Knitwear Imports From Bangladesh Under FTA Hurt Domestic Industry

ENA Sectors 2024-01-16 16:46:22 Ludhiana, Jan 16 (KNN) The local textile industries, adversely impacted by the India-Bangladesh Free Trade Agreement (FTA), are urgently seeking government intervention to curb the imports of garment and knitwear fabric from Bangladesh. Simultaneously, the industry is urging the government to facilitate opportunities for exporting goods to European countries without imposing custom duties, reported TOI. Describing the surge in imports as a serious threat to the survival of local and domestic businesses, industry representatives highlight the need for immediate action. The industry representative emphasises that affordable and high-quality clothing from Bangladesh has dominated the domestic market for over a decade due to the absence of custom duties. The rise in imports from Bangladesh, as per an industry association, has resulted in a sustained decline in domestic production, leading to substantial revenue losses over the years. The situation is deemed critical, with the industry facing an escalating crisis. Vinod Thapar, President, Knitwear Club, underscores the challenges posed by the significantly lower labour costs in Bangladesh and the superior quality of their products compared to the domestic industry. Despite that the local industry has the strength to compete with them. But we need the intervention of the Union government, Thapar stated. Thapar stresses the necessity of government intervention to enhance competitiveness and calls for initiatives to improve the production quality of the domestic industry and the establishment of mechanisms to restrict imports from Bangladesh, ultimately safeguarding the interests of the Indian textile sector. (KNN Bureau) 36303 https://knnindia.co.in/news/newsdetails/sectors/knitwear-imports-from-bangladesh-under-fta-hurt-domestic-industry 2024-01-16 16:46:22 knnindia.co.in Knitwear Imports From Bangladesh Under FTA Hurt Domestic Industry