Centre is working to achieve trade deal with us amid high tariffs on indian exports: VP | India News
NEW DELHI: Vice President CP Radhakrishnan on Saturday said that the Centre was working hard to achieve a trade deal with the US and that it was just a matter of time before a breakthrough is achieved. Speaking at an event, the Vice President said that the US was the largest consumer of apparel and that he understood high tariffs on Indian exports were hurting the industry. “I understand there are a lot of constraints on this industry because of the geopolitical situation. Our commerce minister Piyush Goyal Ji has assured me that he is trying his best and it will be done. It is just a matter of time,” Radhakrishnan said. He was speaking at an event organised by the Apparel Export Promotion Council to felicitate exporters. The US levied an additional 25 pr cent tariff on India earlier this year, bringing total tariffs to 50per cent. India’s merchandise exports to the US registered over 22 per cent growth in November despite steep tariffs. India’s textile and apparel exports were recorded at $37.75 billion in the last financial year, registering an annual growth of nearly 10 per cent. Radhakrishnan said Prime Minister Narendra Modi aimed at transforming the sector into a “global powerhouse”, with a target of achieving $100 billion in textile exports by 2030, with the apparel sector contributing 40 per cent. He added that India was now facing competition in textiles and apparel from countries such as Bangladesh, Cambodia, and Laos, and that FTAs were important to stay ahead. “We tasted success with the free trade agreement with the United Kingdom and I am sure we will have another FTA with the European Union soon. I am sure you will be doubling your exports in the next three years,” the Vice President said.
