Textile Exporters and Importers Will Gain from Renewal of GSP

It took a long wait of more than 18 months, but eventually the US Government did renew the Generalized System of Preferences (GSP) thereby enabling the duty-free entry of close to a whopping 3,500 product lines from Indian Exporters. These product lines are slated to include merchandise from numerous verticals including textiles, gems and jewellery, engineering and chemical products. This renewal has been given a retrospective extension ranging from the bygone August 2013 to December 2017.

Indian textile and apparel exports to USA have risen by 7 percent

It seems that at least for the Indian Textile and Garment Industry, the central government’s ‘Make In India’ is working quite perfectly. A record surge of the country’s export, to its largest market, the United States, stands testimony to its success.

Substantial Increase Of Textile Export Expected From Africa To USA Due To Duty Free Trade Treaty

As per the statement of an official from the US, the textile and apparel exports from Africa to the USA might quadruple to a whopping $4 billion in the coming decade owing to the extension of the duty-free trade treaty. The African Growth and Opportunities Act (AGOA), is a trade program which avails certain sub-Saharan nations duty free access to USA, the world’s largest apparel market, thus giving Africa a great competitive edge over other nations Asian such as Bangladesh and Vietnam. The AGOA was established back in the year 2000, and was renewed past its stipulated expiration date in 2008.