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
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.