Our Bureau
New Delhi
As the tariffs imposed by President of the United States, Donald Trump came into action from today, August 27th, India has planned its first countermeasure to the 50% tariffs imposed. They have announced an outreach program to 40 different countries across the world to position themselves as a reliable supplier of textile products.
The program will be for 40 countries including the likes of Australia, Belgium, Canada, France, Germany, Italy, Japan, Mexico, Poland, Russia, Spain, South Korea, Turkey, the Netherlands, the United Arab Emirates, and the United Kingdom.
As per the officials well informed on the matter, the country is going in with a targeted approach to acquire the trust of these nations and come out as a reliable supplier of textile products. The official also highlighted that these 40 nations import textiles worth over $590 billion annually and if India gets its footings set properly into their market it can be very beneficial to the country.
“In each of these 40 markets, this is proposed to pursue a targeted approach, positioning itself as a reliable supplier of quality, sustainable, and innovative textile products with the lead role of the Indian industry, including EPCs and Indian Missions in these countries,” the official said.
“These nations together import over $590 billion worth of textiles and apparel annually, offering vast opportunities for India to enhance its market share, which currently stands at only around 5-6%. Recognising this, the government is planning dedicated outreach programmes in each of these 40 countries, with a focus on both traditional markets and emerging markets,” he added.
The 50% tariff penalty that President Trump had imposed on India was deemed as a nightmare for the textile sector and with this outreach program India will be looking to remedy the losses they acquire because of the tariffs. Not only that but this program will also provide a vast opportunity to diversify their textile exports through these nations.
