Textile firms are reportedly working to meet Brussels\u2019s tougher standards on chemicals, product labeling, and ethical sourcing<\/p>\n
Indian textile exporters are seeking new customers in the European Union (EU) in an effort to cushion the blow from US tariffs, Reuters said on Monday.
\nThe firms are increasing efforts to meet the European bloc\u2019s more stringent standards on chemicals, product labeling, and ethical sourcing, the news agency said, citing exporters.
\nIndian exporters are also upgrading their production facilities to meet these standards, Reuters cited Rahul Mehta, a chief mentor of the Clothing Manufacturers Association of India as saying.
\nIndia and the EU are intensifying work on a free trade agreement (FTA), with two key negotiation rounds expected in October to address longstanding disputes.<\/p>\n
Read more<\/p>\n
US tariffs could drag down South Asia growth rate \u2013 World Bank<\/p>\n
The move by Indian textile firms towards Europe comes as they face 50% tariffs on exports to the US. Washington slapped the tariffs, which include a 25% \u201cpenalty\u201d for buying Russian oil, on New Delhi in August.
\nIn February, a group of EU officials led by European Commission President Ursula von der Leyen met Indian Prime Minister Narendra Modi and prepared a \u201cblueprint for collaboration\u201d in the area of trade.
\nHowever, EU top diplomat Kaja Kallas said last month that the bloc was also concerned about India\u2019s oil trade with Russia. \u201cIf both parties did not reach a mutually agreeable solution to their positions on Russia and Ukraine, then no agreement would be reached,\u201d she explained.
\nNew Delhi has refused to yield to Western pressure over its economic ties with Moscow.
\nHigher tariffs by the US on Indian exports have also impacted sectors such as gems and jewelry and marine products. The levies could drag down India\u2019s economic growth in 2026, the World Bank said earlier this month.<\/p>\n","protected":false},"excerpt":{"rendered":"
Textile firms are reportedly working to meet Brussels\u2019s tougher standards on chemicals, product labeling, and ethical sourcing Indian textile exporters are seeking new customers in the European Union (EU) in…<\/p>\n","protected":false},"author":1,"featured_media":20407,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-20406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t