Indian exporters seek free trade with Russia

After Bangladesh received the nod from Russia for duty-free imports, the Tirupur Exporters Association (TEA) is also seeking aid from the central government to talk and enter into a Free Trade Agreement (FTA) with Russia to garner the benefits from the potential market.

In a press statement issued, Raja M Shanmugham, President, TEA raised the concern that since Bangladesh, a competitive market for India in terms of exports, has already received the green signal from Russia, it gives them a slight edge over us.

Notably, during the 2017-2018 period, the knitwear apparel imports to Russia from India were worth Rs. 241 crores and the woven clothing imports were Rs. 295 crores.

Furthermore, TEA’s president marked out that Russia is importing more garments that are winter-based, hence, there was a need to focus on the production of synthetic garments.

It is pertinent to add here that, India has already negotiated with Eurasian Economic Union (EAEU) which includes countries such as Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia and that negotiation is still halted.

 

 

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