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

India and Russia signed a plan to promote textile industry in the two countries.

The agreement is aimed at enhancing textile production in India and Russia and promoting the two countries.

Recently, the India Apparel Export Promotion Council signed a memorandum of understanding with the Russian Federation textile and light industry enterprise bureau (Union of Entrepreneurs of Textiles and Light Light).

Another member from the two countries also formed a four person textile Exchange Committee.

India's ambassador to Russia Ajai Malhotra 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.