Joint Declaration Between CITI & Swiss Textiles To Boost Trade
The Confederation of Indian Textile Industry (CITI) and Swiss Textiles have strengthened their commitment to a robust trade and economic partnership with the signing of a Joint Declaration.
“The Joint Declaration marks a momentous occasion marks a significant step towards fostering collaboration between the two nations and fortifying their ties in the textile sector,: a CITI press release said.
The 19th Joint Economic Commission (JEC) between India and Switzerland took place on November 24 in Geneva wherein Dinesh Nolkha, Vice Chairman, CITI participated in the JEC session.
The discussions centered around the strategic Joint Declaration and plans of engagement with the Swiss textile industry.
“The Joint Declaration signals a shared vision for enhancing bilateral cooperation, facilitating trade, and promoting economic growth in the textile industry,” Rakesh Mehra, Chairman, CITI said.
“Both trade associations recognise the immense potential for mutual benefit through a strengthened partnership and have expressed their commitment for a Trade and Economic Partnership Agreement (TEPA),” Mehra added.
CITI which represents the dynamic and diverse textile sector of India sees this collaboration as a key driver for growth, innovation, and increased global competitiveness.
The strategic alliance with Swiss Textiles is poised to open new avenues for trade, technology exchange, and investment in the textile value chain.
Swiss Textiles, with its reputation for precision, quality, and innovation, acknowledges the vast opportunities presented by the Indian textile market.
The collaboration aims to leverage the strengths of both nations, fostering sustainable development, and promoting a conducive environment for trade and investment.
Key highlights of the Joint Declaration include elimination of tariff as well as non-tariff trade barriers with a TEPA.
Switzerland offers itself as a buyer of raw materials and intermediate products, which can then be converted in Switzerland and presented in the Indian or European market as high-quality end products.
TEPA will promote mutual direct investment and combine production chains of both countries which would provide an advantage for development of production facilities as well as training of professionals.
The TEPA will also confirm the commitment of India and Switzerland to develop their trade and investment relations in a way that is conducive to sustainable development.
Finally, a TEPA would enable both countries to deepen and combine research and development in the textile sector. Here, too, the two countries are complementary and could benefit from cooperation.
