Chennai, Jan. 28 -- Credit rating agency CARE Ratings today said the free trade agreement (FTA) with the European union (EU) unlocks $4-4.5 billion export potential for the Indian ready made garment (RMG) sector.
India today announced the signing of FTA with EU which is termed as `mother of all deals'.
According to CARE Ratings, the RMG sector contributes a significant share of around $525 billion to the global textile and RMG trade.
The European union (EU) is the world's largest RMG market, with imports of nearly $84 billion (excluding trade among EU countries) in CY24.
India currently exports US$4.5-5 billion of RMG to the EU, holding about 5% share of the EU's RMG market. Unlike India, key competitors such as Bangladesh, Turkey, Viet...