AEPC signs MoU with Tehran to promote bilateral trade

The MoU has been signed at the 57th edition of India International Garment Fair (IIGF) 2016

The Dollar Business Bureau

The Apparel Export Promotion Council (AEPC), India’s largest export promotion council, signed a memorandum of understanding (MoU) with the Tehran Garment Union (TGU) on Monday, to promote bilateral trade and industrial cooperation in the textile and fashion sectors between the two countries.

The MoU was signed at the 57th edition of India International Garment Fair (IIGF) 2016, which is being held from July 18-20, in Pragati Maidan, New Delhi. Ashok G Rajani, Chairman, AEPC and Mohamad Javad Sedghamiz, Vice President, TGU signed the MoU on behalf of Indian and Iranian bodies, respectively.

Rajani said that AEPC and TGU would make efforts to promote bilateral 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.

“The MoU is a result of the persuasions and convincing that was undertaken by the delegation AEPC had sent to Iran in the month of April. The delegation had invited TGU leaders to visit the IIGF so that they could get a firsthand experience of the quality and diverse range of Indian apparels,” he said.

Iran has already agreed to reduce the tariffs on Indian products by 20-25 percent. With this MOU in place, India would become the largest textile exporter to Iran.

TGU is an influential manufacturers and retailers association with legislative power in terms of Garment Commercial affairs in Iran. As part of Iranian Specialists Garment Committee and other advisory bodies, it provides policy consultation to the government.

The MoU will remain in effect till July 18, 2017. India’s share in Iran’s RMG import has an impeccable possibility to capture the growing Iranian market.

The Dollar Business Bureau - Jul 20, 2016 12:00 IST