India done well under post MFA: UNCTAD

By agencies   |   Thursday, 11 August 2005, 19:30 IST
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HYDERABAD: Noting that India has done quite well under post Multifibre Agreement/Agreement on Textiles and Clothing (ATC), United Nation Convention for Trade and Development (UNCTAD), has called for exploring investment opportunities in the ASEAN to compete effectively in the global market. However, even after opening up the market fully since January this year and paving way for unrestricted global trade in textiles and clothing, the euphoria that India would do extremely well had not been borne out, UNCTAD Director Lakshmi Puri said adding Indian textile manufacturers should treat ASEAN as target market for investment and exports. Taking a cue from China which had captured the Hungarian market in just three years after India's domination till 1997, the country's manufacturers should think in terms of establishing importing entities in foreign countries and establish links with retailers there as done by China. Congratulating textile manufacturers and traders for the successful completion of the Doha round of trade talks which was likely to result in reduction of non-trade barriers, the UNCTAD official from Geneva urged them to document trade distortions to help the Indian government take up the matter with the European Union (EU). She wanted the government to make it clear to the EU as to how it was viewing ''good governance and sustainable production'' conditions for according generalized preference treatment (GSP) plus status as provided to Sri Lanka which enjoyed zero Customs duty.