The EU's tariffs on Indian goods are about 3.8 per cent, but labour-intensive sectors attract about 10 per cent import duty.
India has pushed for zero-duty access for its labour-intensive sectors.
Win win deal as together, India and the European Union (EU) account for approximately 25% (one-quarter) of the world's population.
Import duty cuts on labour-intensive sectors such as textiles are likely to be part of the free trade agreement between India and the 27-nation bloc European Union (EU), the conclusion of which is set to be announced on January 27 in New Delhi, sources said.
Dr A Sakthivel, Chairman of Apparel Export Promotion Council (AEPC), said, "European Union is the world's largest apparel market, and the India-EU FTA represents a once-in-a-generation opportunity for India's garment sector, which currently exports over USD 4.5 billion worth of apparel to the EU.
In conclusion: " mother of all deals"
It has already been touted as a defining 'trade agreement of the decade' forging and harmonizing a vital and pivotal trade and strategic investment partnership both for the EU and India and, holds significant further potential on both sides of the aisle.
Net net..Promises to be "balanced, transparent, ambitious, comprehensive/extensive and mutually beneficial regarding the realities of the day reflection of a true spirit of the dialogue trade agreement".
Credits: This piece of information is source based. The content has not been edited and reviewed by us.
Pic: Sourced out of Ministry of Textiles, Government of India Linkedin Handle.
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