The Apparel Export Promotion Council (AEPC) has said that India-EU Free Trade Agreement (FTA), which is expected to be concluded by the end of current fiscal, is lilkely to help the country's apparel exporters to garner extra orders worth three billion dollars from the 27-nation block.
"The India-EU FTA will also help generate 2.5 million jobs in the textiles and garments export sectors and we will be able to export apparel worth an additional three billion dollars to the European Union," said AEPC's chairman Premal Udani on the sidelines of 45th India International Garment Fair (IIGF).
India exported garments worth 5.68 billion dollars to the EU, accounting for 55 per cent of the country's total apparel shipments in calendar year 2009. The India-EU trade-opening pact is under negotiations for the last two years. Several rounds of official level talks have taken place. The total bilateral trade in previous fiscal was 74 billion dollars.
Meanwhile, textiles secretary Rita Menon said that the FTA between India and EU will be concluded by the end of the current fiscal. "We have taken it (about India-EU trade talks) up with the commerce secretary. I do hope that by the next fiscal, there is something in store for the textile sector."
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