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Until the late 18th century, world trade was dominated by Indian textiles.

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Detailed Solution

The above statement is true.
Until the late 18th century, world trade was dominated by Indian textiles. Worried about the popularity of Indian textiles, silk and wool manufacturers in England began to oppose the importation of Indian cotton textiles in the early 18th century. In England, the textile industry is just starting to develop at this point. To prevent the entry of Indian textiles, British manufacturers wanted a secure UK market as they could not compete with Indian textiles. The British government introduced a ban on chintz (printed cotton textiles) in 1720 by enacting legislation. This law is known as the Calico Act. Thanks to technological innovations and government support, the British textile industry began to compete with Indian textile manufacturers. In some ways, the growth of the cotton industry in the UK has impacted Indian textile manufacturers. In the European and American markets, British textiles compete with Indian textiles. Due to the imposition of high customs duties on textiles imported into the UK, India faces many difficulties exporting textiles to the UK. British cotton textiles successfully outpaced competition from Indian textiles in the American, European, and African markets in the early 19th century.

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