FTAs to play pivotal role in market access for India's economy: UN

UN's Stefan Priesner stated Free Trade Agreements will be key for market access across India’s economic ecosystem, benefiting MSMEs and large industries. He said a shift to sustainable manufacturing will open international markets, boosted by trade deals.

United Nations Resident Coordinator in India Stefan Priesner stated on Tuesday that Free Trade Agreements will play a pivotal role in opening up market access across India’s economic ecosystem, benefiting micro, small, and medium-sized enterprises alongside large-scale industries.

Boosting Growth Through Sustainability and Trade

Speaking with ANI on the sidelines of R | Elan Circular Design Challenges regarding the growth potential of the domestic textile and apparel market, Priesner highlighted that shifting towards sustainable manufacturing will open up vital international markets, boosted further by India’s expanding network of trade deals. "India of course has a huge opportunity at this point in time to lead the fashion industry not only in terms of its ingenious designs but also in terms of sustainability and responsibility, and that will open new markets," Priesner said.

He added, "We know now that many of the free trade agreements will give new opportunities for the many industries in India, but not only industries—but also medium and small-sized enterprises."

Focus on Inclusive Employment

Emphasising the social dimension of trade and industry expansion, the UN Resident Coordinator pointed to the high participation of female workers across micro, small, and medium enterprises (MSMEs), describing it as a key vehicle for equitable growth. "It employs—and that’s from the UN always very important—so many women, so we see it as an opportunity for job creation," he noted, while stressing that industrial growth must adhere to global standard labour practices. "Of course, it has to be done also in a decent work manner, so the issue of inclusive employment is very important."

Environmental Priorities for Transformation

Addressing environmental priorities, Priesner underscored that decarbonization and circular business models must remain at the core of the fashion industry's transformation. "The issues of sustainability, both in terms of decarbonization as well as circular economy, are very, very important," Priesner stated. "But I have no doubts that everybody is moving forward; everybody has the same vision. We want to promote sustainability and responsibility in the fashion sector."

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