services are set to profit from this agreement, which is the first trade agreement between India and a developed nation in recent memory.

According to Garg, the trade agreements with the UAE and Mauritius have already begun to provide better results, while the agreement with Australia will give various Indian textile products, particularly ready-to-wear clothing and home textiles, zero-duty market access.

According to the president of NITMA, the removal of the 10% tariff barrier for exporting to Australia as well as the 11.0% import charge on cotton will increase India's textile and apparel industry's competitiveness in the world market. In a space of five to six years, he thought that expeditious FTA discussions with Canada, the United Kingdom, and a few other nations would allow India to reach its target exports of USD 100 billion and the USD 350 billion total market size for textiles.

Garg also stated that the treaty would tremendously benefit to bridge the trade deficit of roughly USD 8.5 billion with Australia.

Latest Textile Events

Author’s Posts

  • Tamil Nadu Textile Sector Begins Strong Recovery

    Tamil Nadu Textile Industry Shows Signs of Recovery
    After ...

    May 22, 2025

  • Shahid Kapoor Joins Taapsee Pannu for Vogue Eyewear India

    BRAND ANNOUNCEMENT | VOGUE EYEWEAR WELCOMES SHAHID KAPOOR, WHO JOINS TAAPSEE PANNU AS ITS BRAND AMBAS...

    May 22, 2025

  • 3rd Morocco International Yarn & Fabric Sourcing Show 2025

    3rd Morocco International Yarn & Fabric Sourcing Show 2025

    May 13, 2025

  • India’s Apparel Exports: Big Potential, Low Share

    Despite having the world’s second-largest vertically integrated textile industry, India’s share...

    May 05, 2025

  • CITI: India must engage U.S. on tariffs

    "Bridging the Information Gap in the Textile and Fashion Industry."

    DFU
    Inside Fashion Vol. 23 No. 2
    Azad
    EasiTex