Indian textile exporters are seeking buyers in Europe and offering discounts to existing customers as they implement corrective measures, anticipating that tariffs will reach 50%. President Trump doubled the tariff in August, which is the highest for any trading partner and affects goods and manufactures ranging from garments to jewellery.
A Mumbai-based textile exporter said they are prioritising diversification into the European Union Market and a trade deal with the bloc would help to promote shipments from India.
India and the European Union trade talks have reached a decisive stage, and their teams will work diligently to meet a year-end target for signing a trade agreement.Â
The European Union is India’s second-largest trading partner for goods, with two-way trade of $137.5 billion in the fiscal year to March 2024, representing a 90% increase over the previous decade.Â
India is working diligently to meet the European Union’s stringent standards for chemical products, labeling, and ethical sourcing, according to textile exporters. According to the Economic Watch report, India is expected to surpass the US by 2038, despite the US tariffs, as India continues to make progress and avoid stagnation.
