|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1087.18 |
USD/Ton |
0% |
3/17/2016 |
|
VSF |
2085.42 |
USD/Ton |
0.07% |
3/17/2016 |
|
ASF |
1912.92 |
USD/Ton |
0% |
3/17/2016 |
|
Polyester POY |
1084.11 |
USD/Ton |
-0.84% |
3/17/2016 |
|
Nylon FDY |
2246.43 |
USD/Ton |
0% |
3/17/2016 |
|
40D Spandex |
4523.53 |
USD/Ton |
0% |
3/17/2016 |
|
Nylon DTY |
1280.39 |
USD/Ton |
0% |
3/17/2016 |
|
Viscose Long Filament |
2047.09 |
USD/Ton |
0.38% |
3/17/2016 |
|
Polyester DTY |
2096.92 |
USD/Ton |
0% |
3/17/2016 |
|
Nylon POY |
1169.22 |
USD/Ton |
-0.72% |
3/17/2016 |
|
Acrylic Top 3D |
2491.78 |
USD/Ton |
0% |
3/17/2016 |
|
Polyester FDY |
5714.98 |
USD/Ton |
0% |
3/17/2016 |
|
30S Spun Rayon Yarn |
2775.45 |
USD/Ton |
0.56% |
3/17/2016 |
|
32S Polyester Yarn |
1748.08 |
USD/Ton |
0% |
3/17/2016 |
|
45S T/C Yarn |
2453.44 |
USD/Ton |
0% |
3/17/2016 |
|
45S Polyester Yarn |
2928.79 |
USD/Ton |
0.53% |
3/17/2016 |
|
T/C Yarn 65/35 32S |
2453.44 |
USD/Ton |
0% |
3/17/2016 |
|
40S Rayon Yarn |
1855.41 |
USD/Ton |
0% |
3/17/2016 |
|
T/R Yarn 65/35 32S |
2116.09 |
USD/Ton |
0% |
3/17/2016 |
|
10S Denim Fabric |
1.07 |
USD/Meter |
0% |
3/17/2016 |
|
32S Twill Fabric |
0.90 |
USD/Meter |
0% |
3/17/2016 |
|
40S Combed Poplin |
0.97 |
USD/Meter |
0% |
3/17/2016 |
|
30S Rayon Fabric |
0.72 |
USD/Meter |
0.43% |
3/17/2016 |
|
45S T/C Fabric |
0.74 |
USD/Meter |
0% |
3/17/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15334 USD dtd17/03/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Maharashtra government has marginally increased the general VAT rate from 5 to 5.5 per cent in the State budget. The increase is in anticipation of revenues losses when Goods and Services Tax (GST) gets implemented. Finance Minister Sudhir Mungantiwar said in his budget speech that there is a likelihood of the State suffering revenue loss from the implementation of Goods and Services Tax and said that the compensation from the Centre will depend on the revenue collection of States in the years prior to implementation of GST. While this makes goods and services in the State dearer by 0.5 per cent, there are other product-specific changes in the tax structure.
Vehicle tax structure
For two- and three-wheeler vehicles for personal use, Mungantiwar has devised a new tax structure, under which vehicles up to 99 cc will be taxed at 8 per cent. For vehicles from 100 cc to 299 cc the rate will be 9 per cent and for 300cc and above the rate will be 10 per cent. Company-owned vehicles will be taxed at double rate which means the applicable tax will range between 16 per cent and 20 per cent. This is bad news for individual owners as the existing rate is at 7 per cent for all type of two and three wheelers. Companies such as Domino’s, which own their own fleet of two-wheelers, will however pay lower tax as the existing rate is at 21 per cent. The Finance Minister has increased tax on coconut oil from 5 to 12.5 per cent on bottles up to 500 ml. On slabs of marble and granite tiles, which are imported from other States, an entry tax has been levied.
Tabs on e-commerce
Keeping e-commerce companies under tight control, Mungantiwar said, “It is proposed to periodically obtain information from e-commerce companies regarding sales-purchase transactions made on the portal. A penalty shall be imposed upon a portal for not furnishing the information.” On the payment of profession tax, eligible taxpayers who have not paid profession tax in the preceding eight years will be held liable to pay taxes. However, he has also introduced an amnesty scheme, whereby those enrolling between April 1 and September 30 of the next fiscal will get tax and penalty waiver up to three years. A campaign will be launched against persons who have not enrolled for paying profession tax. They could face penalty and prosecution under the law, he said. The tax proposals will result in additional revenue of Rs. 363 crore for the State exchequer.
SOURCE: The Hindu Business Line
India and Peru are trying to fast-track launch of negotiations on a free trade agreement (FTA) with both sides examining how ambitious the pact should be. “In a recent meeting in Lima, the two sides discussed the possible areas the pact could cover and decided to finalise the joint study group (JSG) report soon,” a government official told BusinessLine. An FTA with Peru, together with a similar agreement with Chile (which will be launched as soon as the Union Cabinet gives its nod), will give Indian exporters a stronger foothold in South America and help the country diversify beyond the traditional markets of the EU and the US. “India and Peru believe that an FTA could increase bilateral trade several-fold from the present level of $1.4 billion annually,” the official said. India’s major exports to Peru include iron and steel laminated products, rubber tyres, three wheelers /motor cycles & parts, pharmaceuticals, organic and inorganic chemicals, yarns. India’s main items of imports from Peru are metalifers ores & metal scraps, gold, fertilisers, crude, silver, non-ferrous metals, inorganic chemicals, leather and dye. “There exists a lot of scope for India and Peru to collaborate in the hydrocarbon and minerals sectors and also in financial services,” the official said.
Services included
New Delhi wants the proposed FTA to also cover services and not be just limited to goods. “While language is a problem in the Latin American market, but we are confident that there would be demand for India’s cheap and high quality services in various areas including IT and financial services,” the official said. The exact contours of the FTA would be clear only after the JSG finalises its report.
SOURCE: The Hindu Business Line
The introduction of Goods and Services Tax (GST) is an important reform which will lead India into next rapid phase of economic growth, said former chairman of 13th Finance Commission Vijay Kelkar. "The most important reform will be GST which will bring this country as one market. Launching of GST has taken us into next very rapid phase of growth," Kelkar, a noted economist, said at a Skoch summit here. The major central and state taxes will get subsumed into GST which will reduce the multiplicity of taxes, bringing down the compliance cost. With GST, the burden of Central sales tax will also be phased out. Currently, the GST Bill is stuck in Rajya Sabha. "Now we are undertaking third generation reforms which are more difficult including land, labour and capital. They are difficult ones. These are absolutely essential to take this economy on the next growth trajectory," he said. Kelkar also stressed on reforms in education sector to become a knowledge economy. "If we really want to be a knowledge economy then we have to reform the education sector. Unless we reform our higher education, India will miss the boat in terms of new knowledge economy," he said.
In a recent presentation of education sector to Prime Minister Narendra Modi, NITI Aayog has suggested to build 10-20 world class institutions with academic autonomy and to create funds to provide annual project-based grants for research to potential institutes of excellence. Kelkar further said: "The 1991 reforms were essentially driven by crisis the country was facing. The crisis in terms of balance of payments. We did not have enough foreign exchange to meet our requirements. That triggered the reforms programme." He described the second wave of reforms launched by former prime minister Atal Bihari Vajpayee as consensus-driven reforms. These reforms centred around important sectors including telecom, civil aviation and roads, which paid in terms of accelerated growth rate. "No government went back on earlier government's reforms which accumulated further. Thus, India got accelerated growth decade-after-decade post 1991 reforms," he said.
SOURCE: The Economic Times
A senior American diplomat today said the ease of doing business in India has witnessed an improvement and there is enormous momentum behind the Indo-US economic ties. "There is enormous momentum behind the economic engagement between America and India and we are here to try and increase those numbers...," Assistant Secretary of State for Economic and Business Affairs Charles H Rivkin told reporters here. While this visit is focused around clean-tech, Rivkin said the level of economic engagement isn't limited to this sector only and added that many more delegations would come from America with several other industries because "we believe in this opportunity (India)".
On the business potential between the two countries, he said, "When President (Barack) Obama and Prime Minister Narendra Modi spoke of the $100 billion in trade and investment that exists, (which is) now going to $500 billion, some people were aghast what an extraordinary ramp up in activity...but the more and more I see and more American businesses I speak with, I am wondering if that level is high enough". "Ease of doing business matters and from what I have seen it's dramatically improving under the incredible visionary leadership of Modi," Rivkin said. Rivkin is leading a US delegation for the 'American Innovation Roadshow' in four Indian cities. "We believe that 'Make in India' is a wonderful programme and we want to do everything we can to try and help...." he said.
According to him, the climate change is a policy priority and the major focus for President Barack Obama and Modi because it is perhaps the greatest economic challenge to the world right now and in future. "Climate change is also an enormous opportunity. The solution to the problem of climate change is smart energy policy and clean energy investment is the great way to get there," he said. "We are highlighting the United State's approach to innovation and entrepreneurship for sharing our experiences and for sharing our practices we are engaging at state and federal levels by strengthening ties between our governments, entrepreneurs and innovators. "We are encouraging the policy and regulation that facilitates innovation, entrepreneurship at state and federal government level, and that facilitates job creation," he added.
SOURCE: The Economic Times
The Indian industry, both exporters and experts included, needs to debate and find ways to deal with stringent private standards in order to access lucrative markets of the world and boost shipments, a top government official today said. These private standards, mainly meant for sectors such as food, agriculture, textiles and agro-forestry products, are fixed by multi-national companies and are often more stringent than those followed by respective governments, which jacks up the compliance cost for domestic suppliers, particularly MSMEs from developing countries. Chances are high that the governments may also follow suit and step up their own standards in line with those of MNCs, which may make it difficult for exporters from developing countries like India to access such markets. "This is imperative for us to look very seriously at a hub, at a place where we can actively debate these issues... and find ways forward to support our domestic industry to access markets. Private standards are emerging as significant in the world trade," Commerce Secretary Rita Teaotia said here at an event.
Standards refer to product quality, which are gradually replacing tariffs in international trade as Customs duties on products are in decline. These standards, she said, do raise a number of issues mostly due to the nature of their ownership and development process and sometimes tend to become barriers for market access. Teaotia sees it as a challenge for exporters and countries to comply with these standards "if you want to (get to) that market", adding that this requires a lot of money, time and a particular set of skills. The problem becomes acute in developing countries where "there is an issue of lack of infrastructure, conformity assessment structures and public finance that can support domestic producers who implement these standards". She was speaking at the launch of a national platform on private sustainability standards. The objective of this platform is to conduct a dialogue on a regular basis on the issue. The event was organised by the Quality Council of India (QCI) and the United Nations Forum on Sustainability Standards. "We also need to see whether we can develop capacity in our system for development of Indian private standards," Teaotia said. Her assessment is that the platform should enable Indian industry to cater to the requirements of the world and also address the need for the world to meet the requirements of India and "that is the challenge that we should aspire to". "What we are seeing over the last couple of decades is private standards which have become a very strong mode of governance in developed countries and that is the reality of trade," the secretary said. "Most countries will adopt policies that will limit the inflow of goods into their markets, and the objective for this will vary from economic to national and health to security."
SOURCE: The Economic Times
Chief Economic Advisor Arvind Subramanian tells Shekhar Gupta on NDTV's weekly show Walk The Talk why it is now difficult to do a repeat of 1991. Edited excerpts
It is one thing to be the chief economic advisor. Do governments take anybody's advice?
Oh, absolutely, I am pleasantly surprised by how much opportunity has been afforded to me. Finally decisions will be taken based on so many other things, but the space I have to analyse and then present the results to many people in the government, that is phenomenal.
That is letting you speak. Do they listen?
In the mid-year analysis before last year's budget we made a pitch for more public investment because we said private investment was going to remain weak. In last year's budget one of the conceptual changes was to increase public investment. Even in this budget there are lots of ideas-- direct benefit transfer in fertiliser, the Aadhar Bill. These are important changes.
Tell us about some of the things you have been able to do opportunistically.
The Jam Agenda. JAM stands for Jan Adhan-Aadhar-Mobile. In a way it fits with the minimum government, maximum governance idea of the prime minister. Take the cooking gas scheme, we saved about 25 per cent by eliminating the ghost accounts. And it has been in operation for 18 months.
That is a lot of money.
The potential for extending this to other areas is enormous. We have food, kerosene, fertilisers. Essentially what it says is that the government can do things efficiently if you build state capacity and therefore state legitimacy. It is not just about the fiscal savings, it is saying how we can improve government functions.
Which is the least deserved subsidy of all?
We discovered that something like 80 per cent of gold is consumed by the top people, who travel by airplane and receive the benefit of low input cost. That seems like not the best use of government money.
How does the gold subsidy work?
In the case of gold what is the rate of taxation? The excise rate is something like 14.5 per cent so it should be 28 per cent on commodities. In the case of gold it's zero at the Centre and 1 per cent in states. Not taxing gold at the standard rate is the implicit subsidy. I realise that something is high in subsidy because there is a prior interest preserving that. But the job of an economic adviser is something called the Dracula effort, shed sunlight on the problem and maybe there will be change.
The related point is also to try and understand who is the beneficiary of some of these things. One of the points we try to make in this survey is that we are generally a country with a very few taxpayers. Our ratio of taxpayers to voters is four per cent. People have to understand that when you vote you discharge your obligations as a political citizen. When you pay taxes, you discharge your obligations as an economic citizen. And both should go hand in hand.
How would you convince the people of India that we need one more round of reforms like 1991?
There are two pre-conditions for big reforms. One, a sense of crisis and second, fairly concentrated levers of power. India is growing at 7.5 per cent or something close to that. Our levers of power are decentralised not just between the Centre and states. Power is dispersed and there is no sense of crisis.
Are we going to get 7.5 per cent? There are no jobs, there are no raises, there are no bonuses, houses are lying empty…
You have to look at the numbers. There are sectors that are doing well. The economy is sending mixed signals. That is the truth.
Isn't the government sending mixed signals? Why this protectionism (over steel)?
I don't want to be an apologist for all government actions, but there is no doubt that there is excess steel capacity in the world. There is lot of unfair competition from countries. People are dumping. We need better machinery to be able to impose measures that are sanctioned by the WTO. Our machinery for imposing anti-dumping duty needs to be strengthened. Finally the minimum import price comes with a sunset clause and, hopefully, it will not be renewed. But you need to provide some temporary protection. An Indian automobile maker, his exports will now become non-competitive, he creates more jobs than a steel maker...
That is a difficult calculation. The broader point is well taken that there are downstream users and their interests are also to be protected. Therefore, any such measures should be calibrated and they cannot become permanent. While we are doing this we should also try and take other measures to rationalise what is happening in the steel sector. There are some companies that are completely uncompetitive and are never likely to be competitive. We should think about how to facilitate their exit.
Why should there be an exit once you enter the market?
Any market system can only function if efficient firms survive and inefficient firms do not. Over the last 40-50 years we have made a lot of progress in allowing entry. Even in the last two years, liberalising FDI has been an enormous move. Exit in India is much more pervasive than we think it is. That is why I think the bankruptcy law is important. What we are doing in terms of banks, the power sector. We have to grind our way through project by project and see how we share the burden.
You think that is also the approach to the banking crisis?
The RBI has its asset quality review, which is basically saying let's come clean on all that we have. The finance minister has said we need more money and we will put in more money. That is the way forward. Meanwhile, we have to address recognition, recapitalisation, resolution, and then reform. We have to make sure that if we solve this, we don't repeat it.
SOURCE: The Business Standard
The Union Shipping Ministry will showcase projects worth $18 billion in the Maritime India Summit 2016, which would be held from April 14 to 16 in Mumbai. Delegates from 57 countries are expected attend the event, which is being jointly organised by CII and Ministry. Shipping Minister Nitin Gadkari told media persons on Friday that the focus of the summit would be on inland and coastal shipping, which is offering huge opportunities for shipping companies. These two modes of transport will also considerably reduce the costs of goods transported within the country. “If we manage to reduce the cost, it will make Indian manufacturing competitive. Our logistics cost is 18 per cent which we want reduce to 12 per cent. Across the world, logistics cost is below 10 per cent,” Gadkari said. The Minister citing a recent study carried out by a global consulting agency said that the coal from Mahanadi coalfields, if it is transported by coastal ships will help power companies reduce their tariffs and help national savings of Rs. 10,000 crore. He said there is potential to develop inland water transportation facilities on 112 rivers and tributaries in the country. Work for creating inland ports on large rivers such as Ganga and Brahmaputra has already commenced. Given the likely traffic on Ganga, a Ship Traffic Control office, similar to the Air Traffic Control would also be created.
SOURCE: The Hindu Business line
While India’s merchandise exports contracted for the 15th month in a row in February, it is not an India-specific problem, as shipments from all emerging countries have collapsed because of tepid global demand and fall in commodity prices. In the first 11 months of the current financial year, India’s exports were $238.4 billion compared with $286.3 billion in the same period last year. In February, China’s exports too fell 25.4%, the eighth straight month of decline, and imports contracted 13.8%—for the 16th month in a row.
However, India’s non-oil non-gold imports reported a marginal growth of 2.7% in February for the first time since June last year, despite 5% contraction in overall imports, indicating some early signs of revival in domestic demand. A sharp 22% year-on-year decline in oil imports helped to narrow the trade deficit to $6.3 billion in February from $12.8 billion in July last year. Efforts must be made to diversify merchandise exports as the top 20 categories account for 60% of India’s total exports. Even in top export categories like textiles, India is exporting low value commodities such as cotton yarn and losing its competitive advantage to Bangladesh, Pakistan and Sri Lanka.
SOURCE: The Hindu Business Line
The prestigious Russian industrial trade show at Yekaterinburga from July 11-14 will see India project its plans to seek technology and investment from across the world with a view to develop the country as a global manufacturing hub. EEPC India, the apex organisation of the country's engineering exporting companies, has been mandated to ensure success of the Indian participation at the well-known 'Innoprom Show' under the aegis of the commerce and industry ministry. "Facing global headwinds, India is looking to diversify its trade and industry collaborations and Russia fits in very well in our game plan. Some of the blue-chip public sector companies including NTPCBSE 0.47 %, BHELBSE 2.26 % and NHPC have responded well to be part of the prestigious show in Russia," EEPC India chairman TS Bhasin said in a statement.
In addition, private sector firms such as Reliance IndustriesBSE 0.95 % and L&T have shown interest in using the 'Innoprom' platform for advancing business ties with their Russian partners. India has been named as the partner country at show where initiatives such as 'Make in India' programme will be highlighted. There will be high-level participation from the power ministry and departments of heavy industry and electronics. "With a view to showcasing our strength in advance engineering skills and technology, the Indian participation will be quite overwhelming with 4,000 sq metres in the main hall of the trade show," Bhasin said. The Russian organisers said that India, having great economic power with its more than 1.2 billion people, will be put in the spotlight at the leading industrial trade fair. The main goals of the two countries cooperating at the industrial platform will be to strengthen the status of mutual partnership in trade and economic relations and expand opportunities of national industrial sectors across the spectrum.
SOURCE: The Economic Times
German Small and Medium Enterprises (SMEs) have pledged to invest over Rs 3,000 crore for the 'Make in India' initiative for setting up of new manufacturing plants and projects. The German SME's (Mittelstand) have committed an investment of over Rs 3,000 crores for 'Make In India' under the Make in India Mittelstand (MIIM) initiative, said India's Ambassador to Germany Gurjit Singh during a business event held at the Indian Embassy here. The investments will result in setting up of 15 new manufacturing plants, 6 expansion projects and 2 pilot projects covering the states of Maharastra, Gujarat, Karnataka and Tamil Nadu. MIIM, launched in September 2015, is an investment facilitation programme being implemented by the Indian Embassy in Berlin with the support of Department of Industrial Policy and Promotion ( DIPP) and Investment and Technology Promotion (ITP), Division of the Ministry of External Affairs to attract investments by German Mittelstand (SME) companies.
According to a release by the Indian Embassy in Berlin, during the first six months of the MIIM programme, 26 German companies have committed to 'Make In India' with the support of the MIIM programme. In the last six months, three companies from the area of wind turbine technology, consumer appliance have announced their entry into India with significant investments. Five companies have successfully formed their Joint Ventures (JVs) and incorporated their Wholly Owned Subsidiaries (WOS) in India during the period. Five more companies are in the process of setting up their JVs/WOS in the coming months, it said. Dirk Wiese, member of German Parliament and Member of the Indo-German Parliamentary Friendship Group said that the MIIM programme was the perfect complement for the Mittelstand- driven German economy. He also highlighted the role played by the Make In India programme in strengthening the Indo-German economic partnership. Mario Ohoven, President of the German Association for Small and Medium-sized Businesses, at the event promised support of his association towards the MIIM programme.
SOURCE: The Economic Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 38.05 per barrel (bbl) on 17.03.2016. This was higher than the price of US$ 36.10 per bbl on previous publishing day of 16.03.2016.
In rupee terms, the price of Indian Basket increased to Rs 2544.87 per bbl on 17.03.2016 as compared to Rs 2431.94 per bbl on 16.03.2016. Rupee closed stronger at Rs 66.88 per US$ on 17.03.2016 as against Rs 67.37 per US$ on 16.03.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on March 17, 2016 (Previous trading day i.e. 16.03.2016) |
Pricing Fortnight for 16.03.2016 (26 Feb to 11 Mar, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
38.05 (36.10) |
34.82 |
|
(Rs/bbl |
2544.87 (2431.94) |
2356.62 |
|
|
Exchange Rate |
(Rs/$) |
66.88 (67.37) |
67.68 |
SOURCE: PIB
Kenya on Thursday hosted potential textile and apparel investors for a business-to-business partnership where various State corporations made presentations on Kenya’a attractiveness. The Export Processing Zones Authority (EPZA), KenGen, KenInvest and Kenya Leather Development Council (KLDC) are some of the institutions that pitched to the investors, including from China. Speaking at the forum, Adan Mohamed Industrialisation Cabinet secretary Adan Mohamed reiterated the government’s focus on uplifting the textile sector. “The government is committed to have the textile sector be our number one sector to invest in,” he said. EPZA offered various incentives such as zero-rated import and excise duty, stamp duty and corporate tax. It also offered a potential $101 billion (Sh10 trillion) US market opportunity through the African Growth and Opportunity Act (Agoa) deal. Chief executive Fanuel Kidenda said Kenya’s employment wage rates are favourable to investors, ranging from Sh5,800 to Sh14,000 per month. KenGen pitched its planned Conventional Industrial Park in Naivasha, with the first phase expected to take up 452 hectares. The park is aimed to have a commercial zone, a geothermal spa and social industrial hub. The leather council pitched its planned Kinanie Industrial Park, which will stand on 500 acres of land in Athi River. It will house tanneries, a training centre, manufacturing facilities, chemical storage and distribution units, leather goods accessories units and a common effluent treatment plant. KLDC chief executive Charles Ndung’u said the sector has a lot of potential for growth as Kenya only exported two per cent finished leather despite having the third largest herd of animals in Africa. Labour rates in the industry stand at a low of Sh9,000 to a high of Sh12,000.
SOURCE: The Media Max
The Federal Government of Nigeria has assured the textile sector that it will do all it can to ensure surmount the challenges faced by them. It will also encourage textile workers to prioritize skills development and adhere to global standards, so that they can efficiently compete and create the much needed jobs, as well as combat counterfeiting. Vice President Yemi Osinbajo, addressing the members of Textile, Garments and Tailoring Workers of Nigeria (NUTGWN) at its 11th Quadrennial Delegates Conference, with Back to the Basics as its theme, said serious efforts are being made by the Comptroller-General of Nigeria Customs Service (NCS) Col Hameed Ali (rtd) to combat smuggling as well as indiscriminate dumping of textiles and garments in the market. Represented by a Permanent Secretary, Aminu Bisala, he said the Federal Government is firmly committed to developing infrastructure, as well as enhancing the overall ease of doing business in the country, particularly for businesses. He also assured that trade facilitation within and across borders will be given priority, adding that the nation can meaningfully build on these areas, not only to address the needs of today but to provide for the future prosperity of Nigerians, yet unborn.
Osinbajo reiterated the commitment of the Federal Government to providing stable power and access to finance through the Bank of Industry (BoI). Osinbajo also assured NUTGWN, Nigeria Labour Congress (NLC) and other stakeholders of President Muhammdau Buhari’s commitment to industrializing the sector and creating an enabling environment through well thought out policies. The government is determined in its commitment to diversify the economy through exports promotion and will support in promoting local patronage of made-in-Nigeria garments. Prof Osinbajo identified inadequate infrastructure and financing, informality distortion, standardization challenges, lack of access to international markets, smuggling and the dumping of used clothes and many more as the challenges inhibiting the development of the sector. Noting that the Delegates Conference was timely, Osinbajo said that it is a reflection of the determination of the group to address the challenges facing textile industry and position the sector for sustainable growth.
SOURCE: Yarns&Fibers
The US government has extended duty-free market access for 66 Nepali products that include carpets, headgears, shawls and scarves, handbags and suitcases, among others, for the next 10 years to help the Nepali economy, which was shattered by the earthquakes of April and May last year. Nepal will be able to utilise the new facility extended by the US government through an exclusive law by August this year. Dawn M Shackleford, deputy assistant US Trade Representative for India and Nepal said that the administration now has to complete some procedural stipulations but it will be completed within this summer. There are crucial procedural steps ahead to bring the law into effect. The US President must certify that Nepal meets the country eligibility requirements of the programme which are the same as those for countries that participate in the Generalised System of Preferences (GSP) programme and the African Growth and Opportunity Act (AGOA).
Nepal is already eligible for GSP programme of the US government but the country must meet the eligibility criteria under the AGOA that includes rule of law, anti-corruption, and human rights protection. Similarly, the second process is products eligibility. The administration has to seek report reviewed by the US International Trade Commission (ITC) of the products covered by the preference programme to ensure that an increase in imports of these products into the US market will not negatively affect its economy, according to Shackleford. After these procedural steps are concluded, the President has to issue proclamation to update harmonised tariff schedule of the US so that the 66 products that have been granted the facility can be imported at zero tariff from Nepal. The products which have received preferential facility should have minimum of 35 percent value addition.
In 2015, trade between Nepal and the United States stood at $123 million. During this time, Nepal exported goods worth $87 million to the US. Of these exports, Nepal enjoyed access to duty-free treatment for eligible products worth approximately $5.8 million under the GSP programme. With a view to facilitating economic growth through trade, the US is establishing a new stand-alone trade preference programme for Nepal. Apart from that, the US government will also support trade facilities based on the demand of Nepal government. Likewise, Nepal intends to seek support for the capacity enhancement of government officials to develop trade negotiation skills and cooperation on patent, trademark, and industrial designs for promoting Nepali goods in the international market. Shackleford arrived in Nepal on Friday for the preparatory meeting of Trade and Investment Framework Agreement (TIFA) council. Nepal and the US had signed TIFA on April 15, 2011. While signing TIFA, the two countries had agreed to hold the council meeting at least once a year to ensure effectiveness of the bilateral agreement. However, the meeting has not been held since five years.
SOURCE: Yarns&Fibers
Borderless production would be the future of the global textile supply chain system said a speaker at the recently held China & Asia Textile Forum 2016 in Shanghai. On day two of the event, Alex Feng, managing director of PDS Trading and director, Fibre2Fashion China spoke on 'Textile Enterprises' Layout of Supply Chain to Cope with Constant Changes in Asian Textile Industry'. Suggesting borderless production as the future, Feng said we can source different products in each country, but final solution will be borderless production. He said borderless production will aid orders and materials from different countries to be produced in different centres. Feng said that global buyers want good price, fast reaction and short lead time. He harped on several challenges faced by the textile industry like, increase in price level every year, quality level unstable and logistics problems.
Emphasising on sourcing strategies of PDS Trading for various Asian countries, Feng said for sourcing from China stress is on fair price, better quality and fast delivery, while for India it is special local fabric, handmade products and cotton products. He also mentioned for countries like Bangladesh, Cambodia and Myanmar, PDS Trading focuses on low price, long delivery and large quantity. The two-day conference was aimed at sharing and discussing a variety of hot topics to help the textile industry professionals to avoid the risks and find opportunities. It also offered a platform for exchanges, communication and mutual assistance.
SOURCE: Fibre2fashion
