India Signed An Agreement With Russia To Promote Textile And Garment Industry In The Two Countries

India and Russia signed a plan to promote the two countries. Spin Industry Investment and Trade The agreement.

The objective of the agreement is to improve. India and Russia Textile production, and promote the textile trade between the two countries, participate in exhibitions and exposition, and technology sharing and knowledge exchange in textile manufacturing and processing process.

India recently Garment export The Promotion Association (ApparelExportPromotionCouncil) signed a memorandum of understanding with the Russian Federation textile and Light Industrial Enterprises Bureau (UnionofEntrepreneursofTextilesandLightIndustry). The members of the two countries also formed a four - person textile Exchange Committee.

India's ambassador to Russia AjaiMalhotra said, "the agreement will facilitate trade and investment cooperation between India and Russian trade partners in the field of clothing and textiles."

Malhotra said that the export volume of India's garment industry amounted to $11 billion a year, and India's garment industry exported to Russia for 120 million dollars (2010), accounting for only 2% of the Russian garment imports market. India's clothing exports to Russia had enormous room for growth.

"The signing of the memorandum of understanding means that the two countries' trade in textiles and clothing will grow several times in a few years," Malhotra said.