‘No excuses left for textiles sector’: Commerce Minister Goyal on India’s new tariff advantages
Commerce Minister Piyush Goyal has urged the Indian textile industry to improve its export performance, noting that new free trade agreements have leveled the playing field against competitors like Bangladesh and Vietnam. He emphasized that India now has preferential access to a significant portion of global trade, removing previous excuses for weak export growth.
Why it matters
This signals a shift in Indian trade policy, pushing domestic industries to capitalize on global market access rather than relying on protectionist arguments.
Commerce Minister Piyush Goyal said India’s textile industry can no longer blame external factors for its weak export performance, noting that most developed markets now impose tariffs on Indian textile imports that are at par with or lower than those levied on key competitors such as Bangladesh and Vietnam.
Speaking at the national workshop on ‘Leveraging FTAs: an Outreach Programme’ organised by the Ministry of Commerce, Mr. Goyal emphasised the need for a concerted effort to translate India’s expanding network of free trade agreements (FTAs) into greater export opportunities for businesses across the country.
“The nine FTAs that India has entered into with countries accounting for $60 trillion of GDP will give us preferential access to nearly two-thirds of global trade,” Mr. Goyal said.
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