The recently concluded free trade agreements between India and New Zealand, as well as India and the United Kingdom, present significant growth opportunities for the apparel sector, according to Tirupur Exporters' Association (TEA) president K M Subramanian.
Session on RELIEF Scheme
Speaking at a session on the central government's RELIEF (Resilience & Logistics Intervention for Export Facilitation) scheme organized by the Export Credit Guarantee Corporation of India (ECGC) in Tirupur on Tuesday, Subramanian highlighted the city's potential to emerge as a global hub for apparel manufacturing. He stressed the need for capacity expansion to fully leverage the benefits of these trade pacts.
ECGC's Role in Export Facilitation
Nawaz Khan, Manager of ECGC Tirupur, explained that ECGC provides comprehensive insurance cover against commercial and political risks, including non-payment by overseas buyers. L Lokesh, Assistant Manager of ECGC Tirupur, elaborated on the RELIEF scheme, which aims to help exporters manage losses arising from global disruptions, rising freight costs, and buyer defaults.
More than 40 member companies participated in the session and clarified their queries with ECGC officials. The event underscored the collaborative efforts between industry bodies and government agencies to boost exports from the region.
