BRICS targeted in South Asia's efforts to diversify textile exports

Sri Lanka and Bangladesh in the South Asian region have strong apparel sectors which have been impacted by high apparel import tariffs imposed by the US government.

- BY HIRAN H.SENEWIRATNE

Against this backdrop, dialogue and diplomacy by the respective governments are being channelized to reduce them. Meanwhile, ways are being explored by the South Asian neighbours to diversify their apparel exports to trading blocs, such as BRICS, a top official attached to a major international textile sourcing company said.

"Sri Lanka is positioned as a gateway to international apparel sector sourcing because of its strong relationships with South Asian countries that enables intra-regional trade. South Asia is a powerhouse for textiles and apparel; the supply chain is not very robust right now. While the US market can’t be ignored, exploring other trade opportunities and realignments is happening and markets are evaluating how to diversify exports to other trading blocs like BRICS, which is aligning to zero tariffs, and the EU, which is encouraging Developing Countries Trade Schemes (DCTS), Worldex India, Executive Director Ms. Aarti Bhagat told the media at a zoom meeting held in Colombo from India recently.