Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Shri Piyush Goyal has emphasized upon the need for a trade and investment agreement between India and Africa. Addressing the Special Ministerial Session at the 17th CII Exim Bank Conclave on India-Africa Growth Partnership today, Shri Goyal said that going forward, the economic outlook, in the long run, is going to be promising for both India and Africa, because this is where the markets and opportunities are present. The Minister said that this conclave will certainly have a huge impact on our engagements, both bilaterally and also strengthen investment interest. “Every single engagement today demonstrates the immense possibilities between India & Africa. We will be able to offer new technologies that we are working in India that will help expand trade, commerce, business, investment & opportunities for Africa's youth,” the minister said. Shri Goyal said that we believe that the destiny of nearly 3 billion people is in our hands as India and Africa offer future opportunities that are unparalleled. “India has a decisive leadership today. India's development partnership with Africa will be on terms that will be comfortable to Africa that will liberate its potential and not constrain its future. We want Africa to grow and prosper”, he said. The Minister said that Prime Minister Shri Narendra Modi has stated our government’s commitment to the economic resurgence of Africa. He said India’s experience with digital revolution to support Africa's growth, extend education, health, spread digital literacy and quality infrastructure could be harnessed. Shri Goyal said India’s Startups and our digital innovations like UPI, ONDC etc. can benefit Africa immensely. The Minister said that India is pursuing deeper engagement with several developed countries and that India recently concluded a Comprehensive Economic Partnership (CEPA) with UAE, and Economic Cooperation and Trade Agreement with Australia. We are at an advanced stage of discussion with UK and are looking for an enhanced partnership with Canada, EU, Israel and other nations. Concluding his address, Shri Goyal said that as India enters the Amrit Kaal, it cares not only for the prosperity of its own citizens but for every citizen of the world.
Source: PIB
India attracted USD 343.64 million FDI equity inflow in R&D sector during C.Y. 2021 (Calendar Year) which is 516% higher as compared to previous C.Y. 2020 (USD 55.77 million). FDI is permitted under 100% automatic route in R&D sector subject to applicable laws/regulations, security and other conditionalities. Karnataka is the top FDI Equity recipient state in R&D during C.Y. 2021 followed by Telangana and Haryana. The following states showed growth of more than 250% during C.Y. 2021 compared to previous C.Y. 2020: Telangana, Karnataka, Haryana, Andhra Pradesh & Tamilnadu. Singapore is the top investing country in R&D during C.Y. 2021 with 40% share of total FDI Equity in R&D followed by Germany (35%) and U.S.A (11%). Further, FDI Equity inflow from several countries like Germany, Mauritius, France, Singapore, Oman and U.S.A. showed an increase of more than 200% as compared to previous C.Y. 2020. Daimler Truck Innovation Center was the top FDI Equity inflow recipient company in R&D during C.Y. 2021 with 35% share of total FDI Equity in R&D followed by Aragen Life Sciences Private Limited (34%) and Stelis Biopharma Private Limited (21%). These trends indicate a robust and growing R&D sector which would benefit the economy by driving innovation, increasing productivity, thereby leading to higher economic growth. Research and Development (R&D) plays an important role in the development of a knowledge-based economy that can pave the way for higher economic growth. Foreign Direct Investment (FDI) infuses long term sustainable capital in the economy and contributes towards technology transfer, development of strategic sectors, greater innovation, competition and employment creation amongst other benefits. It has been a continuous endeavor of the Government to attract and promote R&D intensive FDI in order to supplement domestic capital, technology and skills for accelerated economic growth and development.
Source: PIB
Of the six lakh power looms in the State, 3.5 lakh are in Coimbatore, Tiruppur, Erode and Namakkal districts and produce 60-metre fabric. Over 1.5 lakh power loom owners across the State, especially in the Kongu region, have urged the State government to drop its plan to revise the power tariff, saying they are suffering losses due to poor returns. The government has proposed a hike of 70 paise per unit for power loom consumers (which come under Tariff 3A2). Of the six lakh power looms in the State, 3.5 lakh are in Coimbatore, Tiruppur, Erode and Namakkal districts and produce 60-metre fabric. The remaining 2.5 lakh looms are in other districts, including Salem, Gudiyatham Tiruvallur, Kanchipuram, and Madurai, producing 30-metre fabric, including cotton lungi and saree. Besides a rollback of the hike, loom owners want the State to extend free electricity for power looms from 750 units to 1,000 units, which was one of the DMK's poll promises. Tamil Nadu Federation of Power Loom Associations president LKM Suresh said, "The then CM Karunanidhi gave power looms 500 units of free electricity two decades ago, and it was extended to 750 units by Jayalalithaa. Last year in Erode, Stalin promised extension of the free electricity supply to 1,000 units, and it was mentioned in the DMK election manifesto." "This remains on paper and the recent announcement shocked us as the government has hiked just 40 paise per unit for consumers under high tension lines. The government must withdraw the announcement immediately," he said. Coordinator of the association B Kandavel, who owns more than 15 looms, said, "Due to the hike, people who own more than 15 looms have to pay an additional Rs 4,000- 5,000, which becomes a huge burden, since the industry is reeling under a drop in fabric price. The situation could have been managed if monthly billing cycle is implemented, which is another poll promise made by the DMK." Tamil Nadu Association of Cottage and Micro Enterprises (TACT) president J James said the proposed tariff hike to Rs 10 for SMEs from Rs 8 will hit the sector hard, "We won’t be able to compete with industries in Gujarat, which have been selling pumps at a 20 per cent lower rate than the price fixed by industries in Coimbatore."
Tamil Nadu Electricity Regulatory Commission accepts proposal to raise rates A day after TANGEDCO submitted a proposal to the Tamil Nadu Electricity Regulatory Commission (TNERC) to increase the electricity tariff, the commission on Tuesday accepted the proposal and ordered the power utility to complete public hearings by August 22. TNERC said the tariff petition should be put up on TANGEDCO’s websites, and stakeholders should get 30 days to offer comments. All comments are to be sent to the commission by August 22.
Source: New Indian Express
Assam government has launched a scheme to procure handloom items directly from the indigenous weavers without involving any middle men. Assam Chief Minister Himanta Biswa Sarma launched “Swanirbhar Naari”, an initiative of the Handloom & Textiles Department, to the indigenous weavers of the state and to provide financial support to the weavers’ families. Under the scheme, the Government has decided to procure handloom items directly from the indigenous weavers without involving any middle men through a specially developed Swanirbhar Naari web portal. The scheme will be implemented with the help of ARTFED and AGMC under the administrative control of Director, Handloom Textiles, Assam. Altogether 31 hand woven items are covered in the scheme belonging to various communities residing in the state. After procurement, products will be sold through formal channels of ARTFED’s outlet Jagaran and AGMC’s outlet Pragjyotika in Assam and in other states of the country. The online registration is designed in a way to reach those areas also, where departmental yarn banks are not available. It is expected that the portal will bridge the gap in between the weavers and the buyers. Sarma said that handloom & textile sector of Assam has a rich history and it has been playing an important role in the state economy. He said that the Assam’s handloom & textiles sector reflects the state’s civilization and cultural heritage and the textiles of different ethnic groups have enriched this, he observed. Stating that Prime Minister Narendra Modi has given a distinguished identity to Assamese gamosa across the country, the Chief Minister said that this has immensely popularized gamosa in India today. Taking advantage of such a favourable environment, he urged the Handloom & Textiles department to generate more awareness about Assamese gamosa in the country, which is a unique handloom product of the state. He also called upon the organizations and people of the state to procure gamosa that is produced in handlooms only.
Source : Economic Times
Reasonable tariff reduction requests by trade partners should be met for us to close deals quickly India has fast-tracked its trade negotiations recently, giving priorities to making India a bigger player in global value chains. A comprehensive agreement with the UAE was signed in a record time of 90 days. In our Economic Cooperation and Trade Agreement (ECTA) with Australia, we for the first time made commitments on wine, paving the way for liberalization of sensitive products imported from the UK and EU. Yet, Australian industry is unhappy and the ECTA has not yet been approved by Australia’s parliament. An India-UK interim deal may also be pushed beyond Diwali. Are our trade negotiations losing momentum? In partner countries, industries are not happy with fast-track, low-ambition trade deals. India is seen to be extremely restrictive in its commitments on sectors of their export interest. For example, in alcoholic beverages, UK companies are among the biggest investors and largest suppliers of whisky and intermediate products used for manufacturing in India, yet we have made no commitment to open up the market even after four rounds of negotiations. There is a growing anxiety in the UK industry that tariff reduction in whisky may not be a part of the interim trade deal, and without tariff reductions for over 70% of the UK’s agri-exports, there may not be any gains for it. While the UK hardly has any customs duty for alcoholic beverages, India’s basic customs duty of 50%, plus an agriculture infrastructure development cess of 100%, is among the highest globally. This 150% duty and cess on intermediate products is adversely impacting ‘Make in India’. Duties can be zero on ingredients and raw materials that are not made domestically. This will reduce manufacturing input costs, lead to more investments and create jobs. Duty reduction in bulk imports will facilitate value addition in the country. Indian firms are exporting products like cakes and biscuits to the UK and EU from their manufacturing units in countries like the UAE. If intermediate dairy products are allowed at lower tariffs, such products can also be manufactured in India for export. Will tariff reduction on final products adversely impact Indian industry?: One of our reasons for high tariffs is to keep the domestic market closed to foreign competition. However, in the case of products like whisky, at present less than 2% of the bottled-inorigin products are imported into the Indian market. Even if tariffs fall to zero, Indian firms can offer competitive prices and imports will not exceed 5%, according to stakeholders in the Icrier-Trade Promotion Council of India consultation in 2022. Similar responses were obtained for the automobile and auto-component sectors vis-avis the UK. In products where India has a strong manufacturing base and cost competitiveness, tariffs can be brought down in a phased manner. Cross-bargaining could lead to deadlocks: Export industries in sectors like textiles and apparel have asked zero-for-zero tariffs with markets such as the UK. Others in products like alcoholic beverages are confident that a tariff reduction will not adversely impact their market share, but they want to use the trade agreement to arm-twist the UK to relax a maturation requirement for a minimum period of 3 years. They argue that due to the warm climatic conditions of India, whisky manufactured here matures faster than in the UK, and if a 3-year period has to be adhered to, there will be considerable evaporation of spirits, resulting in a significant loss of alcohol, pushing up the cost for domestic manufacturers. This argument does not consider that parts of India in the Himalayan region have similar climate as in the UK. The UK imports Indian-made spirits at zero duty that are sold as ‘Indian spirits’. Indian companies want it sold under the name ‘Indian whisky’. Scotch whisky is a geographical indication (GI) product. Sometimes molasses is used instead of grains to make whisky; some stakeholders want the UK to change its food safety regulation to allow molasses. For exports like basmati rice, grapes and mangoes, Indian producers are working hard at adhering to importing countries’ food safety requirements. In others like alcoholic beverages and dairy products, some stakeholders want importing countries to relax their food safety standards and GI requirements. This is making our trade negotiations difficult. Delays in deal will be at the cost of our exporters, who are facing competition from other developing countries like Vietnam, which enjoy zero duty. The way forward: In any trade deal, there are stakeholders with different interests. Indian policymakers may examine different views put forth by producers, user industries and consumers, and then take decisions that benefit the country. Intermediate products, GI products and products where India has an export interest or cost competitiveness over its trading partners can be liberalized. Tariff liberalization can be done in a phased manner, so that it does not hurt the domestic industry. In addition, rules-of origin and trade remedial measures should be carefully drafted. Markets like the UK and EU are key export markets with which trade agreements can lead to a significantly positive trade balance if smartly designed. India can work with free trade agreement partner countries to enhance collaboration, capacity building and businessto-business partnerships so that Indian companies are able to export much more to these markets. With political uncertainty in partner countries, it is time for India to demonstrate its interest in closing trade deals by acceding to partner country requests in some high-tariff areas such as alcoholic beverages and automobiles.
Source: Live Mint
Niiyaa is bringing art from remote corners of the world mesmerizing clothing from Marrakesh to Kalamkari panels from Srikalahasti, handwoven Bhujodi panels embellished with Bandhani and Rabari embroidery. Niiyaa, the brainchild of Aditi Tewari and Anurag Shrivastava is dedicated to create a grand Indian and international community of creators and consumers in the space of handcrafted luxury. Founded in 2021, today Niiyaa has over 500 artisans across India to bring the handcrafts onto their e-commerce platform with a vision to bring textiles with optimum utility and quality for a large pool of audience globally to transform craftsmen into a brand in themselves. They plan to expand this and reach over 1000 artisans in the coming years and later aim to become a platform for any artisan from across the globe. The company is on a mission to showcase artisans’ work globally and uplift the lives of the Artisan Community. Niiyaa is bringing art from remote corners of the world mesmerizing clothing from Marrakesh to Kalamkari panels from Srikalahasti, handwoven Bhujodi panels embellished with Bandhani and Rabari embroidery. Ornamented with the finest art forms, sounds and sights of the intriguing desert come alive in each splendidly unique wrap made by artisans. Then there is Jamdani, warm woollens and a plethora of products. “All the collections are a unique interpretation of the essence of the brand. Niiyaa is soon launching various products categories such as Stoles, Scarves, kaftans, shrugs, Handbags, Jewellery, Coats, Dresses, Jackets amongst others. Every handmade piece has a story to tell, a story of their tradition, of their history, of the emotions they carry while producing the piece. The list is endless. Our team of in-house designers work hard with artisans to make one of its kind products. We have also got finer in reaching the right audience based in the US, Canada, UAE, and some parts of Europe,” said Anurag Shrivastava, co- founder and CEO, Niiyaa. “We have ventured into the artisanal world and consumers across the globe with over 15 signature handcrafts. Our artisans get their fair share much before the product reaches the consumer and thus their healthy monetization is well ahead of time. In fact, Niiyaa is taking the risk of carrying the inventory, to ensure that our artisan partners are insulated from market fluctuations and get monetized way ahead. A sad yet true fact is that while buying a handcrafted product, a consumer very rarely knows the story behind the handmade product. So, a very large percentage of consumers don’t realize the extent of workmanship, hard work and passion that's gone into a particular craft. To ensure that we can support this community, we continue travelling and absorbing ideas and inspiration from everywhere and we are into this for a longer run,” said Aditi Tewari, Founder, Niiyaa. They invest handsomely on beautiful photography and social, and digital marketing in various way. Their monetization happens when the product is sold in the market, either on their channel or by their partners. At the moment, they are focusing more on reaching the right consumers and creating the brand awareness for Niiyaa. Niiyaa had gone live amidst the pandemic and this experience has added to their journey that has seen ups and downs. However, they have garnered a great amount of learning at every step. Speaking on the marketing plans, Anurag said that they had started initially with digital marketing on most popular digital platforms and they would continue to do so with more focus and refinement with their past learnings and experiences. Additionally, they plan to engage in other forms of marketing channels such as influencers and offline channels in the near future. “Over the past few years, there are several platforms which have come online focussing on this space, but scaling up those ventures globally has its share of pain and loss, both in terms of geography as well as financially. We also strongly believe that it’s our duty to build a sustainable world for our next generation and moving towards slow fashion and handmade products is one such attempt. In today's world, high quality handcrafted products with a modern language are still not as accessible to the world,” said Aditi. The brand is also working with makers from countries in Asia to Africa and every country in between. In the next few years, the founders want to make Niiyaa the largest platform for highly curated fine handcrafts belonging to the remotest places on earth, and reaching to any continent, to a base of users who truly believe in human connections. They are very positive to work for this purpose-driven cause and see huge potential in this arena.
Source: Outlook India
Around four years ago, Lalubhai Vankar, a nonagenarian was the last weaver left in his village in Chhota Udepur. Lalubhai from tribaldominated district of Central Gujarat's Dhandoda village single-handedly continued the indigenous textile tradition of weaving tribal loin cloth - Kasota or langot - worn by tribals of the region for centuries. Kasota or 'langot' which is even today used in post-death rituals of tribals was virtually on death bed. As tribals themselves started wearing t-shirts and cheap denims, a turnaround of sorts occurred and garments developed using this traditional weaving technique has today reached the ramp After working on a project for six months, two students from the National Institute of Fashion Technology (NIFT), Jodhpur displayed the modern day apparels at a fashion show in Rajasthan. In the meantime, not finding many takers, weavers from the Vankar community had left the profession and many even took to diamond polishing in Surat. "Even Lalubhai's son had left the profession. We felt that if this technique is not supported, it will extinct forever," said Dr Madan Meena, director of Adivasi Academy at Tejgadh, which after a hunt located two sexagenarian weavers - Ratan Vankar and Govind Vankar in Moti Tokari village near Kanwat. The duo had given up weaving for two decades, shifted to Surat to work in a diamond polish factory. Their looms which were lying idle were broken. "We restored the looms, installed them at our academy, paid the duo monthly salary and started training people," said Meena. Textile improved to create stoles The textile was improved further with handspun cotton yarn and natural dyes to create stoles and table runners to find buyers. But the cloth had a limitation due to its narrow width as it was being woven on a pit loom and short reed. That's when Surbhi Bajaj, a textile designer and Sonal Bajaj, a fashion designer from NIFT, Jodhpur pitched in. Surbhi first developed textile samples with different weaving patterns, Sonal Kumar carried out dress designing. "This is a brilliant example where the less fashionable loin cloth has been refashioned into a modern costume of greater value produced indigenously by the Vankars of Chhota Udepur," said Dr Madan Meena, director of Adivasi Academy at Tejgadh. Going further, the academy will be using organic cotton to create a yarn bank of natural dye yarns. "The textiles produced will be used for making costumes giving a new lease of life to langots," said Meena.
Source: Times of India
Launching the scheme, Chief Minister Himanta Biswa Sarma highlighted the rich history of the handloom and textile sector of Assam and the important role it had been playing in the state’s economy. The Assam government on Tuesday launched an initiative to empower the indigenous weavers of the state and provide financial support to their families. Under the ‘Swanirbhar Naari’ scheme, the state government will procure handloom items directly from the indigenous weavers via a web portal without the involvment any middlemen, an official release here said. Launching the scheme, Chief Minister Himanta Biswa Sarma highlighted the rich history of the handloom and textile sector of Assam and the important role it had been playing in the state’s economy. Maintaining that Prime Minister Narendra Modi gave a distinguished identity to Assamese ‘gamosa’ (traditional scarf or towel) by wearing it on different occasions, Sarma said this has immensely popularised it everywhere. He urged the Handloom & Textiles department to promote Assamese gamosa, which is a unique handloom product, across the country. Sarma also called upon organisations and people of the state to use gamosa. An initiative of the textiles department, 31 hand-woven items are covered under the new scheme. After procurement, the products will be sold through government outlets in the state as well as outside. According to the release, the portal is expected to bridge the gap between the weavers and the buyers.
Source: Outlook
From 21 to 24 June, the leading international trade fairs Techtextil and Texprocess focused on sustainability and innovations and provided the audience with an optimum setting on seven hall levels for exchanging information and establishing and strengthening business relationships. Quality meets quantity: this motto was fulfilled once again this year.
About 94 per cent of all visitors and 87 per cent of all exhibitors expressed themselves as very satisfied with their participation in the trade show. These very good results are in line with those of the previous events in 2019. With a degree of internationality of 66 per cent, a total of 48,000 visitors from 105 countries attended the first edition of Techtextil and Texprocess since the pandemic and used the opportunity to visit both trade fairs. The excellent figures of around 44,000 visitors at Techtextil and 22,000 visitors at Texprocess (each including visitors transferring from Texprocess and Techtextil respectively) confirm the relevance of these trade fairs for the textile and textile technology industries, the organiser said in a press release. Close to 1,141 exhibitors at Techtextil from 47 countries and 182 exhibitors at Texprocess from 29 countries, including twelve international country pavilions and numerous joint stand participants, presented their products, technologies and new developments. In addition to German exhibitors, companies from Italy, France, Turkey and Switzerland were most frequently represented. The extensive and attractive accompanying programme, such as the Techtextil and Texprocess Forums, the Techtextil and Texprocess Innovation Awards, the Techtextil Special Show "Performance Textiles in Fashion" or the Texprocess Special Show "Denim Future Lab" with integrated Speakers Corner, enabled discussions and showed exceptional textile and textile technology solutions, also with regard to sustainability. "The first edition of Techtextil and Texprocess since the pandemic fulfilled the industry's strong desire to finally come together again in person. We are pleased that the re-start was excellently received by exhibitors and visitors worldwide. At the Frankfurt exhibition centre, we were able to create a place for industry representatives to exchange ideas on the future topics of the textile and apparel industry," said Olaf Schmidt, vice president Textiles & Textile Technologies, Messe Frankfurt. "With the focus on sustainability and innovations, we have created real added value for visitors. Never before has there been so much interest in innovative and sustainable solutions. Techtextil and Texprocess offer an optimal platform for the presentation of progressive products and support the future-oriented further development of the industry," explained Michael Jänecke, director brand management Technical Textiles & Textile Processing, Messe Frankfurt. New products and further developments were of particular importance at this year's Techtextil and Texprocess. In a time characterised by social and economic challenges, labour shortages, supply bottlenecks or shortages of raw materials, progressive approaches to solutions are essential. At the leading trade fairs, it became clear that the companies have used the time since the last Techtextil and Texprocess intensively for research and development and were able to present numerous promising products. "After the Corona break, it was of great importance to finally reconnect with the international industry at Techtextil and to meet our many business partners in person that we have not been able to meet in person for a long time. We also made some interesting new business contacts," said George Papagiannis, sales & marketing manager at Thrace Nonwovens & Geosynthetcs S.A., Greece. "For us, Texprocess was a great success. We are very satisfied with the quality and the results of the conversations with the visitors. It was a great pleasure for us to meet so many partners and customers again in person after a long time of major travel restrictions. Digital communication is a must nowadays and certainly makes many things easier, but it cannot completely replace face-to-face communication and knowledge transfer. We welcomed many new business partners at Texprocess, but also long-time friends and familiar faces," said Henry Diekmann, head of marketing at Dürkopp Adler, Germany. "At this year's Techtextil, our Portuguese companies achieved very good results. Our conclusion is that the success of the trade fair in 2022 continued on seamlessly from 2019 - and we are very pleased with this finding. Most of our companies were also very pleased with the number of new customers looking for new European suppliers," said Manuel Serrão, CEO at Selective Moda. But nowhere was the future of the textile industry as close as at the Techtextil and Texprocess Innovation Awards. Thirteen winners from seven categories were selected by two international juries of experts, honoured at a public awards ceremony and exhibited on all four days of the fair. In addition to the first woven heart valve, production processes using sustainable materials, such as pineapple peels or a novel cold glue robot, all received a Techtextil or Texprocess Innovation Award. The textile industry is exploring news paths. This is also the case with regard to sustainability. The interest in sustainable and resource-saving materials and processing methods or recycling solutions has never been so great. This has also long since entered the consciousness of manufacturers. This year, 66 exhibitors were marked with Sustainability@Techtextil or Sustainability@Texprocess and could thus be specifically visited by visitors. Exhibitors with sustainable offerings were able to submit their products for review by an international group of experts and were highlighted after successful review. A special highlight was the Techtextil special show "Performance Textiles in Fashion". Here, visitors experienced first-hand how functional textiles are used in the apparel industry. Smart textiles with electrodes and stretchable cables for electro-muscle stimulation, heatable clothing or bags made of particularly resistant material provided inspiration and amazed the audience. The Denim Future Lab took visitors into the world of the denim industry. The Texprocess special show focused on sustainable materials and processing as well as luxury denim. The Speakers Corner, which was co-organised by the Transformer Foundation, invited visitors to exchange ideas and engage in discussions and was very well attended. The next Techtextil and Texprocess will take place from April 23 to 26, 2024.
Source : Fibre2fashion
UK-Vietnam trade is expected to be worth $10 billion in the next one or two years due to strong support from the Vietnam-UK Free Trade Agreement (UKVFTA), which took effect in May 2021. Bilateral import-export turnover in 2021 reached $6.6 billion, a 17.2 per cent year-on-year rise and four times higher than the period before establishing the partnership. In 2009, turnover was $2.65 billion. Export and import revenues were $5.76 billion and $849 million respectively last year, rising by 16.4 per cent and 23.6 per cent, according to the department of the Europe-America market under the ministry of industry and trade. Rise in demand for consumer goods in the United Kingdom has created more opportunities for Vietnamese exporters. The United Kingdom is the third largest trading partner of Vietnam in Europe after Germany and the Netherlands. Total UK direct investment capital into Vietnam by 2021 was $4.15 billion, double the amount before establishing the strategic partnership, according to a Vietnamese media report. In 2009, the figure was a mere $2 billion.
Source: Fibre 2 Fashion
China's central bank will step up the implementation of a sound monetary policy for better support to the economy, according to People's Bank of China (PBOC) governor Yi Gang, who recently said PBOC will advance the development of the transition finance framework and promote the joint implementation of the G20 Sustainable Finance Roadmap. This will enable the country’s financial sector better support carbon emission peak and carbon neutrality objectives, Yi said addressing the 3rd G20 Finance Ministers and Central Bank Governors Meeting last week. The meeting, under the Indonesian presidency, was held in Bali on July 15 and 16, in a hybrid mode. PBOC governor Yi and deputy governor Chen Yulu participated via video conference, according to official Chinese media reports. Ministers and central bank governors came to the conclusion that the global economic recovery and financial stability face multiple challenges, including elevated risks from COVID-19, inflationary pressures, geopolitical developments, food and energy supply tensions, and volatility in cross-border capital flows. To maintain price stability and avoid negative spillovers and address the challenges, collective efforts to deploy supportive policy measures in a flexible and targeted manner are essential, the meeting concluded. The participants reaffirmed the importance of transition finance and their support for low-income countries in responding to the economic shocks.
Source: Fibre 2 Fashion
THE CITY council has welcomed the creation of a new textile manufacturers’ federation. The newly-formed Apparel & Textile Manufacturers Federation (ATMF) was formally launched at the Houses of Parliament on Monday 18th July. Founded to revive the historical trade of textile and garment manufacturing in Leicester, and with the aim of building a more ethical and sustainable textiles sector, the ATMF will act as a voice for suppliers. It aims to support the garment supply chain with compliance, auditing and the safeguarding of jobs through collaborative partnerships. Sajjad Khan, founder of ATMF, said: “We are delighted that the UK Government is recognising our efforts in Leicester and further afield, to support textile and apparel manufacturers. It is a great honour to have been given the opportunity to launch the Federation at the House of Commons, and this only adds to the gravitas of our mission.” He continued: “We already have the backing of a large number of businesses from across the supply chain so we know there is a very real need to create a strong supplier voice. We have also drawn support locally from senior level organisations including Leicester City Council, De Montfort University and the Leicester and Leicestershire Enterprise Partnership. The ATMF aims to promote ‘Brand Leicester’ within the MADE IN UK umbrella.” Shehzad Valli, a Member of ATMF and a Leicester garment manufacturer, added: “The launch of the ATMF marks a significant milestone in the revitalisation of the textiles sector in Leicester. We want the city to be at the forefront of national gains for the industry, and we’re determined to make that happen. We are now calling on the UK Government, national and international bodies, and major brands to support our efforts.” Leicester’s deputy city mayor for Leicester, Cllr Adam Clarke, has led on innovative work to bring partners together in the city to help tackle problems in the garment industry. This has included the setting up of the Leicester Labour Market Partnership – after a meeting instigated by the city mayor in 2017 - the publication of an annual report to document progress, and investing £300,000 in a new fashion technology academy, run by Fashion-Enter, to increase skills and best practice. With funding from the UK Community Renewal Fund, the city council and partners Fashion Enter and De Montfort University have also been delivering a co-ordinated support programme for textiles manufacturers and local textiles workers. "The mobilising of manufacturers as a meaningful voice for the textiles sector has been an aspiration for some time and is a huge step forward. I congratulate all those involved for stepping up and showing such leadership, particularly during these challenging times,” Cllr Clarke said. “Leicester's strong heritage in garment manufacturing puts the city in a great position to lead a resurgence in the industry - but this can only be done ethically by working together. “This innovative new federation is a vital building block as we embed Leicester as a place offering well-paid, highly-skilled jobs, producing amazing garments in quality working environments." The invitation to launch the federation at the Houses of Parliament follows a recent and successful meeting between federation members and Government representatives. ATMF was formed with the help of worker rights' charity, Justice in Fashion.
Source: Leicester
Sri Lanka has registered an impressive growth in garment and textile export in the first five month of this year despite the ongoing economic and political crisis. Garment exports from the island nation stood at $2,206.6 million in January-May 2022 registering an increase of 16.7 per cent over exports of $1,890.9 million in the same period of previous year, according to the statistics released by the Central Bank of Sri Lanka. Sri Lankan textile exports increased by 17.9 per cent year-on-year to $149.2 million during the same period. However, exports of other made-up textile articles stood at $52.7 million during January-May 2022, registering a decline of 3.2 per cent year-on-year, according to the central bank’s report ‘External Sector Performance – May 2022’. Textiles and garments exports accounted for 56.40 per cent of all industrial exports from Sri Lanka during the five-month period of this year, the report showed. On the other hand, imports of textiles and textile articles rose by 19.6 per cent to $1,404.7 million, while clothing and accessories imports were up by 21.4 per cent to $109.7 million during January-May 2022. During the month of May 2022, garment and textile exports from the South Asian nation registered a growth of 29.9 per cent year-on-year. Category-wise, garment exports increased by 30.4 per cent to $436.7 million, textile exports rose by 34.4 per cent to $37 million. Exports of other made-up textile articles were up by 1.7 per cent to $10.1 million.
Source: Fibre2fashion
