In a historic move, the Confederation of Indian Textile Industry (CITI) and Swiss Textiles have cemented their commitment to a robust trade and economic alliance through a Joint Declaration signed on November 23, 2023. This monumental step signifies a significant advancement in fostering collaboration and strengthening ties in the textile sector between the two nations.
The 19th Joint Economic Commission (JEC) between India and Switzerland, held on November 24, saw the active participation of Dinesh Nolkha, Vice Chairman of CITI. During this session, discussions revolved around the strategic Joint Declaration and plans for engagement with the Swiss Textile Industry.
Chairman of CITI, Rakesh Mehra, emphasized that the Joint Declaration signals a shared vision for enhancing bilateral cooperation, facilitating trade, and promoting economic growth in the textile industry. Both trade associations expressed their commitment to the development of a comprehensive Trade and Economic Partnership Agreement (TEPA).
The collaboration is viewed by CITI as a key driver for growth, innovation, and increased global competitiveness in India's dynamic textile sector. Swiss Textiles, renowned for precision, quality, and innovation, recognizes vast opportunities in the Indian textile market. The alliance aims to open new avenues for trade, technology exchange, and investment in the textile value chain.
Key highlights of the Joint Declaration include the elimination of trade barriers, market access, mutual cooperation, investment promotion, and a commitment to sustainable practices. The envisioned TEPA would deepen research and development collaboration in the textile sector, presenting a transformative opportunity for both nations.
This Joint Declaration marks a historic moment in the bilateral relations between India and Switzerland, with collaborative efforts poised to strengthen the textile industry, contribute to economic growth, job creation, and enhance the prosperity of both nations.