New opportunities

摘要

India's knitted garment making hub, Tirupur, is banking on two separate free trade deals with Canada and Australia to increase its exports by as much as 20% and 25%, respectively. A Comprehensive Economic Partnership Agreement (CEPA) between Canada and India was set to be finalised in September this year, boosting exports to Canada, according to Tirupur Exporters' Association (TEA) president A Sakthivel. In the 2014-2015 fiscal year, Tirupur manufacturers exported a total of US$3.26 billion (Indian Rupees INR208 billion) worth of knitwear. Of that, its annual exports to Canada were still a slight US$19.6 million, Sakthivel said. He regards Canada as largely an untapped market for India: in the 2013-2014 fiscal year, Canada's total ready-made garments (RMG) imports, including wovens and knitwear, was . US$9.05 billion - of which India accounted for only 3% at US$290 million, Sakthivel said.