Free trade agreements (FTAs) signed by India with the UAE and Australia will boost product and market diversification of the apparel sector’s existing basket, AEPC said on Tuesday.
Apparel Export Promotion Council (AEPC) Chairman Naren Goenka said the global apparel market, which was just under USD 1.5 trillion in 2013, is expected to generate revenues to the tune of USD 1.8 trillion in 2022 and USD 1.9 trillion in 2025.
He said India offers the world a complete value chain solution from farm to fashion.
Talking about the ongoing 67th India International Garment Fair (IIGF) at Greater Noida, he said it provides a direct marketing platform to MSME exporters from across the country, as it has brought together almost 500 exhibitors and more than 2,000 overseas buyers and buying agents.
The buyers are visiting from countries like the US, Brazil, Japan, UK, Spain, Australia, Poland, Colombia, Greece, Italy, and Egypt.
“The council is taking efforts towards promoting Brand India at various global platforms, showcasing its strength on sustainability, circularity, ethical sourcing and manufacturing, labour standards, women employment with no child labour,” Goenka added.
The fair was inaugurated by Textiles Minister Piyush Goyal on June 20.
“I have set a modest target for the apparel sector, which is to double the production and triple the exports. So, this 15 per cent growth is achievable,” Goyal has said.