The annual EU-India Leaders Conference 2023, organized by Europe India Centre for Business and Industry, brought together influential leaders from India and the European Union (EU) to discuss the challenges faced by European companies in the Indian market and explore a roadmap to achieve a win-win scenario in the proposed EU-India Free Trade Agreement (FTA). The conference focused on boosting textile cooperation and advocating for a zero-duty policy within the FTA specifically for textiles. With the participation of esteemed government representatives, industry heads, and business leaders, the conference aimed to foster a strong and collaborative partnership between Europe and India, driving unprecedented economic growth.
The textile industry, driven by the “China Plus One” sentiment and shifting global supply chains, presents a significant opportunity for India to leverage its position as a leading player. With a strong labor force and a comprehensive farm-to-fashion ecosystem, India has the potential to become the largest textile market for the EU. To realize this potential, the conference addressed various challenges and opportunities in the industry.
One of the key advocacy points from both sides was the inclusion of a zero-duty policy specifically for textiles within the proposed EU-India FTA. This policy would benefit both the EU and Indian textile industries, promoting increased market access and enhancing bilateral cooperation. The conference also highlighted the importance of addressing non-tariff barriers hindering European companies in India, such as standards, customs procedures, and information gaps. Policy alignment between the EU and India, particularly in industry-related laws, was emphasized to create a level playing field and reduce discrepancies.
The panel discussion on EU-India textile cooperation and the FTA was co-moderated by Dr. Amit Lath, CEO of Sharda Group of Companies, and Pratik Gadia, Founder & CEO of The Yarn Bazaar. Esteemed participants, including industry leaders and trade body representatives, shared valuable insights into the challenges and opportunities for both sides. They emphasized the need for collaborative efforts, technology transfer, and research collaboration to drive innovation and propel the industry forward.
India’s middle-class population of 600 million offers a significant market for the EU, and both parties are encouraged to explore opportunities for collaboration. The conference emphasized the importance of creating a level playing field, addressing bureaucratic hurdles, and working together to achieve mutual benefit.
The EU-India Leaders Conference 2023 served as a platform to strengthen bilateral relations and drive solutions that benefit both the EU and India. By harnessing the strengths of the European Union’s expertise in innovation, sustainability, and quality, combined with India’s robust labor force and comprehensive textile ecosystem, a formidable alliance can be created, setting new industry benchmarks. This collaboration not only fosters economic growth but also promotes sustainable and responsible practices, making a positive impact on the global textile landscape.
As the conference sets the stage for an enhanced textile partnership between India and the EU, doors open to remarkable opportunities and a prosperous future. The discussions and recommendations made during the event will pave the way for further cooperation, stronger trade ties, and mutual growth in the textile sector.
