The Indian government should begin negotiation and enter into a free trade agreement (FTA) with Russia, so as to reap the benefit of potential market at the earliest, Tiruppur Exporters’ Association (TEA) has said. Since Russia imports more winterwear, Indian manufacturers should also concentrate on producing such synthetic based products.
“Russia has already given a green signal to our competing country Bangladesh for import of garments duty free and this would help them to increase their exports,” TEA president Raja M Shanmugham said in a press release.
Russia is a huge market and many leading retail stores are setting up shops there, Shangmugham said.
He pointed out that the Indian government had initiated negotiations for a trade deal with the Eurasian Economic Union (EAEU) comprising of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, but there has been no progress in it.
In 2017-18, Russia has imported `241 crore worth of knitwear garments and `295 crore worth of woven garments from India.