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India eyes Eurasian markets in a bid to boost textile exports

07 Jan '24
19 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • India is advancing its textile exports by targeting the Eurasian market, notably through FTA negotiations with the Eurasian Economic Union.
  • This aims to diversify trade, bolster exports, and reduce the trade deficit.
  • The proposed FTA and the INSTC are pivotal in enhancing trade logistics, tackling high tariffs, and exploring local currency deals.

India is eyeing the Eurasian market in order to broaden its trade horizons. The nation&#**;s goal to escalate textile exports to $*** billion is set to benefit from the free trade agreement (FTA) negotiations, promising diversified trade destinations, broader outreach, and significantly, a boost in the global prominence of Indian textiles. This strategic move is further bolstered by external affairs minister Dr. S Jaishankar&#**;s recent announcement on the resumption of FTA discussions with the Eurasian Economic Union, marking a potential fortification of yet another vital trade connection.

Engaging with the northern hemisphere

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