More free trade pacts needed to compete in textile exports with B'desh: VP

Vice President C P Radhakrishnan on Saturday stressed on the need for India to enter into more free trade agreements (FTAs) to gain a level-playing field with competitors like Bangladesh in global textile and apparel export markets. Addressing the Apparel Exports Promotion Council (AEPC) awards event here, the vice president observed that previously, not many countries were competing with us for garment exports globally, but now there are many nations, like Bangladesh, Laos, Cambodia, Vietnam and the African countries. "So FTA is a must ... it is the greatest advantage they (our competing nations) are having," Radhakrishnan said. Asserting that India's target is to achieve the textile market size of USD 350 billion by 2030, with USD 100 billion in textile exports, he urged the apparel industry to also actively explore new markets and adopt eco-friendly manufacturing practices, responsible sourcing, and strategies to minimise waste. "Only constraint today is the FTA with America is