Mumbai: The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) organised the “Source India 2022” in Surat. “Source India 2022” is the flagship RBSM organised by SRTEPC after two years of covid pandemic related restrictions, though “Source India” is an Annual Textile Export promotional event and the leading MMF textile show in India. Smt. Darshana Vikram Jardosh, Hon’ble Union Minister of State for Textiles & Railways had inaugurated the “Source India 2022” in Surat. Around 70 sponsored international buyers from 30 countries had attended the “Source India 2022” and 52 Indian companies exhibited displaying the latest range of Indian Manmade fibre textiles during the three-day event. Shri. Dhirubhai Raichand Shah, Chairman informed that despite various difficulties and challenges, SRTEPC could manage to organise its signature event “Source India 2022” in Surat with 68 international sponsored buyers from 30 countries and 52 Indian exhibitors which show the increasing trust of the global buyers and Indian exhibitors on SRTEPC. He also informed that the “Source India 2022” provided the opportunity under one roof for both international buyers and Indian exhibitors to conduct successful business negotiations and establish fruitful contacts. During the three-day event around 250 B2B meetings were arranged between the international buyers and Indian exhibitors at a demarcated B2B lounge. It is expected that around US$150 million of spot business have been booked and negotiations took place for around US$300 million of future business. Shri Dhirubhai Raichand Shah, Chairman informed. Smt. Darshana Vikram Jardosh, Hon’ble Union Minister of State for Textiles & Railways congratulated SRTEPC Chairman Shri. Dhirubhai Raichand Shah for organising the “Source India 2022” and also organising Export Award Function at Surat. Organisation of the mega events “Source India 2022” and Export Award Function together at Surat is the first of its kind in the history of SRTEPC which provides tremendous opportunity for networking Indian companies with global buyers. It provides a unique opportunity to the global buyers to finalize their requirements and create a win-win situation, the Minister mentioned. Shri Dhirubhai Raichand Shah, Chairman, SRTEPC while giving his speech thanked Hon’ble Prime Minister Shri Narendra Modi for his leadership. Shri Dhirubhai Raichand Shah also thanked Shri Piyush Goyal, Hon’ble Minister of Textiles, Commerce and Industry for his continued support and guidance and also thanked Smt. Darshana Vikram Jardosh, Hon’ble Union Minister of State for Textiles & Railways for her continued handholding as a result of which there was a very quick turnaround both in manufacturing and exports. Shri Dhirubhai Raichand Shah, Chairman informed that demand for manmade fibre textiles all over the world is increasing as a substitute for natural fibres amid changes in global fashion trends and currently MMF dominates global textile fibre consumption with 75:25 ratio. Whereas it is just opposite in India. In India present consumption of MMF is below 40% and cotton dominates in our total fibre consumption. Shri Dhirubhai Raichand Shah, Chairman thanked the Government for focusing on the MMF textiles segment through the PLI Scheme specially on production of MMF fabrics, MMF garments and technical textiles and to create global leaders in these segments. “Source India 2022” is likely to yield highly rewarding results and contributing significantly in increasing exports of Indian MMF and blended textiles globally. Surat being the leading hub of Synthetic textiles, organization of the “Source India 2022” and Export Award Function in Surat has been a grand success and both in terms of motivating the exporters and conclusion of business orders. Shri Dhirubhai Raichand Shah, Chairman SRTEPC wishes all the very best to Indian exhibitors and international sponsored buyers and he is confident that they will carry away the cherished memories of “Source India 2022”.
Source: GTA News
With the economy bouncing back, the textile export figures are looking up for the Indian industry. The latest figures for man-made fibre (MMF) exports are nearing the highestever export figures achieved in 2014. In 2021-22, the export figures for MMF are set to cross US$ 6.3 billion against the target of US$ 6.1 billion. According to the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC), the highest-ever MMF export from India was US$ 6.4 billion in 2014. For Surat’s textile industry, the export figures show further positive signs as Surat’s share in MMF production in the country is 65 per cent. The MMF exports dropped to US$ 4.8 billion in 2020-21, a period affected by the Covid pandemic. However, the Indian exports soon started recovering at the start of the financial year 2021-22 despite the second wave of Covid . In 2019-20, the MMF exports could not achieve the US$ 6 billion target and touched US$ 5.9 billion though it was a normal year. “The current recovery was due to weakening of Chinese exports. The Chinese products are proving costly for other countries, hence they are preferring India,” said Dhiraj Shah, chairman of SRTEPC. According to SRTEPC executive director S Balaraju, there are multiple issues in the supply chain — from China like delay, hike in wages, and increasing power charges. “Chinese exporters are losing ground in MMF and Indian exporters are getting benefit of it. India’s MMF exports will be over US$ 6.3 billion which is close to the highest ever MMF export of US$ 6.4 billion in 2014,” said Balaraju. For 2022-23, SRTEPC has been given a target of US$ 6.8 billion. “According to the production share, we estimate that Surat’s contribution to MMF exports is over 65 per cent. The export figures show growth in business despite Covid,” said Ashish Gujarati, president of SGCCI.
Source: Times of India
As commerce minister Piyush Goyal said, it was a result of detailed strategy, with the department of commerce disaggregating the $400 billion target in terms of regions and countries as well as commodity groups. India’s merchandise exports have just achieved a significant landmark by surpassing the $400-billion mark for the first time within a financial year. The figure is significantly higher than the previous high of $330 billion in FY19 and marks a smart rebound after a 7% decline last fiscal in the wake of the Covid outbreak. The growth this year was driven by a stellar performance by sectors like engineering, electronics, gems and jewellery, chemicals and petroleum products, which have benefitted from a strong global recovery. The agriculture sector also contributed to exports, especially during the pandemic, with India emerging as a major global supplier of food or essential agriculture products. Liquidity measures announced for MSMEs, which contribute over 40% of exports, have also obviously helped them deal with working capital bottlenecks. Coming at a time when uncertainty over the underlying drivers of growth lingers on—domestic demand and investment remain subdued, and the ability of government spending to drive growth on a sustained basis is limited—a sustained, robust growth in exports has the potential to provide the much needed fillip to the Indian economy. In that sense, the boom in exports is a remarkable achievement. Equally encouraging is the revelation that states have started playing an important role in boosting exports. There is no doubt that a lot of work went into meeting the export target. As commerce minister Piyush Goyal said, it was a result of detailed strategy, with the department of commerce disaggregating the $400 billion target in terms of regions and countries as well as commodity groups. Several countries were identified where India had lost the market. But there are challenges aplenty. Much of the upswing is a consequence of economic recovery across the world. But that story has become a bit shaky after the uncertainty over Russia’s invasion of Ukraine, raising questions over the sustainability of such growth. Post-Covid, rebound in the US and the EU has propelled higher demand for exports in general, and India has been a beneficiary. A comparison with Asian peers shows that the `income effect’ has been the primary driver of the export pick-up rather than ‘substitution effect’ which is more durable. A substitution effect implies a gain in market share by one country at the expense of others. Also, high commodity prices are embedded in export numbers, and this has magnified the export figures. The other concern is the war’s impact on worsening of the trade deficit and widening of the current account deficit as international oil prices are likely to remain elevated, while supply-side bottlenecks and rising freight costs could hurt exports. According to government data, India’s merchandise imports jumped to a record $589 billion owing to the rising oil prices, while exports till March 21 stood at $400.8 billion. The Ukraine crisis has also posed fresh risks for exporters, as global supply chains remain tangled and shipping costs have skyrocketed across countries. Lastly, while the latest numbers will raise India’s share in the global merchandise exports from just 1.6% in 2020 and 1.7% in the pre-pandemic year of 2018, a sustained surge in exports for a few years will be crucial to India recapturing its lost market share. At this critical juncture when a Western-market resistance to Chinese-made products have spelt new opportunities for India, the policy thrust must be to enhance export competitiveness, and seek deeper integration with global value chains. For that, India needs to look closely at its import tariffs, which have seen a sustained increase over the last few years.
Source: Financial Express
The Union Minister of State for Textiles Darshana Jardosh informed Lok Sabha that currently all the proposals received from states for setting up of textile park under the PM Mega Integrated Textile Region and Apparel (PM MITRA) are under scrutiny for consideration by the project approval committee. She said this in a written reply on Wednesday to a question raised by Bhubaneswar MP Aparajita Sarangi, as the Odisha government is among one of the states who have sent out the proposals. The central government has received a total 17 proposals from 13 states for the establishment of textile parks under PM Mega Integrated Textile Region and Apparel (PM MITRA) having an outlay of Rs 4,445 crore. Textile minister Jardosh said the parameters devised for selection of sites for PM MITRA parks include connectivity to the site (25 per cent), existing ecosystem for textiles (25 per cent), availability of utility services at site (20 per cent), state industrial/textile policy (20 per cent) and environmental/social impact (10 per cent). The state government of Odisha is planning to establish the proposed textile park at the special economic zone (SEZ) of Tata Steel at Gopalpur in Ganjam. As per media reports, it has identified about 1,000 acres of land by state-owned Idco within the SEZ for the facility. Earlier the textile park was intended to be set up at Neulopoi in Dhenkanal district, however as the location falls under eco-sensitive zone the location was changed.
Source: KNN India
The government is examining various trade-related aspects, including those related to payments, in the wake of the Russia-Ukraine conflict, External Affairs Minister S Jaishankar told the Rajya Sabha on Thursday even as he asserted that the crude oil imported from Russia is very little. Replying to a supplementary during question hour in the Rajya Sabha, Jaishankar said, "Because of the emerging problem in dealing with Russia, the Government is examining various aspects, including the payment aspect". He told the House that there is a group within the government composed of different ministries led by the finance ministry to examine these matters. As regard to oil trade with Russia he stated, "We import very little (crude) oil for Russia. It is less than one per cent of our imports. Many countries import even 20 times more oil than we do (from Russia)". About the various development in the neighbourhood of India, following the RussiaUkraine conflict, he stated, "There are many developments in our neighbourhood and we are monitoring those very carefully". On India's stand on the conflict, he stated, "Our position is not that, this is not our problem. Our position is that we are for peace. When the Prime Minister spoke to Presidents (of Russia and Ukraine), the intent obviously at that time was the evacuation of students..but there was a larger conversation on what we could do which lead to the cessation of hostilities and return of dialogue and diplomacy. I think today that sentiment is widely shared by many countries. We have articulated it very strongly". He also told the House that India takes note of all international developments, including Russia-Ukraine (conflict), and India monitors it in its own national perspective and fashion strategy in accordance with those developments. On trade amid the RussiaUkraine crisis, he said, "Indian foreign policy decisions are made in Indian national interest and we are guided by our thinking, views and interests. So, there is no question of linking Ukraine situation to issues of trade". India's position on Ukraine is based on six principles, the minister told the House. Firstly, India calls for an immediate cessation of violence and hostilities. India stands for peace. Secondly, India believes that there is no other way than the return through the path of dialogue and diplomacy. Thirdly, India recognised that global order is anchored on law, UN Charter and respect for territorial integrity and sovereignty of all states. Fourthly, India calls for humanitarian access to a conflict situation. Fifthly, India gives humanitarian assistance. The nation has given 90 tonnes of humanitarian assistance so far. India is looking at providing more, especially medicines. Lastly, India is in touch with the leadership of both Russia and Ukraine. The Prime Minister himself has spoken to the Presidents of both countries. He also informed the House in his written reply that "we were able to safely bring home 22,500 Indian citizens, including 147 foreign nationals belonging to 18 countries, from Ukraine since February 2022". He said that as per available records, India has exported USD 203.68 million worth of pharmaceutical products to Pakistan from April 2021 to December 2021. Some instances of non-payment of dues to Indian exporters of pharmaceutical products by Pakistani importers have been brought to our notice. As per the data available, the total amount of dues unpaid to Indian exporters is around USD 4,30,000, he stated. The matter of unpaid dues has been taken up with the relevant authorities in Pakistan through the High Commission of India in Islamabad. Pakistani authorities are yet to revert on the issue, he added.
Source: Economic Times
Andhra Pradesh state government led by chief minister YS Jagan Mohan Reddy is racing against time and all odds to establish a world-class mega textile park near Raptadu in Anantapur district. While the outbreak of Covid-19 pandemic in the first quarter of 2020 delayed the state government's plans, the AP government is now gearing up to speed up the establishment of the mega project which is expected to transform the region into a major textile hub in the country. Confirming the developments to TOI, Raptadu YSRC legislator Thopudurthi Prakash Reddy said that the Andhra Pradesh industrial infrastructure corporation limited (APIIC) has already earmarked 171.17 acres of land in Raptadu assembly constituency to ground the mega textile park. He observed that flaws in the Andhra Pradesh textile policy 2018-23 issued by the previous Telugu desam government had to be set right by the YSRC government to move forward with the textile park proposed near Raptadu. "The TDP govt never issued the operational guidelines and due to difference in interpretation between the industries department and the handlooms department on certain aspects of the policy, it never became operational. "The YSRC government also reviewed the indiscriminate land allocation made during the previous TDP regime and it is now proposed to make land allotment to industrial units in the form of lease and the land can eventually be purchased by the unit only after ten years of operation. This move is intended to safeguard the interests of the state", Thopudurthi Prakash Reddy added. "The Indian apparel market which shrunk from US $ 78 billion in 2019 to US $ 55 billion in 2020 (decline by 30%) is expected to grow and reach US $ 135 billion by 2025 and Andhra Pradesh will tap a major chunk of these figures by establishing the state of the art mega textile park in Anantapur district as the global textile and apparel trade is expected to reach US $ 1 trillion by 2025, growing at a CAGR of 3%", noted the MLA. Thopudurthi Prakash Reddy stated that leading manufacturers in the segment from Tiruppur, Gurugram, Rajasthan and other parts of the country have already evinced their interest in establishing their manufacturing units here. A subsidiary of Texport industries private limited (TPIL) have already submitted their DPRs and they are expected to set up their mega garment unit which will provide employment opportunities to nearly 6000 people. Richa global export, FALCO fashion city and several other top manufacturers associated with the garment exporters & manufacturers association at Gurugram, Rajasthan exporters association and the Tirupur exporters association have all evinced interest to establish their manufacturing units at the proposed mega textile park near Raptadu.
Source: Times of India
Due to the ongoing Russia-Ukraine war, India may face higher expenditure on items that the government subsidises, particularly food and fertiliser, if these markets are upended for an extended period. Rising commodity prices, further triggered by the Russia-Ukraine war, could moderate healthy recovery of the country’s economy, and put pressure on the Reserve Bank of India (RBI) to normalise its monetary policy faster than anticipated, S&P Global Ratings said in a report on Thursday. Due to the ongoing Russia-Ukraine war, India may face higher expenditure on items that the government subsidises, particularly food and fertiliser, if these markets are upended for an extended period. Higher commodity prices could also undermine buoyant private consumption trends in India as households spend more on those items, S&P wrote in the report on the spillover of the conflict in Ukraine on Asia-Pacific countries. This could lead to a moderation in the Indian economy’s healthy recovery, the report said. The Consumer Price Index-based inflation has been marginally above the RBI’s target range of 2-6 per cent for two consecutive months. “A further acceleration could put more pressure on the central bank to normalise its monetary policy more quickly, including possible rate hikes,” the report said. The report also said emerging market sovereign nations have seen increased yields on their debt since the start of the conflict in Ukraine even as some higher rated nations such as China, Japan, and Korea have not seen significant changes in their borrowing costs. The five-year benchmark yields on local-currency government debt issued by India, Indonesia, the Philippines, and Vietnam have risen 25 basis points (bps) to 90 bps since mid-February, the report said. “These four sovereigns should find the increase in interest payments manageable,” it said. Higher inflation directly affects sovereign-debt metrics and rising rates raises the interest payments on government debt, outpacing increases in revenue. “It is also possible that higher inflation could raise the cost of budgetary spending to force governments to issue more debt,” it said.
Source: Business Standard
The commerce and industry ministry launched GeM on August 9, 2016, replacing Directorate General of Supplies and Disposal to create an open and transparent procurement platform of commonly used goods and services for all government departments, ministries and public sector firms. It aims to streamline procurement by the central and state governments, which is estimated at ₹5-7 lakh crore each year Procurement of goods and services from the national procurement portal for official purchases - the Government eMarketplace (GeM) - has crossed ₹1 lakh crore during this fiscal year, led by a sharp increase in buying from different ministries and departments. The procurement value may cross ₹1.5 lakh crore in the next fiscal, chief executive officer of GeM P K Singh said on Thursday. Earlier, the portal had crossed the ₹1 lakh crore mark in about four-and-a-half years but now this was achieved during one fiscal year, Singh said. "Happy to know that GeM has achieved order value of ₹1 lakh crore in a single year! This is a significant increase from previous years. The GeM platform is especially empowering MSMEs, with 57% of order value coming from the MSME sector," Prime Minister Narendra Modi tweeted on Thursday. On March 23, 2022, GeM reached the ₹1 lakh crore milestone, a whopping 160% growth compared to the previous fiscal year. The commerce and industry ministry launched GeM on August 9, 2016, replacing Directorate General of Supplies and Disposal to create an open and transparent procurement platform of commonly used goods and services for all government departments, ministries and public sector firms. It aims to streamline procurement by the central and state governments, which is estimated at ₹5-7 lakh crore each year. "The number of orders has surpassed 31.5 lakh in FY22 with a growth of 22%," Singh said, adding that GeM is among the top five e-public procurement systems globally and that there are no Chinese products on the portal at present. Uttar Pradesh, Delhi, Gujarat, and Madhya Pradesh are among the top five states that are buying from the portal. Procurement by central public sector enterprises rose to ₹43,000 crore. Singh said that to promote inclusivity, GeM is integrating with panchayati raj institutions to allow online buying and selling by panchayats and a pilot for the same in Gurugram has been successfully completed.
Source: Economic Times
The report noted that a number of developing country central banks also engaged in quantitative easing: active purchasing of bonds in the open market India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia. India was forecast to grow at 6.7 per cent in 2022 and this projection has been downgraded to 4.6 per cent by UNCTAD. The report said as some of the other economies in South and Western Asia may gain some benefits from fast growth of demand and prices of energy, they will be hampered by the adversities in primary commodity markets, especially food inflation, and will be further hit by inherent financial instabilities. India in particular will face restraints on several fronts: energy access and prices, primary commodity bottlenecks, reflexes from trade sanctions, food inflation, tightening policies and financial instability, it said. The report has downgraded the GDP growth of the US from three per cent to 2.4 per cent. China will also see growth decrease to 4.8 per cent from 5.7 per cent. The report projects a deep recession for Russia, with growth decelerating from 2.3 per cent to -7.3 per cent. The report said the Russian economy faces stringent external constraints imposed by the sanctions. While Russia is still exporting oil and gas, and will therefore see compensating increases of revenue due to high prices, sanctions severely limit the use of foreign exchange earnings for the purchase of imports or debt servicing. Russia will experience severe shortages of a wide range of imported goods, high inflation and a substantially devalued currency. While the state will likely act to cushion the shock and limit unemployment and the fall of household incomes, its capacity is limited. Trade with China and some other partners will continue, but they will not be able to provide substitutes for the wide range of imported goods that the Russian Federation currently cannot access. Assuming the sanctions remain in place through 2022, even if the fighting in Ukraine ends, Russia will experience a severe recession, it said. The report noted that a number of developing country central banks also engaged in quantitative easing: active purchasing of bonds in the open market. A small number of developing country central banks engaged in private sector bond purchases, but public bond buying was more widespread: the central banks of India, Thailand, Colombia and South Africa, among others, engaged in public bond purchases. In the global monetary hierarchy, the place of a national currency today is determined less by the size of its domestic production base than by the size of its domestic financial sector. The currencies of Brazil, Russia, India and China account for no more than 3.5% of the USD 6.6 trillion daily turnover in the forex markets, a ratio barely one-tenth of the United States dollar's 44%, it said. UNCTAD said the ongoing war in Ukraine is likely to reinforce the monetary tightening trend in advanced countries following similar moves that began in late 2021 in several developing countries due to inflationary pressures, with expenditure cuts also anticipated in upcoming budgets. UNCTAD is worried that a combination of weakening global demand, insufficient policy coordination at the international level and elevated debt levels from the pandemic, will generate financial shockwaves that can push some developing countries into a downward spiral of insolvency, recession and arrested development. The economic effects of the Ukraine war will compound the ongoing economic slowdown globally and weaken the recovery from the COVID-19 pandemic, UNCTAD SecretaryGeneral Rebeca Grynspan said. Many developing countries have struggled to gain economic traction coming out of the Covid-19 recession and are now facing strong headwinds from the war. Whether this leads to unrest or not, a profound social anxiety is already spreading. Even without lasting financial market disruptions, developing economies will face severe constraints on growth. During the pandemic, their public and private debt stocks have increased. And issues that receded from view during the pandemic, including high corporate leverage and rising household debt in middle-income developing countries, will resurface as policy tightens. The war has put further upward pressure on international prices of energy and primary commodities, stretching household budgets and adding to production costs, while disruptions to trade and the effects of sanctions are likely to have a chilling effect on longterm investment. Coming just as pandemic-induced disruptions seemed to subside, the geopolitical crisis has dealt a blow to confidence domestically. The added pressure of price increases is intensifying calls for a policy response in advanced economies, including on the fiscal front, threatening a sharper than expected slowdown in growth, the UNCTAD report said. Soaring food and fuel prices will have an immediate effect on the most vulnerable in developing countries, resulting in hunger and hardship for households who spend the highest share of their income on food. But the loss of purchasing power and real spending will ultimately be felt by everyone. The danger for many of the developing countries that are heavily reliant on food and fuel imports is more profound as higher prices threaten livelihoods, discourage investment and raise the spectre of widening trade deficits, the report said.
Source: Business Standard
Home textiles major Welspun India on Thursday announced its foray into the mattress catgory under its home linen brand SPACES. The company said it has launched 'SPACES Matchress' with a variety of offerings on the back of extensive market research as an extension of its home wellness offerings. Manjari Upadhye, CEO of Welspun India Ltd, Domestic Business, said the company's deep understanding of stated and unstated consumer requirements provides it with the insights to innovate and offer the most relevant products and solutions to the country's diverse and fast-growing consumer base. "The launch of 'SPACES Matchress' is another step in this direction, backed by market research with a pure intent to address the gaps in the segment and offer a product that our customers want," Upadhye added. The brand offers customisable, orthopedic, firm and fab mattress ranges for different consumer preferences. The mattress comes with the benefits of an in-built mattress protector, odor-free and anti-pilling, 12 years warranty, among others, the company said. Welspun India said its move to enter the mattress category underscores SPACES' aggressive focus on the domestic market and its aim to capitalise on emerging opportunities in this high-potential segment with innovative offerings.
Source: Daily Pioneer
Ghana and the Netherlands yesterday opened political consultations on matters of mutual benefit for both countries. A memorandum of understanding (MOU) signed to that effect seeks to enhance cooperation between the two countries in areas of Security and Defence, Migration and Development, Trade and Investment, Agriculture, Science and Technology. Others are; Environment and Climate Change, Education, Culture and Training and improving cooperation within the United Nations (UN) System. The Chief Director of the Ministry of Foreign Affairs and Regional Integration (MFARI), Ramses Cleland, and the Deputy Director, Sub-Sahara Africa Department of the Ministry of Foreign Affairs of the Netherlands, Ms. Martine Hoogstraten signed the agreement respectively. In a speech read on his behalf, Mr Cleland stressed the long-standing diplomatic relations between Ghana and the Netherlands across various sectors of the economy. He mentioned trade and investment as a major area of interest where Ghana exports to the Netherlands primary and semi-finished goods including cocoa beans, cocoa butter, cocoa paste, cocoa powder and crude petroleum, whereas imports from the Netherlands comprise refined petroleum, poultry meat, excavation machinery, packaged medicaments, among others. For instance he indicated that Ghana recorded a balance of trade from 2016 to 2019 with a trade surplus of $406 million dollars in 2018. "This favourable position could be attributed to the increase in the export of Ghana's crude oil to the Netherlands. In 2019, Ghana recorded a positive trade balance of $734.8 million dollars with estimated exports of $966.3 million dollars to the Netherlands. This figure however decreased to $759.7 million dollars in 2020, whilst the Netherlands exports to Ghana increased from $231.5 million dollars in 2019 to $876.5 million dollars in 2020, recording a surplus of $116.8 million dollars." Mr Cleland said in line with pursuing the "Ghana beyond aid agenda", the country would continue to rely on the assistance of the Netherlands in implementing flagship programmes like the "OneDistrict, One-Factory" and the development of strategic anchor industries. He cited projects like vehicle assembling, manufacturing of machinery and machine components, pharmaceuticals, textiles & garments, integrated aluminium industry, iron and steel, industrial chemicals, oil palm, industrial starch and downstream petrochemical industry. "Your support will also be key in implementing the Africa Continental Free Trade Area (AfCFTA) Agreement and Agenda 111, aimed at creating 111 health facilities in Ghana to ensure that Ghanaians nationwide have access to quality healthcare services," he stated. The Chief Director noted that with the Netherland's key position within the European Union "and with our excellent democratic credentials and a vibrant economy, more companies from the Netherlands should be interested in trading and investing in Ghana." "It is our hope that this consultations further consolidates Ghana's relations with the Netherlands with a view to enhancing a number of mutually beneficial partnerships and cooperation that positively impact our peoples and two countries," he said. Ms. Hoogstraten, the Deputy Director, Sub-Sahara Africa Department, expressed her country's commitment to not only strengthen cooperation with Ghana but the African Union at large. "Netherlands plays an important role within the European Union, creating a stronger and safer economy and we have an idea of how to improve the EU and Ghana relations and the African Union at large. I am happy that to hear that there is more room for Dutch investment and businesses in Ghana and we hope such consultations are done more often to build on our existing relations," she stated.
Source: All Africa
On March 23, 2022, the Office of the US Trade Representative (USTR) published a Federal Register notice reinstating tariff exclusions for 352 categories of products covered by the United States’ Section 301 tariffs on China-origin goods. The reinstated tariff exclusions cover certain types of machinery, motors, electrical equipment, chemicals, plastics, textiles, bicycles, motorcycles, and automotive parts, among other items. The reinstated tariff exclusions will apply retroactively to October 12, 2021 and will extend through December 31, 2022. USTR’s decision to reinstate these tariff exclusions is the result of the "targeted tariff exclusion process" that USTR initiated in October 2021.1 Under this process, USTR allowed interested parties to request the reinstatement of certain tariff exclusions that USTR had previously granted and then extended, and that later expired between December 31, 2020 and April 18, 2021.2 Only 549 expired tariff exclusions were eligible for reinstatement under this process. USTR did not consider requests for the reinstatement of other expired exclusions, nor did it accept requests to establish new product exclusions. The 352 tariff exclusions that USTR has determined to reinstate are listed in the Annex to USTR’s Federal Register notice. These reinstated exclusions will apply to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on October 12, 2021, that are not liquidated, or to entries that are liquidated, but within the period for protest described in section 514 of the Tariff Act of 1930, as amended.3 USTR has determined to extend the reinstated exclusions through December 31, 2022 and “may consider further extensions as appropriate.” As with all Section 301 tariff exclusions, the reinstated exclusions are available for any product that meets the description in the product exclusion, regardless of whether the importer filed an exclusion request with USTR. Despite pressure from the US business community and some Members of Congress, USTR has given no indication that it intends to initiate a broader Section 301 exclusion process covering other expired exclusions (i.e., those that never received an extension from USTR), or products that have not previously received an exclusion. In June 2021, the US Senate approved legislation that would reinstate all expired Section 301 exclusions and require USTR to consider new exclusion requests for any product covered by the Section 301 tariffs. The Senate approved this legislation as part of a broader bill focused on US economic competitiveness, entitled the US Innovation and Competition Act (S.1260). However, the House of Representatives omitted the Section 301 legislation from its proposed alternative to S.1260 (the America COMPETES Act, H.R. 4521), based on the view that USTR should retain discretion over the Section 301 exclusion process. In the coming weeks, the House and Senate are expected to form a conference committee that will attempt to reconcile differences between S.1260 and H.R. 4521. The Senate’s proposed language regarding Section 301 exclusions is likely to be a subject of debate in conference.
Source: White Case
A new report by the Changing Markets Foundation has found that certification schemes and voluntary initiatives could be helping to facilitate greenwashing in the fashion industry. The report, which has been published ahead of the EU’s Textile Strategy, outlined that the largest of these schemes, such as The Sustainable Apparel Coalition (SAC), often remain silent on fast fashion and can provide a smokescreen for a brand’s actual environmental impact. Licence to Greenwash, a subdivision of the UK-based foundation, analysed 10 certification labels and initiatives for the report, with each often used by brands to measure sustainability levels. Certifications such as the Ellen MacArthur Foundation, The Textile Exchange and The Higg Index were investigated, as the organisation looked into whether they were actually addressing the impact of the industry. In its results, the report found that across all the schemes, each failed to hold high standards and accountability and were “procrastinating on progress” for issues such as overproduction and the reliance on fossil fuels. For example, the SAC “was found to have created no measurable impact over the last decade”, the report stated, and its Higg Index was allowing brands to pick-and-choose issues they wanted to engage with. While it seems many brands have begun taking a more eco-friendly approach to their business, CMF found that the industry’s environmental impact had actually increased, with the likes of polyester fibre use, fossil fuel reliance and overproduction doubling. “These schemes are unambitious and unaccountable, resulting in an industry-wide decoy for unsustainable practices…” “While fashion brands double down on production and environmental destruction, they’re using sustainability certification schemes and voluntary initiatives as a smokescreen,” said CMF’s campaign manager, George Harding-Rolls, in the report’s press release. He continued: “These schemes are unambitious and unaccountable, resulting in an industry-wide decoy for unsustainable practices, enabling sophisticated greenwashing on a vast scale. We don’t need any more voluntary schemes. Certification and initiatives such as those in the report act as a placebo, creating a false promise that the industry will address sustainability voluntarily. We urgently need comprehensive legislation to change the course of the fashion industry onto a greener path.” The CMF recommended that unproductive schemes should be abolished and that the industry should move forward through mandatory legislation, with other voluntary programmes required to strive for impartiality and third-party approved transparency. Its recommendation comes with the argument that policymakers and customers both face a “false sense of security through these initiatives'', causing helpful systemic reforms to be delayed or delayed. The report further stated that the schemes provide brands with the opportunity to “escape accountability from policymakers”. In a bid to aid in dismantling this system, CMF launched a Greenwashing website during London Fashion Week, which aims to help the public identify greenwashing tactics and the problems they can cause.
Source: Fashion United
Sri Lanka is battling a foreign exchange crisis that resulted in currency devaluation and affected payments for import of essentials like food, medicine and fuel, prompting it to turn to the International Monetary Fund (IMF) for help. The citizens of the country, whose overall inflation rate for February was 17.5 per cent—the highest since 2015—are witnessing a lot of hardships. On March 17, India extended a $1-billion credit facility to Sri Lanka. Currency reserves have slumped by 70 per cent in the last two years to $2.31 billion. And the country has to repay about $4 billion in debt in the rest of this year, including a $1-billion international sovereign bond that matures in July. The country's high dependence on imports for its essential items is also being blamed for the crisis as it relies almost entirely on imports for its daily essentials like sugar, pulses, cereals and pharmaceuticals. Most populated areas, like Colombo city, are facing fuel and gas shortages, according to media reports from the country. The year-on-year food inflation rose to 24.7 per cent in February from 24.4 per cent in January, and non-food inflation increased to 11 per cent in February from 10.2 per cent in the previous month. Inflation in January was 16.8 per cent. In response to complaints of stockpiling and inefficient distribution, soldiers are now manning hundreds of staterun fuel stations to help distribute fuel. Three elderly people reportedly dropped dead during their wait in long queues at fuel pumps and kerosene supply stations. Sporadic violence among those scrambling to buy fuel and other essentials has been reported from several parts of the country due to tension over the scarcity of supplies. Ahead of IMF talks in Washington in April, the government said it would hire a global law firm to provide technical assistance on debt restructuring to fight the crisis. People have shifted to using kerosene due to shortage in cooking gas. The country's tourism sector, the primary source of foreign exchange, was badly hit during the COVID-19 pandemic. Rash borrowing from China to finance infrastructure projects led to spiraling debts.
Source: Fibre 2 Fashion
