The commerce ministry on Thursday restarted its COVID-19 helpdesk to help resolve issues of exporters and importers related to international trade such as customs clearance delays and banking matters amid rising coronavirus cases. It was first started in April 2021. The commerce ministry on Thursday restarted its COVID-19 helpdesk to help resolve issues of exporters and importers related to international trade such as customs clearance delays and banking matters amid rising coronavirus cases. It was first started in April 2021. The Directorate General of Foreign Trade (DGFT), an arm of the ministry, took this initiative to monitor the status of exports and imports, and difficulties being faced by trade stakeholders in view of the surge in COVID-19 cases. "DGFT has operationalised a 'COVID-19 Helpdesk' to support and seek suitable resolutions to issues arising in respect of international trade," the Directorate said in a trade notice to all exporters, members of trade, export promotion councils and commodity boards. The helpdesk will look into issues relating to import and export licensing, customs clearance delays and complexities arising thereon, import/export documentation, and banking matters. "Helpdesk would also collect and collate trade related issues concerning other ministries/departments/ agencies of central and state governments and will coordinate to seek their support and provide possible resolution," it said. Stakeholders can submit information on the DGFT website about their issues on which support is required. The status of resolutions and feedback may be tracked using the Status tracker under the DGFT Helpdesk Services. Email and SMS would also be sent as and when the status of these tickets are updated. The country reported 90,928 fresh coronavirus infections, the highest in over 200 days, that pushed its caseload to 3,51,09,286, according to the data of the Union health ministry. As many as 91,702 new infections were reported on June 10 last year.
Source: Economic Times
Both the Nation and BIS will be completing 100 years in 2047, so it's going to be a great opportunity for BIS to plan and chart out our 25- year agenda from now until 2047. How we will contribute to make India a world power and a superpower and a great nation," he said in a statement. Food and Consumer Affairs Minister Piyush Goyal on Friday gave the Bureau of Indian Standards (BIS) five growth mantras including being a facilitator and not an obstructor and ensuring that maintaining quality is not expensive and it is cost effective. Congratulating the BIS on its 75th anniversary, the Minister said the BIS has been contributing to the national economy through its core activities of "Standardization and Certification." "Both the Nation and BIS will be completing 100 years in 2047, so it's going to be a great opportunity for BIS to plan and chart out our 25-year agenda from now until 2047. How we will contribute to make India a world power and a superpower and a great nation," he said in a statement. BIS, which came into existence as Indian Standards Institution (ISI) in 1947, commemorated its 75th anniversary on January 6. Suggesting five mantras for BIS to grow in future, Goyal said first it should work as a facilitator not an obstructer. Secondly, BIS should develop as a global organization by learning from global experiences and integrating global standards. Thirdly, BIS should work on gap analysis to assess laboratory attesting needs of the country and set up high quality modern labs across India. Fourth, BIS should bring a quality or standard revolution through 'One Nation One Standard' which will become a game changer. And lastly, BIS should ensure maintaining quality is not expensive and it is cost effective. Stating that quality of product/services is the defining feature that distinguishes some countries from India, Goyal said the Centre is working towards 'One Nation One Standard' as it is important to set the benchmark by working skilfully so that India is globally aligned. He also said that standardization and conformity assessment will also provide consumers, safe, reliable and high quality products and "therefore, our job becomes important and relevant in the years to come." BIS will make consumers more aware about the quality, he said and added, "Every single action demands quality that should be our mantra." Consumer Affairs Secretary Rohit Kumar, Additional Secretary Nidhi Khare, and BIS Director General Pramod Kumar Tiwari were present in the video conference. Tiwari said, "we commit to contribute further in future with more zeal and dedication in India's progress."
Source: Economic Times
The stocks in the sector are also ripe for a re-rating as robust export opportunities give strong and sustainable earnings visibility Shares of textile companies bucked the weak market trend and managed to rally on Thursday as improving exports of cotton and made-up apparel, along with attractive valuation and earnings growth visibility, made analysts bullish on the sector. Shares of Super Fine Knitters, Super Spinning, and Filatex India rallied up to 10 per cent on Thursday. Those of JCT, Surat Textile, Swasti Vinayaka, KPR Mill, Sumeet Industries, Bhandari Hosiery, Minaxi Textiles, and Bombay Rayon, gained between 4 per cent and 5 per cent, and Gokaldas Exports and Vardhman Textiles also ended in the green. In comparison, the S&P BSE Sensex fell over 1 per cent, or 621 points, and closed the session below the 60,000-mark. The Covid-19 pandemic has altered the global textile and apparel (T&A) supply chain with several brands preferring more than one sourcing destination. Further, the US-China trade war and imposition of additional duties on Chinese T&A imports have forced USbased importers to scout other destinations such as India. “In December, the US signed into law legislation that bans imports from China's Xinjiang region over concerns about forced labour. As Xinjiang constitutes nearly 20 per cent of the global cotton market, the supply re-adjustment on account of this ban has led to more demand for Indian cotton and cotton yarn,” analysts at Spark Capital said while initiating coverage of the sector. hey highlighted that cotton and cotton yarn exports from India have surged at a 34 per cent CAGR (between April and October) from FY19-21. The US market accounts for 15 per cent of global T&A imports. Countries such as China, Bangladesh, Vietnam, and Cambodia have become reliant on India for their cotton requirements after the ban, and Indian cotton exports have skyrocketed in the past eight months as a result. Separately, India has witnessed increased exports in the made-ups segment. “The demand in the segment has significantly increased due to lockdown-led home confinements and the pandemic-induced new standard operating procedures (SoPs) which has led to the underlying volume demand improving. India being the second largest supplier of made-ups naturally benefitted on account of Chinese suppliers losing market share,” Spark Capital pointed out. Moreover, the government’s stance on free trade agreements (FTAs) is a welcome policy change for the T&A players. The stocks in the sector are also ripe for a re-rating as robust export opportunities give strong and sustainable earnings visibility, say analysts at ICICI Securities. “Revival in the hospitality sector, along with duty reimbursement by the government of India, and market share gain on China+1 theme will drive earnings trajectory. Spread between yarn and cotton prices continues to remain high and should enable yarn producers to report strong earnings for Q3FY22,” said a note by JM Financial. From investment view point, analysts suggest playing the theme by going long on Vardhman Textiles, Trident, Sutlej Textiles, Alok Industries, KPR Mill, Nitin Spinners, Welspun India, Indo Count, Himatsingka Seide, Gokaldas Exports.
Source: Business Standard
In light of the surge in the COVID cases across the country, Department for Promotion of Industry and Internal Trade (DPIIT) has taken cognizance of the steps taken by various State Governments/UTs to control the spread of COVID cases. Therefore, as a measure of precaution and for supporting our business ecosystem, DPIIT will monitor the status and issues arising (if any) during transportation and delivery of goods and essential commodities due to the restrictions (if any) imposed by various State Governments/UTs. In the event of any manufacturing, transportation, distribution, wholesale or e-commerce companies facing difficulties in transportation and distribution of goods or mobilization of resources, the same may be informed to this Department at the following telephone number/email:- Telephone: + 91 11 23063554, 23060625 Email: dpiit-controlroom@gov.in The above telephone numbers will remain functional from 9 AM to 9 PM w.e.f, 05.01.2022. The issues reported by various stakeholders through this control room shall be taken up with the concerned State/UT Governments. The stakeholders are, therefore, requested to report the issues affecting the above stated services to the control room. Department of Commerce and Directorate General of Foreign Trade (DGFT) have also undertaken to monitor the status of export and imports and difficulties being faced by trade stakeholders in view of the surge of COVID-19 cases. DGFT has operationalized a ‘COVID-19 Helpdesk' to support and seek suitable resolutions to issues arising in respect of International Trade. The 'COVID-19 Help desk' would look into issues relating to Department of Commerce/DGFT, Import and Export Licensing Issues, Customs clearance delays and complexities arising thereon, Import/Export documentation issues, Banking matters etc. Helpdesk would also collect and collate trade related issues concerning other Ministries/Departments/Agencies of Central Government and State Governments and will co-ordinate to seek their support and provide possible resolution(s). Export-Import community may submit information on the DGFT website and submit information relating to their issues on which support is required using the following steps-- i. Navigate to the DGFT Website (https://dgft.gov.in ) -- > Services -- > DGFT Helpdesk Service ii. ‘Create New Request’ and select the Category as ‘Covid-19' iii. Select the suitable sub-category, enter the other relevant details and submit. Alternatively, issues may be sent to email id: dgftedi@nic.in with the subject header: Covid-19 Helpdesk, or call the Toll-Free No at 1800-111-550. The status of resolutions and feedback may be tracked using the Status tracker under the DGFT Helpdesk Services. Email and SMS would also be sent as and when the status of these tickets are updated. Trade Community is requested to kindly make use of the given facilities suitably.
Source: PIB
With special focus on the livelihoods of those involved in handloom and handicraft sectors, Union Textile Minister Piyush Goyal on Saturday called for putting more focus on implementation of schemes for these sectors, stressing on the need to link weavers and artisans through e-commerce platforms and leveraging of technology.
During a review meeting of the functioning of the Ministry of Textiles, its autonomous bodies and PSUs under its administrative control, Goyal stressed on the need for further simplification of processes and called for an effective online dashboard-based monitoring system for transparency. Goyal asked the officials to work with a motto to increase the share of weavers/artisans in consumer spending as done by Amul for milk producers.The minister advised the officials to properly implement SAMARTH, the skill development initiatives of the ministry. He emphasised on the use of technology for effective monitoring for better outcomes. He also reviewed the works of the PLI scheme for textiles and directed for the finalisation of the scheme guidelines for PM MITRA quickly so that proposals can be invited from state governments.
He advised all officials to maintain good communication with the state government functionaries to improve the outcome and impact of the Central government schemes. In this regard, he asked the officers to organise a virtual conference with the state secretaries responsible for this sector.
Source: SME Times
In the first eight months of fiscal 2021-22 (FY22), cargo volumes in India reached almost pre-COVID levels, being 0.7 per cent lower than the same period in the last fiscal and with a year-on-year (YoY) growth of 10.2 per cent. For the entire fiscal, growth is expected to be 6-8 per cent compared to 7-10 per cent expected earlier, due to a slower-than-expected recovery in some segments, according to rating agency ICRA. Going forward, volume growth is expected to be in 6-8 per cent per annum for next two years. The volume growth should aid revenue and margin improvement for the port sector in FY22, as the companies benefit from operating leverage, ICRA said in a note. Companies in the sector, which had recently commenced operations or concluded debtfunded capacity expansion had witnessed some pressure in FY21 due to moderation in volumes. However, with the expected recovery in volumes, the credit profile of such entities is also expected to witness an improvement in FY22. However, credit profile of SPVs with strong sponsors have had the financial flexibility to weather the downturn and had no major impact on the credit profile. The enactment and operationalisation of Major Port Authorities Act 2021 is a positive and should be favorable for major ports. The new tariff guidelines which allow market-based pricing flexibility will also result in improved competitiveness. Cargo growth is expected to be healthy at 6-8 per cent YoY in the current fiscal (0.5-2 per cent compared to FY20). While, all major cargo segments have witnessed recovery in the current fiscal, container segment has witnessed sharp growth of 24 per cent. Revenue growth would be driven by higher cargo volumes. Tariffs are likely to remain firm despite over-capacity in some regions. Further, high operating leverage is likely to result in improvement in profitability as well, ICRA added.
Source: Fibre2 Fashion
The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry is set to organize the Startup India Innovation Week from January 10th to 16th 2022. This week-long virtual innovation celebration aims to commemorate the 75th year of India’s independence ‘Azadi Ka Amrit Mahotsav’ and is designed to showcase the spread and depth of entrepreneurship across India. Startup India Innovation Week will have sessions ranging from topics such as Enhancing Market Access Opportunities, Discussions with Industry leaders, Best Practices by States, Capacity Building of Enablers, Reverse Pitching by Incubators, Technology Exhibitions, Corporate Connects and more. The programme is expected to bring together top policy makers, industry, academia, investors, startups, and all ecosystem enablers from across the globe. Stakeholders from all these segments are requested to register themselves on the portal https://www.startupindiainnovationweek.in/ to be a part of the Innovation Week. For more details, Mr. Gautam Anand (Mobile: 9205241872, Email: gautam.anand@investindia.org.in) may be contacted.
Source: PIB
Currently, India is the sixth-largest economy in the world, behind the US, China, Japan, Germany and the United Kingdom. India is likely to overtake Japan as Asia's second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the UK to rank as world's No.3, IHS Markit said in a report on Friday. Currently, India is the sixth-largest economy in the world, behind the US, China, Japan, Germany and the United Kingdom. "India's nominal GDP measured in USD terms is forecast to rise from USD 2.7 trillion in 2021 to USD 8.4 trillion by 2030," IHS Markit Ltd said. "This rapid pace of economic expansion would result in the size of Indian GDP exceeding Japanese GDP by 2030, making India the second-largest economy in the Asia-Pacific region." By 2030, the Indian economy would also be larger in size than the largest Western European economies of Germany, France and the UK. "Overall, India is expected to continue to be one of the world's fastest-growing economies over the next decade," it said. The long-term outlook for the Indian economy is supported by a number of key growth drivers. "An important positive factor for India is its large and fast-growing middle class, which is helping to drive consumer spending," IHS Markit said, forecasting that the country's consumption expenditure will double from USD 1.5 trillion in 2020 to USD 3 trillion by 2030. For the full fiscal year 2021-22 (April 2021 to March 2022), India's real GDP growth rate is projected to be 8.2 per cent, rebounding from the severe contraction of 7.3 per cent year-on-year in 2020-21, IHS Markit said. The Indian economy is forecast to continue growing strongly in the 2022-23 fiscal year, at a pace of 6.7 per cent. The rapidly growing domestic consumer market as well as its large industrial sector have made India an increasingly important investment destination for a wide range of multinationals in many sectors, including manufacturing, infrastructure and services. The digital transformation of India that is currently underway is expected to accelerate the growth of e-commerce, changing the retail consumer market landscape over the next decade. "This is attracting leading global multinationals in technology and e-commerce to the Indian market," according to the report. "By 2030, 1.1 billion Indians will have internet access, more than doubling from the estimated 500 million internet users in 2020." The rapid growth of e-commerce and the shift to 4G and 5G smartphone technology will boost home-grown unicorns like online e-commerce platform Mensa Brands, logistics start-up Delhivery and the fast-growing online grocer BigBasket, whose e-sales have surged during the pandemic, IHS Markit said. "The large increase in FDI inflows to India that has been evident over the past five years is also continuing with strong momentum in 2020 and 2021," it said. This, it said, is being boosted by large inflows of investments from global technology MNCs such as Google and Facebook that are attracted to India's large domestic consumer market. Being one of the world's fastest-growing economies will make India one of the most important long-term growth markets for multinationals in a wide range of industries, including manufacturing industries such as autos, electronics and chemicals, and services industries such as banking, insurance, asset management, healthcare and information technology.
Source: Business Standard
South Gujarat Chamber of Commerce and Industry will take a special initiative to promote textiles in Assam’s Bodoland Territorial Region to help the weavers and sector growth, SGCCI President Ashish Gujrati said on Saturday. He was speaking at the inaugural session of the SGCCI Expo 2022 held at Surat in Gujarat on Saturday, a press release said. He said the chamber — which represents the major textile industries of the country — will sign a memorandum of understanding (MoU) with the BTR (Bodoland Territorial Region) administration, headed by Pramod Boro, soon as part of the Bodoland Textiles Mission in Assam. The expo was inaugurated by Union Minister of State for Textiles and Railways Darshana V Jardosh in the presence of BTR chief Boro and representatives from the textiles industry. Bodoland textiles sector was the focus of the inaugural session of the expo. In accordance with Prime Minister Narendra Modi’s vision for ‘Ek Bharat Shresth Bharat’, the union minister stressed the need to support the BTR areas to achieve their full potential in the textile sector by using modern technology and market linkages to add to the traditional strengths of the weavers. The minister, who had visited the BTR areas twice recently, inaugurated the Bodoland Textiles Mission along with Assam Chief Minister Himanta Biswa Sarma in Kokrajhar. She said a new era of collaboration between the BTR and Surat textiles industry will commence with the signing of the MoU with the South Gujarat Chamber of Commerce and Industry (SIGCCI). The BTR chief highlighted the traditional strengths of Bodo weavers and the beautiful garments produced by them and appealed to the industry representatives to participate in the mission through sharing of technology and knowledge, skill development and training, among other initiatives. Boro said as peace prevails in BTR areas after a long period, the environment is conducive for taking steps to harness the economy of the region. He also invited investors and experts to contribute towards the growth of the textiles sector in Assam.
Source: Kashmir Reader
This new functionality will compute the minimum interest applicable on the basis of the values declared by the taxpayers in GSTR-3B for a particular tax period, GSTN said in an advisory. GST Network, which provides technology backbone for the indirect tax regime, will shortly release interest calculator functionality in monthly tax payment form GSTR3B to help taxpayers in calculating interest for delayed tax payment. This new functionality will compute the minimum interest applicable on the basis of the values declared by the taxpayers in GSTR-3B for a particular tax period, GSTN said in an advisory. "To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Taxpayers will have to verify and discharge the correct interest liability as per law, as payment of interest is a statutory compliance," it said. As per Goods and Services Tax law, 18 per cent interest is charged for failure to pay tax liability on time, while 24 per cent interest is levied for undue or excess claim of input tax credit (ITC) or reduction of output tax liability. This functionality will be made available on the GST Portal shortly, the advisory said, adding it will improve ease in filing return. AMRG & Associates Senior Partner Rajat Mohan said,"this change will enhance the user experience by affording them the necessary tools to compute precise interest liability and enable authorities in a timely collection."
Source: Business Today
The Bangladesh Bank has extended the policy support for external trade transactions until 30 June this year. A central bank circular on Thursday said the country's external trade activities are found changing gears to pick up, and the Bangladesh Bank has extended the support until June 2022 from 31 December 2021 to facilitate a smooth transition. According to the circular, the time period for paying foreign bills of exchange for imports of industrial raw materials, including back-to-back imports, and imports of agricultural implements and chemical fertilisers under supplier's/buyer's credit can be extended up to 270 days from 180 days in pre-Covid times. The support also includes a raised borrowing ceiling for apparel-makers and textile manufacturers from the Export Development Fund. Under the extended policy support, a member of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) or the Bangladesh Textile Mills Association (BTMA) can borrow a maximum of $30 million from the fund until June this year. The previous limit was $25 million. Earlier on Tuesday, apparel-makers met with Bangladesh Bank Governor Fazle Kabir, seeking more facilities from the Export Development Fund.
Source: TBS News
In collaboration with the leading Chinese viscose filament yarn producer Yibin Hiest Fiber Limited Corporation, Renewcell has successfully used 100 per cent Circulose dissolving pulp in industrial scale viscose filament yarn production. This new commercial partnership with Yibin has been facilitated by Renewcell’s exclusive trading partner Ekman Group. While viscose staple fibres made with Circulose have been commercially available since 2019, the filament development opens up additional product segments for 100 per cent Circulose fibres in activewear, as a substitute for polyester filament, and in luxury as a substitute for silk. Yibin, a CanopyStyle 'Green Shirt' ranked viscose staple fibre and viscose filament yarn producer based in China, has verified Circulose pulp for use at a 100 per cent concentration in industrial scale viscose filament yarn production. The quality of the yarn produced from 100 per cent Circulose by Yibin in December 2021 exceeds 'Superior Grade' according to Chinese National Standards of GB/T 13758-2008. This marks the first known industrial scale production of virgin quality viscose filament yarn made from 100 per cent recycled textiles, Renewcell said in a press release. "Our partnership with Renewcell and Ekman is an exciting and giant step,” said Deng Min, president of Yibin Grace Group Co. Ltd. and Yibin Hiest Fiber Limited Corporation. “Circulose filament yarn made from 100 per cent recycled textile waste is a significant addition to our Made in Green product portfolio. There is a clearly increasing consciousness for more sustainable material in textile industry. I am convinced that by combining our expertise and knowledge, we will reduce carbon footprint and accelerate progress towards our ambitious goal of making fashion a closed loop.” The development follows on the successful lab scale production of 100 per cent Circulose filament yarn in collaboration with the German research institute Fraunhofer in 2020. “I am delighted to expand the commercial Circulose portfolio to include filament yarn. I am also impressed by Yibin’s innovation capacity and look forward to deepening our collaboration and start shipping Circulose filament yarn to brand partners in 2022. In Renewcell’s endeavor to make fashion circular, we will keep working together with leading partners to prove the usefulness of Circulose in different textile applications,” said Patrik Lundström, CEO of Renewcell.
Source: Fibre2 Fashion
After registering a steep fall of 21 per cent year-on-year to $4.423 billion in 2020, textile and garment exports from Sri Lanka are likely to cross $5-billion mark in 2021, as the island nation has already earned $4.404 billion until October, growing at 20.8 per cent year-on-year, according to the statistics released by the Central Bank of Sri Lanka. Exports of garments were up 23.6 per cent year-on-year to $4.011 billion during the first ten months of last year, while textile exports increased by 37.3 per cent and fetched $285.5 million, the central bank said in its report ‘External Sector Performance – October 2021’. Exports of other made-up textile articles fetched $107 million during January-October 2021, registering a huge decline of 44.2 per cent year-on-year, as per the latest figures released by the country’s central bank. Textiles and garments exports accounted for 56.07 per cent of all industrial exports from Sri Lanka during the ten-month period, the report showed. Imports of textiles and textile articles too rose by 31.2 per cent to $2.471 billion, while clothing and accessories imports were up marginally by 6.5 per cent to $176.6 million during January-October 2021. During the month of October, Sri Lanka’s earnings from textiles and garment exports surged by 42.5 per cent to $510.6 million, compared to exports of $358.2 million in the same month of 2020. Expenditure on textiles and textile articles jumped by 21.9 per cent year-on-year to $265.8 million, while clothing and accessories imports shot up by 54.8 per cent to $19.8 million. In 2020, Sri Lanka's clothing exports fetched $3.939 billion, a fall of 24.3 per cent over $5.205 billion in 2019. On the other hand, imports of textiles and textile articles decreased by 19.7 per cent to $2.335 billion.
Source: Fibre2 Fashion
A wave of initial deals swept across China's exporting provinces in the first week of implementation of the Regional Comprehensive Economic Partnership (RCEP) pact, as companies across China are thrilled at the tangible RCEP benefits. Some believe the boost delivered by the recently implemented mega trade deal is similar to that of WTO accession, with some even announcing plans to shift their market focus to fully tap into the opportunity. Statistical projections by a top Chinese think tank that the deal is expected to lift regional exports by 18.3 percent by 2035 match the experience of businesses, with some exporters and importers providing a detailed account of how the deal has helped them save money, and perhaps more importantly, time. In some circles, "certificate of origin" has become a buzzword for trading company executives, trade officials and industry players across China, from coastal ports to inland provinces. Some were even planning a shift in their business focus to fully target benefits brought about by the RCEP. Hainan Yanghang Industrial Company in South China's Hainan Province was among the first enterprises to enjoy the zero tariff policies under RCEP. On January 1, the company was issued a RCEP certificate of origin by Haikou customs. "With this certificate, a shipment of aluminum sulfate worth 46,301 yuan ($7,260) we export to Japan now enjoys zero tariff treatment, with a tax reduction of about 2,315 yuan," Li Xiaotao, head of the company, told the Global Times on Thursday. Li expects all of China's export enterprises to benefit from lower taxes and enjoy better export prospects built on price advantages. "In 2022 we plan to expand the market of RCEP members and expect that our exports to increase several times over from last year," Li said. Since the RCEP officially came into force on January 1, the China Council for the Promotion of International Trade (CCPIT) issued 275 RCEP certificates of origin for 135 Chinese enterprises from 18 provinces, autonomous regions and municipalities as of Wednesday, a senior CCPIT official said on Thursday. Under the RCEP, more than 90 percent of merchandise trade among members will eventually be subject to zero tariffs. The agreement includes 10 ASEAN members, as well as China, Japan, South Korea, Australia and New Zealand. The 15 states' total population, GDP and trade account for about 30 percent of global output. Zhu Yong, a senior commerce official in Northwest China's Xinjiang Uygur Autonomous Region, told the Global Times on Friday that the region believes the RCEP is a precious opportunity to further engage in high-quality opening-up and the best opportunity to grow business since China's accession to the WTO. Two certificates of origin were issued on January 1 by the customs authorities in Urumqi and Shihezi, Zhu said. The certificate issued by Urumqi customs will save a local tomato export company $1,824 in imports tariff duties, while the one issued by Shihezi brings tariff reductions to exported items by a local textile company to Japan. Zhang Xiaopeng, deputy manager of Qingdao Qianwan United Container Marina Company, a subsidiary of Shandong Port Group, told the Global Times on Friday that he expects a surge in both imports and exports due to the RCEP, and container cargo is estimated to post double-digit growth, adding that the company is working on 88 shipping lanes to RCEP countries. The optimism demonstrated by Chinese trading companies and exporters is believed to be significant in the country's efforts to maintain stable foreign trade in 2022 amid global headwinds. Commerce Minister Wang Shouwen said in a recent interview that the rapid deployment of the new trade deal was essential to year-round success. According to customs data, in the first 11 months of 2021, China's trade with the other 14 RCEP members totaled 10.96 trillion yuan, accounting for 31 percent of China's total foreign trade. Imported machinery and appliances, plastic products and electrical equipment enjoy the biggest tariff reduction under the RCEP, according to customs.
Source: Business Standard
European Union (EU)-Vietnam trade rose by 14.8 per cent in 2021 to $63.6 billion despite the impact of the COVID-19 pandemic. According to the ministry of industry and trade (MoIT), Vietnam exported $45.8 billion worth of goods to the EU last year, up by 14.2 per cent year on year (YoY), while importing $17.9 billion worth of products from the market, a rise of 16.5 per cent. The ministry attributed the results to the EU-Vietnam Free Trade Agreement (EVFTA), which took effect more than a year ago, according to Vietnamese media reports. The export revenue of products using the EU certificate of origin reached about $7.8 billion. A fifth of local enterprises have taken export tax incentives from the EVFTA with that certificate. For shipments to the EU worth less than €6,000, local enterprises are allowed to self-certify origin. This helps ensure smaller businesses do not have to spend time applying for such certification, while still being able to enjoy tax incentives.
Source: Fibre2 Fashion
