TEA urges union govt to expedite FTA with Russia

TEA urges union govt to expedite FTA with Russia

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Coimbatore, Nov 18:
Tirupur Exporters Association Saturday urged the union government to negotiate and enter into a Free Trade Agreement (FTA) with Russia to reap the benefit of the potential market there as that country had given the green signal to Bangladesh for duty free imports.
The green signal from Russia to Bangladesh, a competing country, would increase their exports, TEA President Raja M Shanmugham, said in a release.
In 2017-18, Russia imported Rs 241 crore worth knitwear garments and Rs 295 crore worth woven garments from India, he said, adding that as Russia is importing more winter based garments, there was a need to concentrate on manufacturing synthetic garments.
He pointed out that India has already negotiated with the Eurasian Economic Union (EAEU) comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia without any progress.
Raja Shanugam said that he has sent a requisition letter to the Union Commerce and Industry Minister Suresh Prabhu on the need to expedite the FTA with Russia.

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