Raja M Shanmugham, President thanked the Hon’ble Prime Minister and Piyush Goyal, Hon’ble Union Minister of Textile and Commerce, for signing the much awaited India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) and appreciated the quick succession of the agreement next to the UAE.
Raja M Shanmugham said that this would boost the confidence of our exporters and help to reach the target of $One Trillion of Merchandise exports from our country by 2030
While mentioning about the All India Knitwear Exports to Australia, Raja M Shanmugham stated that in the last financial year, 2021-2022, it was estimated to record about Rs. 925 cr, with a meagre share of 2 percent and he was hopeful that the agreement would help to increase the exports to Australia quickly.
Raja M Shanmugham said the knitwear exports from Tirupur Cluster to Australia was around Rs. 630 cr in the last Financial year, 2021-2022 and was confident that the exports to Australia will get doubled in next two years.
Raja M Shanmugham pointed out that Tirupur Knitwear Cluster having 54 percent share of All India Knitwear Exports achieved $ 4.25 bn, with a share of 1.06 percent All India Merchandise Exports and this achievement was done by MSMEs in the Cluster. He was optimistic that Tirupur Knitwear Cluster units will grab this new found opportunity, take efforts to fulfil the requirements of buyers and enhance exports.
He said that he has sent thanks letter to Hon’ble Prime Minister, Piyush Goyal, Hon’ble Union Minister of Textile and Commerce, BVR Subrahmanyam, Commerce Secretary and Upendra Prasad Singh, Textile Secretary.
