US withdrawing from TPP would boost Indian leather exports

US withdrawing from TPP would boost Indian leather exports

US withdrawing from TPP would boost Indian leather exports

 The United States formally withdrawing from the Trans-Pacific Partnership would benefit the domestic leather industry, a top official of industry body Council for Leather Exports said, here, today.

"Already the leather exports to US market has been increasing with an year-on-year increase of about 8 per cent as of 2014-15. With the new President Donald Trump withdrawing US from TPP it will benefit our industry in future", Council for Leather Exports,Vice-Chairman,P R Aqeel Ahmed told reporters.

Soon after becoming the new President of United States, Donald Trump last week formally withdrew his country out of the Trans-Pacific Partnership by signing an executive action from the negotiating process of the 12-nation trade deal, one of the major international trade initiatives of his predecessor Barack Obama.

Responding to a query on how it would benefit the Indian market, Ahmed said compared to the exports made from other Asian markets to US, India holds advantage of witnessing a rise in leather exports as products were well received there.

Giving some statistics on exports, Ahmed said between April-November 2016 period India's leather exports was about USD 605 million of which 15.89 per cent was contributed from United States. "Exports to United States grew in 2015-16 but it declined from Europe", he said.

On the overall domestic exports, he said the shipping of finished leather and leather products which witnessed about 10 per cent decline in 2014-15 has come down 3-4 per cent decline in 2015-16.

Ahmed and senior officals of Council for Leather Exports were here to announce the second edition of the Designers Fair which begins today.

"compared to the first edition which witnessed overseas participation of 24 countries, this time the participation has gone upto 38", he said.

The exhibition was supported by the Ministry of Commerce and Industry, with a grant of Rs 60 lakh, he said.

During the conference, he said, CLE plans to submit proposals to the Government seeking assistance for engaging services of designers for product design and development in factories.