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Tirupur sees -Pacific economic corridor as a boon

The Tirupur knitwear cluster is looking to the Indo-Pacific economic corridor as it would open up traditional apparel markets abroad. The Indo-Pacific economic corridor is a treaty likely to have 12 countries, such as India, the US, Australia, Indonesia, Japan and New Zealand, on board. Under the treaty, each country is expected to provide a conducive climate for trade exchanges for other members and investment to develop infrastructure.

Especially in the apparel market, India could utilise the advantage, if the US, which has a traditional apparel market, has a lower import tariff and a softer approach. Apparel exporters in India could get a huge help from the corridor. The corridor will provide a platform for a select group of nations and it help others develop their economies. If the partners are provided preferred status by other nations, it will be a win-win situation for both sides.

Though the economic corridor has been mainly mooted to counter China, it will not affect China much, at least not in the apparel market. Since Chinese firms have already made big investments in countries such as Bangladesh, Vietnam and Cambodia, which are top competitors of India in the apparel industry, China may not feel the heat of the corridor.

 
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