Prevailing chaos in China's textile sector gives opportunity for India to lead, says FIEO
23 May '05
1 min read
Federation of Indian Export Organisations (FIEO) announced that imposed restriction and China's decision to raise taxes on its textile exports to the US and EU markets will promote Indian textile and apparel exports to the two regions.
FIEO President O P Garg stated that the imposition of restriction or increase in export tariffs by China would definitely provide an opportunity to Indian textile manufacturers.
Garg explained that the rise in Chinese exports is due to unfair trade practices like export tax rebates, non-tariff loans and currency manipulation.
Loss of markets for China would definitely propel Indian exports as Indian exporters are already entrenched in the US market, he concluded.
China had declared to raise export taxes from June 1 by upto 400% on 74 categories of textile products to stay away from war of words with the EU and US.
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