New Delhi [India], February 3 (ANI): The finalisation of the India-US trade deal has come as a major relief for India's textile and apparel industry, which is now hopeful of regaining its strong position in the US market with more competitive tariffs working in India's favour.

Speaking exclusively to ANI, Chandrima Chatterjee, Secretary General of the Confederation of Indian Textile Industry (CITI), said that from February onwards, Indian textile exporters will again be in a very good position in the US market.

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She noted that India's market share in the US, which was around 28 per cent and valued at nearly USD 10 billion, is expected to come back.

"This is a very big thing. There is very good optimism in the market because the EU trade deal discussions have also started. Along with the Union Budget's stress on fundamentals and infrastructure, all of this together makes us very hopeful that we will do very well in the coming financial year," she said.

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On competitiveness, Chatterjee said India will be very competitive compared to other supplier countries. She pointed out that the negotiated tariff rate of 18 per cent is a strong advantage for India, as most other suppliers to the US, including Bangladesh and Vietnam, are in the 19-20 per cent tariff range.

"To that extent, we will be able to not only regain the market that we lost in the last two-three months, but also gain more access into the US," she added.

The deal, she said, is particularly significant for the apparel and made-ups segment, which accounts for around 80-90 per cent of India's textile exports to the US.

Reacting to the reduction in tariffs from 50 per cent to 18 per cent, Chatterjee said the announcement came as a huge and timely surprise for the industry.

"A couple of weeks ago, the industry was about to lose all hope and a lot of pessimism had set in. From there, this announcement is a huge surprise gift for the textile industry," she said, adding that the US is India's biggest textile market, accounting for around 30 per cent of exports.

She noted that exporters managed until September-October, but December saw a significant hit. According to US trade data, there was nearly a 30 per cent decline, reflecting the impact of high tariffs. However, she said the situation was still manageable as relationships were maintained.

"In fashion trade, once a relationship breaks, it is very difficult to rebuild. The industry took the hit themselves to keep trade going," she said.

Chatterjee clarified that while there were no major job losses, some stress was seen in clusters like Tirupur. She said the deal has come as a lifeline at a critical moment.

"Regaining around 28-30 per cent of our market in the US is a huge development. The industry is extremely happy and thankful to the Prime Minister, the Commerce Ministry team and the US team for this timely decision," she added. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)