Indianew Zealand FTA To Support Textile Export Diversification & Growth: CITI

(MENAFN- KNN India) New Delhi, Dec 23 (KNN) The Confederation of Indian Textile Industry (CITI) has welcomed the conclusion of the Free Trade Agreement (FTA) negotiations between India and New Zealand, stating that the pact could open new growth avenues for the country's textile and apparel sector, particularly as exporters seek to diversify into newer markets.

Zero-Duty Access and Trade Potential

Under the FTA, India will receive zero-duty market access for 100 per cent of its exports to New Zealand.

In 2024, India was the third-largest exporter of textile and apparel products to New Zealand, after China and Bangladesh, with exports valued at USD 138.65 million. Industry representatives believe duty-free access could improve the competitiveness of Indian products in the New Zealand market.

Focus on Market Diversification

CITI Chairman Ashwin Chandran said the agreement, coming shortly after the Comprehensive Economic Partnership Agreement (CEPA) with Oman, underscores India's strategy of diversifying export markets for trade and services.

He said,“For the textile and apparel sector, this surely means more market access opportunities. The industry will need to look at diversification of its product basket for deeper engagement with these new FTA partners.”

Export Targets and Competitiveness

According to CITI, the FTA could support India's efforts to reduce dependence on a limited number of export destinations and contribute to achieving the national target of USD 100 billion in textile and apparel exports by 2030.

The agreement is expected to make Indian products more price-competitive for both existing and potential buyers in New Zealand.

(KNN Bureau)

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