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Texprocil urge to include exports of value added products to African countries in new FT Policy

YarnsandFibers News Bureau 2015-06-18 11:00:00 – Mumbai

In the new Foreign Trade Policy 2015-20 all benefits on exports to African countries has been removed. According to the Cotton Textiles Export Promotion Council (TEXPROCIL) a textile industry body, removal of benefits on exports to African countries will affect shipments of value added products like cotton dyed and printed fabrics and made-ups to African countries.

TEXPROCIL chairman R K Dalmia has urged the government to include exports of value added products to African countries in the new Foreign Trade Policy 2015-20, stating that withdrawal of these benefits on exports of cotton fabrics and made ups to African countries has put the exporters into a huge dilemma.

Earlier, in the Foreign Trade Policy 2009-14, exports of cotton fabrics and made ups to many African countries were granted duty credit scrips at 4 percent of the Free On Board (FOB) value of exports in general and in some cases 7 percent.

According to the council, lack of adequate focus and proper planning towards boosting exports will lead to steep decline in cotton textile exports. Hence, the council has urged the Centre to conclude FTAs with the European Union, Australia and Canada to remove trade barriers and gain market access to these markets.

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