Bhadohi (UP), Feb 3 (PTI) The Carpet Export Promotion Council (CEPC) on Tuesday said the reduction in US tariffs on Indian carpets to 18 per cent from 50 per cent has provided a major relief to the country's carpet industry, which exports products worth about USD 2 billion annually to the American market.

The tariff reduction is expected to directly benefit around 2.5 million weavers associated with the sector, the council said in a statement.

CEPC Chairman Captain Mukesh Kumar Gomber said while India had received partial relief through free trade agreements with the European Union and the UK, the tariff cut between India and the US under the bilateral trade arrangement has brought "unprecedented happiness" to the industry.

On behalf of the council, Gomber expressed gratitude to Prime Minister Narendra Modi, Commerce and Industry Minister Piyush Goyal, and Union Textiles Minister Giriraj Singh for their sustained efforts that led to the tariff reduction.

CEPC Vice-Chairman Aslam Mahboob said the carpet industry is set to conclude the current financial year on a very positive note and was entering the new financial year with key policy issues firmly addressed.

He said the council expects a positive impact from the development, adding that exports worth USD 2 billion to the US market would translate into direct benefits for about 2.5 million weavers across the country. PTI COR KIS TRB

US tariff cut on Indian carpets benefits 2.5 million weavers and boosts exports to US market. A bilateral trade adjustment reduced US customs duty on Indian carpets from 50 per cent to 18 per cent, improving competitiveness for about USD 2 billion in annual exports to the US and directly benefiting an estimated 2.5 million weavers.