Apparel Export Promotion Council (AEPC), the official body of Indian apparel exporters, will focus on strategic export partnerships with emerging markets.
Enthusiastic after ratification of the India-Australia Economic Cooperation and Trade Agreement (ECTA) by Australian Parliament, Narendra Goenka, Chairman AEPC said, “AEPC will be focusing upon growing our strategic export partnerships with emerging markets of Australia, New Zealand, Fiji, Papua New Guinea and other island countries in the Oceanic region. We foresee a stronger presence in the Australian market due to the Indo-Australia ECTA agreement.”
He thanked Prime Minister Narendra Modi and the Commerce & Industry Minister, Piyush Goyal for Australia-India Economic Cooperation and Trade Agreement (AI ECTA).
He said that the duty-free access for the sector to Australia under the trade pact will bring domestic exporters at par with global competitors and make local products competitive. This will also provide a good opportunity for the Australian companies to embrace China plus one policy, he added.
It can be mentioned here that under AEPC, 50 Indian exporters’ delegation recently participated in the International Sourcing Expo, Australia. The delegation had a successful meeting with brands, retail chains and business and industry associations, which included – K- Mart, Target, Just Group, Thomas Cook, Black Pepper, Orientique Australia, Australia India Business Council (AIBC), etc. The Australian companies’ mood was upbeat and they are all eagerly waiting to forge stronger ties and source garment and textiles products from India.
Australia has traditionally been the topmost trading partner for Indian garments with our exports occupying a share of approximately 4 per cent of total Australian garment imports. The Indian apparel industry is good for producing spring and summer products, but not as good for making winter goods. Thus, Indian factories do not utilise their full capacity while producing winter goods. The zero-duty deal with Australia in the southern hemisphere will keep Indian factories fully utilised during its lean period with orders for spring and summer products that Indian players are best in.
There is a strong need for product diversification which has to be in sync with the import requirement of Australia to harness the full potential of India- Australia ECTA.
