New Delhi: Sanjay K Jain, Chairman, CITI stated that the Indian Textile Industry can play an important role in enhancing total merchandise trade among the RCEP member countries. 

However, for achieving this, Indian textile industry needs appropriate policy measures, which will also make it globally competitive. Jain also opined that India has to be cautious in this proposed mega trade pact which is likely to be concluded by the end of 2019. 

Jain pointed out that Regional Comprehensive Economic Partnership (RCEP) is a gigantic regional bloc in size and scope as it contributes approximately 39 per cent of the global GDP and is also home to almost three-and-half billion people. 

The huge population size makes this region a big market for the world trade, including textiles and clothing. RCEP is the proposed comprehensive regional economic integration agreement amongst 16 Nations (10 Member Countries of the Association of South-East Asian Nations, ASEAN - Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, Philippines, Laos and Vietnam; and six FTA partners of ASEAN viz. China, Republic of Korea, Japan, Australia, New Zealand, and India).

Published On : 28-05-2019

Source : Chemical Watch