With an aim to promote bilateral trade and industrial cooperation in the textile and fashion sectors between Iran and India, the Apparel Export Promotion Council (AEPC), India’s largest export promotion council, signed a memorandum of understanding (MoU) with the Tehran Garment Union (TGU) recently.
The MoU was signed at the 57th edition of India International Garment Fair (IIGF) 2016, which was held from July 18-20in New Delhi. It was signed by Ashok G Rajani, Chairman, AEPC and Mohamad Javad Sedghamiz, Vice President, TGU on behalf of Indian and Iranian bodies respectively.
Rajani remarked that AEPC and TGU would make efforts to promote bilater al trade and industrial cooperation in the textile and fashion sectors, include sharing experiences and knowledge, cooperate to provide relevant information in the promotion of bilateral trade and industrial cooperation, identify Indian and Iranian partners in order to boost import and export businesses and facilitate and support trade relations between AEPC and TGU.
Iran has already agreed to reduce the tariffs on Indian products by 20-25 per cent. With the MOU in place, India would become the largest textile exporter to Iran.
The MoU will remain in effect till July 18, 2017. India’s share in Iran’s readymade garment import has just the right possibility to capture the growing Iranian market.
