India: Textile Manufacturers Urged To Do The Basic Work To Get The Benefits Of RCEP.

"While the ongoing trade war between the US and China is considered an opportunity for India textile manufacturers to increase exports to the US, India should act cautiously, especially in the area of China's Regional Comprehensive Economic Partnership (RCEP) trade.

Indi's textile and clothing trade is co operating with China in RCEP, "CITI chairman Sanjay K Jain said.

The India Textile Industry Federation (CITI) urged the industry to obtain RCEP revenue, while stressing the need for policy measures to enhance the total volume of trade between RCEP member states.

The agreement is likely to be signed by the end of the year.

He pointed out that RCEP is a huge regional group in terms of size and scope, because it accounts for about 39% of the world's GDP and is home to nearly 3 billion 500 million people.

The huge population size makes the region an important market for world trade, including textiles and clothing.

The proposed comprehensive regional economic integration agreement is one of 16 countries (10 ASEAN member countries and 6 ASEAN Free Trade Agreement partners - China, Republic of Korea, Japan, Australia, New Zealand and India).

By 2018, the total amount of textiles and clothing exported by RCEP member countries to the world was 413 billion US dollars, and India's share in RCEP countries was 9%.

Apart from China, India maintains a favorable balance of trade with all RCEP member countries in the T&C sector.

In 2018, the trade deficit with China was close to US $1 billion in T&C.

President CITI said that at this time, India and the two largest trading partners, the us with the highest trade surplus and China with the highest trade deficit, did not have any free trade agreements.

"Once the RCEP is over, India's trade deficit with China in the T&C area is likely to expand.

This may be unfavourable to domestic textile manufacturers.

To gain the RCEP market, industry stakeholders in the textile value chain should strive to make the industry globally competitive, "he said.