The textile industry has expressed its enthusiasm for the recently signed Trade and Economic Partnership Agreement with the European Free Trade Association (EFTA), citing the potential it holds for technological advancements and product development.
Rakesh Mehra, Chairman, Confederation of Indian Textile Industry (CITI), highlighted in a press release the significant impact the agreement is expected to have on the growth trajectory of the Indian textile industry. He emphasised its role in providing critical inputs, fostering technological innovation, and creating opportunities for product development.
While acknowledging the importance of EFTA member countries such as Iceland, Liechtenstein, Norway, and Switzerland as key trade partners for the Indian textile sector, Mehra urged the government to expedite the process of signing a free trade agreement with Switzerland.
He emphasised the mutually beneficial nature of the textile and apparel trade relationship between India and Switzerland, citing the complementary nature of their needs. Mehra pointed out that India relies on Switzerland for importing technology and machinery, while Switzerland sources raw materials and intermediate products from India for conversion into high-quality and sustainable end products.
He noted that CITI and Swiss Textiles had signed a Memorandum of Understanding (MoU) in November 2023 to further promote bilateral trade and investment between the two countries.
A. Sakthivel, a member of the Board of Trade, echoed Mehra’s sentiments, asserting that the signing of the trade agreement would drive modernisation across all sectors, particularly textiles. He emphasised the need for expeditious action on signing free trade agreements with Switzerland and Norway to capitalize on the momentum generated by the EFTA agreement.
