The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) has lauded the continuation of Rebate of State and Central taxes and Levies (RoSCTL) for exports of the Made-ups (covered under Chapter-63) along with Apparel/ Garments (covered under Chapters-61 & 62) with existing rates as notified by Ministry of Textiles vide Notification dated 8th March 2019. The scheme will continue till 31st March 2024. While welcoming the RoSCTL decision, Mr. Dhiraj Raichand Shah, Chairman, SRTEPC, urged the government to take a call on the other Textiles products (excluding Chapters61, 62 & 63) to be covered under the RoDTEP scheme and announce the RoDTEP rates as soon as possible. SRTEPC Chairman informed that Made-ups is one of the highest value-added segments in the textile sector and currently around US$ 1500 million of Made-ups made out of the MMF textiles are exported from India to various countries. Continuation of the RoSCTL will certainly strengthen the Made-ups segment that is highly labour intensive and majority of the beneficiaries are the women, Mr. Shah stated. With regards to the supporting measures to the exporters, Mr. Shah informed that Government should declare the RoDTEP rates as early as possible as the current situation is challenging and there is huge liquidity crunch. He also insisted that supportive measures need to be extended to the entire MMF textile value chain viz, fibre, yarn and fabrics under the RoDTEP scheme and minimum rates should be around 7 percent.
Source: Tecoya Trend
Apparel/garments and made-ups covered under RoSCTL scheme, will not get benefits under RoDTEP scheme The union cabinet on Wednesday extended the Rebate of State and Central Levies and Taxes (RoSCTL) scheme till March 2024, a move aimed at helping the textile exporters. “Continuation of RoSCTL for apparel/garments and made-ups is expected to make these products globally competitive by rebating all embedded taxes/levies which are currently not being rebated under any other mechanism. It will ensure a stable and predictable policy regime and provide a level playing field to Indian textiles exporters. Further, it will promote startups and entrepreneurs to export and ensure creation of lakhs of jobs,” an official statement said. The sectors covered under this scheme--apparel/garments and made-ups--will not get benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. However, textiles products which are not covered under the RoSCTL would be eligible to avail the benefits, if any, under RoDTEP scheme. Under the RoSCTL scheme, exporters are issued a duty credit scrip for the value of embedded taxes and levies contained in exported products. Exporters can use this scrip to pay tax while importing equipment, machinery. “In the textiles industry, buyer place long term orders and exporters have to chalk out their activities well in advance, it is important that the policy regime regarding export for these products should be stable. Keeping in view the same, the Ministry of Textiles has decided to continue the scheme of RoSCTL upto 31st March, 2024 independently as a separate scheme,” the statement said. A Sakthivel, President, Federation of Indian Export Organisations (FIEO) said that this is a huge support to apparel and made-up sectors and will help to increase their competitiveness immensely. “Many neighbouring countries have emerged as our competitors having tariff advantage either on account of LDC status or owing to effective free trade agreements. The extension of RoSCTL benefit coupled with free trade partnership with US, UK, EU, Australia, Canada, etc. would be a game changer for Indian apparel and made-ups sectors and will help the sector to get its rightful share in the global trade,” Sakthivel added.
Source: Business Standard
Textile products not covered under RoSCTL will be eligible for RoDTEP, clarifies government In a major relief for exporters of garments and made-ups, the Union Cabinet has approved the continuation of Rebate of State and Central taxes and Levies (RoSCTL) scheme till March 31, 2024 with the same rates as notified earlier by Ministry of Textiles. “The extension of the scheme for almost three years provides stability and predictability, which augurs very well for the long-term contracts thereby ensuring additional investment in the segment creating new employment opportunities in the sector,” said A Sakthivel, President, FIEO. It will help increase competitiveness of Indian apparels and made-ups, especially against countries like Vietnam, Bangladesh and Cambodia, that have tariff advantage on account of LDC status or owing to effective free trade agreements, he added. Made-ups include items such as bed sheets, curtains, pillow-covers and towels. Other textile products, which are not covered under the RoSCTL, shall be eligible to avail the benefits, under the input duty remission scheme RoDTEP, along with other products as finalised by Department of Commerce from the dates which shall be notified in this regard, an official release stated. Under RoSCTL, exporters are refunded the embedded taxes and levies contained in the exported product through a duty credit scrip of an equal value that exporters can use to pay basic customs duty for the import of equipment, machinery or any other input.
Rate of rebate
The Textile Ministry had fixed a maximum rate of rebate for apparel at 6.05 per cent while for made-ups, it was up to 8.2 per cent. The government was initially considering merging RoSCTL with the new input duty remission scheme RoDTEP scheme but there was a lot of uncertainty on what the rates of refunds would be. The delay in announcement of RoDTEP rates was also a cause of worry. The decision to continue RoSCTL will help check the declining trend being witnessed in apparel exports, according to the Apparel Export Promotion Council. India’s apparel exports have been losing market share to competitors. It fell 20.8 per cent in one year from $15.5 billion in 2019-20 to $12.28 billion in 2020-21. “The encouragement given to the textile sector, which directly employs 45 million people, most of them being women, will benefit a much larger population and will be more inclusive in nature,” the AEPC statement added.
Embedded taxes
Some of the embedded taxes that do not get refunded under other schemes include Central and State taxes, duties & cesses on fuel used for transportation of goods, generation of power and for the farm sector, mandi tax, duty on electricity charges at all levels of the production chain, stamp duty, coal cess and GST paid on inputs such as pesticides and fertilisers. “Just one year after the launch of RoSCTL the pandemic set in and it has been felt that there is a need to provide some stable policy regime for the exporters. In the textiles industry, buyer places long-term orders and exporters have to chalk out their activities well in advance, it is important that the policy regime regarding export for these products should be stable. Keeping in view the same, the Ministry of Textiles has decided to continue the scheme of RoSCTL up to 31st March, 2024 independently as a separate scheme,” the government release added.
Source: The Hindu Businessline
Several industry bodies have welcomed the Indian government’s decision to continue the rebate of state and central taxes and levies (RoSCTL) scheme on apparels and made-ups till March 31, 2024. The industry has been pleading to extend the scheme to mitigate the crisis induced by the COVID-19 pandemic and grab emerging opportunities in the postCOVID period. The government had launched the rebate of state levies (RoSL) scheme in 2016 that was in vogue till February 2019 and later RoSCTL scheme was announced with enhanced rates taking into account all the embedded taxes and levies on various inputs used for garments and made-ups. This scheme was kept in abeyance from January 1, 2021, and a new scheme called remission of duties and taxes on export products (RoDTEP) was announced. Apparel Export Promotion Council (AEPC) chairman A Sakthivel said the decision will refund all embedded taxes and make Indian products globally competitive. “The scheme will go a long way in bringing back positive sentiments and helping the Indian textile value chain attain $100 billion in annual exports in the next three years,” he said. Sakthivel said the decision will generate lakhs of new jobs, particularly for the vulnerable sections in the micro, small and medium enterprises (MSME) segment, make the textile and apparel industry more competitive in the global market and help achieve the goal of ‘Aatmanirbhar Bharat’. Sakthivel said that the scheme will help check the declining trend being witnessed in apparel exports. India’s apparel exports have been losing market share to competitors. It fell 20.8% in one year from $15,509 million in 2019-20 to $12,289 million in 2020-21. Terming the decision ‘a timely and right intervention’ to put more thrust on apparel and made-ups exports, Prabhu Damodharan, convenor of Coimbatore-based Indian Texpreneurs Federation (ITF), said the clarity offered in the update will help textile exporters better plan growth opportunities and they can scale up and turn competitive. Tiruppur Exporters’ Association (TEA) president Raja M Shanmugham said as exporters usually take up orders four to six months in advance, the extension will be beneficial for exporters to work out costing. He hoped the revised guidelines for continuation and implementation of the RoSCTL scheme would be announced at the earliest so that applications can be submitted to avail the scrips. Several industry bodies have welcomed the Indian government’s decision to continue the rebate of state and central taxes and levies (RoSCTL) scheme on apparels and made-ups till March 31, 2024. The industry has been pleading to extend the scheme to mitigate the crisis induced by the COVID-19 pandemic and grab emerging opportunities in the postCOVID period. The government had launched the rebate of state levies (RoSL) scheme in 2016 that was in vogue till February 2019 and later RoSCTL scheme was announced with enhanced rates taking into account all the embedded taxes and levies on various inputs used for garments and made-ups. This scheme was kept in abeyance from January 1, 2021, and a new scheme called remission of duties and taxes on export products (RoDTEP) was announced. Apparel Export Promotion Council (AEPC) chairman A Sakthivel said the decision will refund all embedded taxes and make Indian products globally competitive. “The scheme will go a long way in bringing back positive sentiments and helping the Indian textile value chain attain $100 billion in annual exports in the next three years,” he said. Sakthivel said the decision will generate lakhs of new jobs, particularly for the vulnerable sections in the micro, small and medium enterprises (MSME) segment, make the textile and apparel industry more competitive in the global market and help achieve the goal of ‘Aatmanirbhar Bharat’. Sakthivel said that the scheme will help check the declining trend being witnessed in apparel exports. India’s apparel exports have been losing market share to competitors. It fell 20.8% in one year from $15,509 million in 2019-20 to $12,289 million in 2020-21. Terming the decision ‘a timely and right intervention’ to put more thrust on apparel and made-ups exports, Prabhu Damodharan, convenor of Coimbatore-based Indian Texpreneurs Federation (ITF), said the clarity offered in the update will help textile exporters better plan growth opportunities and they can scale up and turn competitive. Tiruppur Exporters’ Association (TEA) president Raja M Shanmugham said as exporters usually take up orders four to six months in advance, the extension will be beneficial for exporters to work out costing. He hoped the revised guidelines for continuation and implementation of the RoSCTL scheme would be announced at the earliest so that applications can be submitted to avail the scrips. Southern India Mills’ Association (SIMA) chairman Ashwin Chandran said the industry could not make commitments and materialise orders in the absence of RoSCTL benefit and has been stressed during the last couple of months. The announcement gives enough confidence and level-playing field to raise exports and create jobs, he said. Chandran also welcomed the decision of the cabinet committee to cover all remaining textile products in the value chain in the RoDTEP scheme that would enhance global competitiveness of yarns and fabrics. According to Gautam Nair, managing director of Gurgaon based Matrix Clothing Pvt Ltd, which exports knitted apparel, the two points worth appreciating are that the old RoSCTL rates have been continued and the extension is for five years that gives exporters some stability in pricing. The extension of RoSCTL till March 2024 is going to help all apparel and made-ups vendors, says Vishal Dhingra of Noida-based buying house Specialty Merchandising Services, and chairman of both Buying Agents Association (BAA) and PHD Chambers of Commerce (FTIC). "Apparel and made-ups vendors now get a consistent policy till 2024 wherein all taxes paid prior to exports are refunded to them. It’s a different scheme from RoDTEP. You will see a lot of investment in this sector now."
Source: Fibre2Fashion
Earlier, the fitment panel of the Council had recommended continuation of the process of correcting inverted rate structures that dented the government revenue. A special Goods and Service Tax (GST) Council meeting is likely to be held in later part of August after the monsoon session of Parliament concludes on 13th of the month, to discuss revenue shortfall compensation mechanism for states beyond June 2022 when the five year assured period comes to an end. The Council will likely debate on streamlining GST rates and inverted duty structure, tightening anti-evasion and fake input tax credit availed by scamsters to boost revenues. During the special meeting with state finance ministers, many of whom (especially those from opposition ruled states) are demanding the assured compensation mechanism to continue for another five years, the Union finance ministry will give various scenarios after June 2022, a senior official told FE. Recently, Union revenue secretary Tarun Bajaj indicated that dependence on cess or borrowing to bridge the shortfall might not be the right way forward. While it is up to the GST Council to deliberate as to how to ensure that states are compensated by greater revenues, Bajaj had said out of the box thinking is needed to boost revenues. It will take 2-3 years to repay the Rs 1.1 lakh crore already borrowed in back-to-back loans in FY21 and another about Rs 1.6 lakh crore to be borrowed in FY22, to compensate states for the shortfall in assured GST revenues. These loans are to be repaid via cess proceeds. The cesses on demerit goods are being used for compensating states for revenue shortfall against the guaranteed annual growth of 14%. Any further extension in assured compensation mechanism might lead to fresh borrowings, creating additional liabilities requiring imposition of cess for much longer period. The basic issue is the structural infirmities of GST as introduced in July 2017. Auto fuels, alcohol for human consumption and assorted other items were kept out of the regime. While weighted average rate was significantly below the revenue neutral rate estimated of 15.3% to start with, a series of rate cuts by the GST Council, including those aimed at boosting consumption and faltering economic growth, and the failure in plugging revenue leakages, widened the gap. The weighted average GST rate at present is seen at around 11.5%. Earlier, the fitment panel of the Council had recommended continuation of the process of correcting inverted rate structures that dented the government revenue. The proposal to correct the inversions in regard to GST rates on footwear, ready made garments and fabrics and their inputs such as man-made fibres and yarns, would likely be taken up. Punjab finance minister Manpreet Singh Badal had recently suggested to harmonise tax rates and exemptions so that opportunities of evasions are eliminated and tax credit chain simplified. Badal had also said discussions in the GST Council should take place on floor and band of rates within which states might be allowed to fix their respective SGST rates after June 2022. On May 26, a group of ministers (GoM), led by Odisha finance minister Niranjan Pujari, was set up to examine the feasibility of levying GST on products such as pan masala and gutkha on the basis of the installed manufacturing capacity, rather than actual production/sales to check tax evasion. Gross GST receipts came in at Rs 92,849 crore in June, ending the streak of over Rs 1 lakh crore collections reported for eight months in a row, yet it was a decent sum given lockdowns in many parts of the country were in place to tackle the second Covid wave. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income-tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months. GST authorities have booked about 8,000 cases involving fake ITC of over Rs 35,000 crore in FY21 alone. While the cess collections were enough to meet GST compensation requirement, Covid19 pandemic has dented the revenues collections in FY21 and a shortfall against guaranteed level is seen in FY22 too. States reckon that the actual shortfall during the five years to June 2022 is much higher than estimated by the Centre at Rs 3.9 lakh crore or thereabouts (Rs 1.8 lakh crore in FY21 and Rs 2.1 lakh crore in FY22). West Bengal finance minister Amit Mitra recently wrote a letter to Union finance minister Nirmala Sithraman saying unpaid GST shortfall compensation to states is Rs 74,398 crore for FY21.
Source: Financial Express
Sources tell ET Now that Commerce minister, Piyush Goyal held a high-level meeting last week to re strategize PLI scheme plan
KEY HIGHLIGHTS
• Govt decides to hold back from announcing a PLI scheme for steel sector
• Govt finalizing PLI scheme for Textiles, Garments & Leather
• Commerce Minister recently chaired a high-level meeting on PLI schemes
Sources say the Modi government has changed its mind on announcing a PLI scheme for the steel sector, and will not unveil one for now. It’s priorities now are leather, textiles & garments. ET Now learns that Commerce minister, Piyush Goyal held a high-level meeting last week to discuss prospects of PLI Scheme. The meeting also discussed re strategizing PLI Scheme in a way that it prioritizes sectors like leather footwear, garments. Sources tell ET Now that government is going to hold its proposal of introducing PLI scheme for Steel sector as the industry is currently performing well. Cabinet earlier had received a proposal of over Rs 6000 crore for the sector, and the government was considering an incentive between 5-15% on steel products Piyush Goyal who is also the new textiles minister will soon review a proposed Rs 10,683- crore production-linked incentive (PLI) scheme for products made of man-made fiber and technical textiles, amid clamor for reducing the lofty turnover and investment targets for companies to avail of benefits. Govt may consider an incentive between 8-11% on textiles, and about 10% incentive on leather footwear and leather products.
Source : Times of India
While the second wave disrupted the economy of Surat, but the diamond sector has witnessed a turnaround with exports reaching preCovid levels. On the other hand, the textile sector is still reeling under sluggish demand. The industry hoped for a revival as businesses were picking up, but the second wave of the pandemic dashed all hopes. Order books have tanked and traders are opening their shops only to follow up with clients to clear previous payments. The state government has eased the restrictions but as the other parts of the country are still reeling under the after-effects of the second wave, revival still seems far away. “We are not getting any customers as the season of marriage and Ramzaan is over. The only little business we will be able to do now is for Rakshabandhan,” said Champalal Bothra, general secretary of Federation of Surat Textile Traders Association (FOSTTA). “Right now, traders are opening their shops only to recover their long pending payments,” he added. Traders who had stocked up goods for marriage season are now finding it difficult to clear the inventory. “Payments of stock sold seven to eight months ago is still pending. Daily, I make calls to my clients to clear the payments but they are also helpless,” said Ushab Bagrecha, a trader of Millenium Textile Market. He added that many who are not able to pay are simply returning the stock. The situation is the same all the way up in the supply chain. Weavers are complaining that production has halved as sales have reduced while many embroidery unit owners have simply shut their units. “I had five shops in New Bombay Market but due to the restrictions, I shut all of them and moved my stock to my embroidery unit,” said Bhavesh Chauhan, another businessman. He further said that due to lack of orders his embroidery machines are also shut. “Even if somebody wants to start something new, it is difficult as the fabric is not available without paying cash upfront,” he said. “We have not seen a time like this as our sales are down to 25% of what it used to be and stock is only piling up,” said Ashok Jirawala, president of Federation of Gujarat Weavers Welfare Association. “There is no clarity when things will change for good because lockdown is still there in many states and there is fear of the third wave,” he told TOI.
Source: Times Of India
International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India. Global estimates suggest that there are one billion people in the silver generation (a global cohort of individuals aged 60 and older) with a combined spending power of $15 trillion and the size is ever expanding. Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products. IFSCA, in its endeavour to develop a Longevity Finance Hub in GIFT IFSC has constituted an Expert Committee to recommend approach towards development of Longevity Finance Hub and provide road map for the same. The expert committee is being co-chaired by Ms. Kaku Nakhate, President and Country Head (India), Bank of America, and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited. The committee members comprise of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.
Source: PIB
Goyal's rise in the BJP since 2014 shows the increasing trust the party’s top leadership has in him. Union Minister and senior BJP leader Piyush Goyal on Tuesday was appointed as the Leader of the House in the Rajya Sabha, filling the vacancy left by Thaawarchand Gehlot who is now the Governor of Karnataka. Announcing the appointment, Union Parliamentary Affairs Minister Pralhad Joshi tweeted: “Congratulations to @PiyushGoyal ji on being appointed the Leader of House in Rajya Sabha. He has been entrusted by PM @NarendraModi ji with key responsibility. Wishing him continued vigour in the service to the nation.” Goyal, who is a Rajya Sabha member from Maharashtra, is also in charge of several key ministries, including commerce and industry, consumer affairs, food and public distribution, and textiles. He has been Deputy Leader of the Rajya Sabha when Gehlot was the Leader of the House. According to the Rajya Sabha Practice and Procedure, “the Leader of the House is an important parliamentary functionary who exercises direct influence on the course of parliamentary business”. The post assumes significance as the BJP does not enjoy a clear majority in the Rajya Sabha and the Leader of the House would have to bring about an effective coordination among the floor leaders during the discussions and passage of crucial bills. With his elevation, Goyal is expected to play a key role in ensuring the smooth functioning of the House, better coordination with all parties, especially those in the Opposition. He will have his task cut out for the Monsoon Session of the Parliament beginning on July 19, with the Opposition expected to attack the government over the issues of price rise and alleged mishandling of the Covid crisis. Goyal’s rise in the BJP since 2014 shows the increasing trust the party’s top leadership has in him. A former treasurer in the BJP during the tenure of both Rajnath Singh and Amit Shah, Goyal was inducted as minister of state with independent charge in 2014 after Narendra Modi was sworn in as the Prime Minister. Later, he was not only elevated to the Cabinet rank but was also asked to fill in whenever there was a temporary vacancy in crucial ministries, including the finance ministry. Last year, when the BJP government faced flak over farmers’ protests, Goyal was one of the leaders appointed by the government to engage in talks with the agitating farmers. Although Goyal’s appointment was initially criticised by the protesters, he gradually earned their confidence, sources in the BJP said. In the last two years, when the BJP did not have a clear majority in the Upper House, Goyal has played an active part in the party’s efforts to negotiate with those in the Opposition not aligned with Congress and fence-sitters like BJD, AIADMK and YSRCP when controversial legislations were pushed through, like the passing of the Triple Talaq Bill, Citizenship (Amendment) Bill and the scrapping of Article 370.
Source: Indian Express
Messe Frankfurt India and MEX Exhibitions have joined hands with the Confederation of Indian Textile Industry (CITI) for Gartex Texprocess India expo, which has been rescheduled to December 2021. Ahead of the hybrid exhibition, the organisers will keep the garment and textile manufacturing segment players engaged through a series of digital symposiums. In a bid to a provide strong business push to the textile and apparel sector, CITI has signed a MoU with Messe Frankfurt India and MEX Exhibitions, organisers of India’s leading textile and garment machinery and accessories fair. The strategic partnership aims to reconnect the textile and apparel value chain for business at the first hybrid edition of Gartex Texprocess India and support the sector as it recovers from the effects of the pandemic by enabling reach to domestic and international buyers through the show’s new multimodal format, Messe Frankfurt said in a media statement. Additionally, the organisers have also announced that the fair will now be held from December 3-5, 2021, instead of its originally planned schedule in August 2021. This move ensures better planning flexibility for exhibitors and will render a stronger B2B engagement experience through its physical and virtual platforms. “India has shown that it is innovative and self-reliant when it comes to the textile sector, and as the sector is gearing up to demonstrate value added benefits of Indian products, we are happy to partner with Gartex Texprocess India, which has proven to be a credible platform for business. We are confident that with the organisers’ vision and the platform’s hybrid format, we can facilitate the growth, development and business collaborations within the industry,” S. Sunanda, secretary general, CITI said in a statement. “We are glad to join hands with CITI and believe that the support and reach of CITI will bring in strong value to the fabric segment of our trade fair while opening doors to lucrative business engagements for the industry. We are optimistic that the increasing roll out of vaccination and setting up of vaccination drives will help in stabilising the socioeconomic scenario and provide a healthy business environment to host the fair. It will also give exhibitors more time to prepare for the hybrid edition and bring their best product showcases on stage,” Raj Manek, executive director and board member, Messe Frankfurt Asia said. Messe Frankfurt India and MEX Exhibitions are set to host a Digital Symposium series on crucial industry topics until the hybrid edition. The symposium will play a significant role in highlighting emerging trends and keeping business players engaged in the field of textile and garment manufacturing so they can prepare themselves according to the changing dynamics of the industry. Given that the landscape of textile and apparel manufacturing is changing with more focus and demand for ‘sustainable solutions and circular economy, a wide set of industry topics will be addressed covering the changing trends across global fibre and yarn business, benefits of recycling in textile and retail segments, denim design, as well as insights depicting the way forward for garment wet processing manufacturers. While both the physical and virtual platforms will showcase a plethora of products with live demonstrations, it is important to note that the physical show will be divided in major zones; Embroidery Zone, Garmenting and Apparel Machinery, Digitex Show, Denim Show, India Laundry Show; and Fabrics and Trims Show. The virtual show on the other hand, will place emphasis on product showcases as well as exhibitor search. Both of these segments will be driven by an ‘AI matchmaking tool’, enabling visitors to connect with the exhibitors based on their individual product requirements. With the strategic support of CITI, Gartex Texprocess India aims to reunite the entire textile and apparel value chain and explore business opportunities that can make way for faster recovery and growth of the industry.
Source: Fibre2Fashion
Pakistan and Uzbekistan on Wednesday agreed to finalise bilateral Preferential Trade Agreement (PTA) within three months to further boost bilateral trade volume. At the 6th meeting of the Uzbek-Pakistani Intergovernmental Commission on TradeEconomic and Scientific-Technical Cooperation (IGC) held in Tashkent, both sides agreed to form joint working groups on agriculture, information technology, education and mineral sectors to boost cooperation, said a news release issued here. The meeting was co-chaired by Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov and Commerce Adviser Abdul Razak Dawood. Mr Umarzakov thanked Pakistan for taking the relationship with Uzbekistan to a strategic partnership level. They both agreed that trans-Afghan corridor which connected Uzbekistan and Pakistan would play an important role in enhancing bilateral trade between the two countries. The parties agreed to deepen partnership in the field of industrial cooperation, including by organising joint ventures in the field of textile industry, assembly of agricultural machinery, processing and packaging of fruit and vegetable products. It was settled to deepen cooperation in energy and mineral sector, agriculture, transportation and communication, labor, education, tourism, science and technology, technology parks, housing and communal services, intercity collaborations, standards, meteorology, culture and youth affairs. They recognised the importance of closer collaboration for post-Covid recovery to sustainably recover through technology, innovation and economic partnership, aiming at increased economic diversification, sustainable growth, building supply chain resilience, and robust regulatory environments. It was also agreed to develop banking links to create favourable conditions for the further development of bilateral trade. Meanwhile, two countries agreed to organise Uzbek-Pakistani specialised exhibitions (Made in Uzbekistan/Made in Pakistan) in Tashkent and Islamabad to promote a wide range of export goods and to facilitate attraction of leading companies in pharmaceuticals, textile, and leather, production of construction materials and agriculture industries and transport and logistics services of both countries. Amin Ahmed in Rawalpindi adds: Pakistan and Uzbekistan are expected to sign a number of agreements and memoranda of understanding during the two-day official visit of Prime Minister Imran Khan to Tashkent starting Thursday. Uzbek President Shavkat Mrziyoyev invited Mr Khan who will be accompanied by a highlevel business delegation. “Wide-ranging talks between the two leaders will cover the entire gamut of bilateral relations, with a particular focus on trade, economic cooperation and connectivity. They will also exchange views on regional and international issues of mutual interests,” the Prime Minister’s Office said in a press release.The prime minister will address the first Pakistan-Uzbekistan Business Forum. On the sidelines of the forum, business-to-business meetings have also been planned. In April this year, Prime Minister Imran Khan and Uzbek President Mirziyoyev held virtual summit meeting to discuss the joint promotion of the project for the construction of the Trans-Afghan railway, increasing the trade turnover, enhancing cooperation between leading enterprises and companies of the two countries, resuming air traffic, developing inter-regional contacts, cultural and humanitarian exchanges. Following the summit, both the leaders agreed to sign joint documents in the political, trade-economic, transport-communication and educational spheres. Mr Khan will also participate in the International Conference on “Central and South Asia Regional Connectivity: Challenges and Opportunities.” The conference will be attended by ministers and high representatives from Central and South Asian as well as other important countries, international organisations, financial institutions, think-tanks and scholars.
Source: Dawn
Punjab Board of Investment & Trade (PBIT), Embassy of the Republic of Indonesia in Islamabad and e-Commerce Gateway Pakistan Private Limited jointly organised the first Indonesia-Pakistan Business to Business (B2B) Hybrid Road Show 2021 and launched the B2B online portal to facilitate increased trade between both the countries. Both the initiatives aimed at providing a platform for business communities of the two countries to get more information which may have to increase commercial transactions potential various fields such as health, pharmaceutical, food, agriculture, textile and furniture. Punjab Minister for Industries and Trade Mian Aslam Iqbal and Ambassador of Indonesia to Pakistan Adam Tugio inaugurated the online portal. Addressing the inaugural ceremony, the provincial minister said Pakistan and Indonesia shared deep potential, cultural, religious ties and respect for democratic values. “Being the largest countries in the Islamic world, the two stand together for their progress and prosperity.” He further said, “Indonesia-Pakistan preferential trade agreement (PTA) has been beneficial for private businesses of both countries and instrumental in focusing growth in Pakistan. The level of trade and investment between the two countries has not kept pace with global trends. There is considerable untapped potential to expand trade taking advantage of the PTA.” He stated that the recent understanding between PBIT and Indonesian Embassy in Pakistan to form a joint working group to facilitate bilateral trade and investments clearly indicates our resolve to strengthen the economic ties between the two countries.
Source: Tribune
The UK Fashion and Textile Association (UKFT) recently confirmed that the department for international trade (DIT) has cancelled the popular and effective Tradeshow Access Programme (TAP) with immediate effect. The TAP scheme has been important as it was a popular route to financial support for smaller companies as they start their export journey. The scheme provided a small amount of financial support to small and medium enterprises (SMEs) attending major international trade shows. UKFT worked with those companies and the government to ensure the grants were used in the most effective way and to help companies grow through international sales, according to a UKFT press release. Over the years, many household names have been launched at key events using the scheme in Paris, Milan, New York, Shanghai, Berlin and Florence. These include Paul Smith, Vivienne Westwood, Alex Monroe, Edward Green, Abraham Moon, Tateossian, Jenny Packham, Orla Kiely, Simon Carter, Grenfell, Harris Tweed Hebrides, Sunspel, Christopher Raeburn, People Tree, Kestin Hare, Liberty Fabrics, Folk, Melin Tregwynt, Huddersfield Fine Worsted, Tyler and Tyler, and GH Hurt. In addition, UKFT has been able to use the scheme to promote the broader industry, including larger companies like Johnstons of Elgin, Begg Scotland, John Smedley, Corgi Hosiery and Dents, who have worked with UKFT to support smaller companies coming through and raise the profile of UK companies at a number of international shows. UKFT has been told that the treasury will look at ways government can remain involved with international shows but it is not clear whether fashion and textiles will remain a priority or whether grants will be part of any new scheme, UKFT added.
Source: Fibre2Fashion
