By John Lee.
Iran has reportedly agreed to slash import duties on Indian textile products by 20-25 percent in two years, and signed an MoU that would make India the largest textile exporter to Iran.
The MoU was recently signed between India’s Apparel Export Promotion Council (APEC) and the Teheran Garment Union (TGU), an influential manufacturers and retailers association with legislative power, according to Apparel News India.
India exported ready-made garments (RMG) worth $21 million to Iran in 2015, representing just 2.5 percent of Iran’s $825 million worth of RMG imports.
(Source: Apparel News India)