|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1003.00 |
USD/Ton |
-0.08% |
6/23/2016 |
|
VSF |
2050.01 |
USD/Ton |
0% |
6/23/2016 |
|
ASF |
1911.92 |
USD/Ton |
0% |
6/23/2016 |
|
Polyester POY |
989.34 |
USD/Ton |
0% |
6/23/2016 |
|
Nylon FDY |
2215.40 |
USD/Ton |
0% |
6/23/2016 |
|
40D Spandex |
4324.59 |
USD/Ton |
0% |
6/23/2016 |
|
Nylon DTY |
2427.84 |
USD/Ton |
0% |
6/23/2016 |
|
Viscose Long Filament |
5658.38 |
USD/Ton |
0% |
6/23/2016 |
|
Polyester DTY |
1229.09 |
USD/Ton |
0% |
6/23/2016 |
|
Nylon POY |
2056.08 |
USD/Ton |
0% |
6/23/2016 |
|
Acrylic Top 3D |
2086.43 |
USD/Ton |
0% |
6/23/2016 |
|
Polyester FDY |
1125.91 |
USD/Ton |
0% |
6/23/2016 |
|
30S Spun Rayon Yarn |
2746.49 |
USD/Ton |
0% |
6/23/2016 |
|
32S Polyester Yarn |
1669.14 |
USD/Ton |
0% |
6/23/2016 |
|
45S T/C Yarn |
2427.84 |
USD/Ton |
0% |
6/23/2016 |
|
45S Polyester Yarn |
1805.71 |
USD/Ton |
0% |
6/23/2016 |
|
T/C Yarn 65/35 32S |
2124.36 |
USD/Ton |
0% |
6/23/2016 |
|
40S Rayon Yarn |
2883.06 |
USD/Ton |
-1.04% |
6/23/2016 |
|
T/R Yarn 65/35 32S |
2200.23 |
USD/Ton |
0% |
6/23/2016 |
|
10S Denim Fabric |
1.34 |
USD/Meter |
0% |
6/23/2016 |
|
32S Twill Fabric |
0.81 |
USD/Meter |
0% |
6/23/2016 |
|
40S Combed Poplin |
1.15 |
USD/Meter |
-0.13% |
6/23/2016 |
|
30S Rayon Fabric |
0.68 |
USD/Meter |
0% |
6/23/2016 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
6/23/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15174 USD dtd. 23/4/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Chinese exporters are indulging in undervaluation of the fabrics as they get duty benefits from Chinese government. Due to slowdown in China, the country has been dumping the surplus into India on the back of subsidies offered by the government. This was largely due to the surplus capacity with China," said Rajvanshi. "The import of synthetic textile from China in 2015-16 stood at $800 million. These imports are mainly due to several subsidies offered by China.Anil Rajvanshi, chairman of SRTEPC said, "A strong demand has been made before the government to levy 20% as anti-subsidy duty based on a list of over 20 subsidy schemes that are offered to Chinese exporters. Sensing big trouble for the domestic man-made fibre (MMF) industry, especially the powerloom weaving sector, with the import of cheap fabrics from China, industry representatives from Synthetic Rayon Textiles Export Promotion Council (SRTEPC), Federation of Indian Art Silk Weaving Industry (FIASWI) and Association of Synthetic Fibre Industry (ASFI), among others made an anti-subsidy petition to the central government.SRTEPC chairman, Anil Rajvanshi, during his recent visit to the Diamond City, stated that the government has sought details on the fabric containers coming from China, valuation of the fabrics, etc.Industry representative bodies urged the government to expedite work on seeking clarification from the Chinese government on various subsidies offered to its exporters that leads to dumping of synthetic fibre and yarn products in India.The industry representatives have approached the ministry of finance and ministry of commerce on how to curb cheap imports from China. These imports are mainly due to several subsidies offered by China.Anil Rajvanshi, chairman of SRTEPC said, "A strong demand has been made before the government to levy 20% as anti-subsidy duty based on a list of over 20 subsidy schemes that are offered to Chinese exporters. The Chinese exporters are indulging in undervaluation of the fabrics as they get duty benefits from Chinese government."Rajvanshi further added that they have requested the Indian government to seek an explanation from their Chinese counterpart on the subsidies.Based on the responses, they hope a custom duty will be charged on the landed price after calculating the subsidies.Industry sources said that the total installed capacity of synthetic fibre in India is five million tonnes, while China has a surplus of nine million tonnes. Due to slowdown in China, the country has been dumping the surplus into India on the back of subsidies offered by the government."The import of synthetic textile from China in 2015-16 stood at $800 million. This was largely due to the surplus capacity with China," said Rajvanshi.
Source: Times of India
The "extra push" given to the textiles industry through an incentive package will help create more jobs and push exports, Commerce and Industry Minister Nirmala Sitharaman said today. "It is a sector where India has gained a lot of advantage ... It has a great potential for job creation," the minister said. This "extra push" was given to the sector due to various global developments, she said. The Union Cabinet yesterday approved a Rs 6,000 crore package for textiles and apparel sector with an aim to create one crore new jobs in three years and attract investments of $ 11 billion while eyeing $30 billion in exports. Textiles exports contribute significantly to the country's total exports at about $17 billion in 2014-15. The sector is witnessing huge competition from small countries like Bangladesh and Vietnam, which have access to developed markets at lower tariffs. When asked about the impact of Brexit (possible exit of Britain from European Union) on India, Sitharaman said that the government is "watching the situation". "We will be observing the developments. It is too early for me to comment (on its impact)," she added. Talking about the stalled India-EU free trade agreement, the minister said India is waiting for the dates to resume the talks. "We are waiting for the dates. It is my doubt that if because they are waiting for the outcome of Brexit, they have not yet given the dates as yet. The moment they give the dates, we will keenly want to continue the talks to reach the conclusion at the earliest," she added. Launched in June 2007, the negotiations for the proposed agreement have witnessed many hurdles with both sides having major differences on crucial issues like intellectual property rights, duty cut in automobile and spirits, and liberal visa regime. The pact is aimed at reducing or significantly eliminating tariffs on goods, facilitating trade in services and boosting investments between the two sides. When asked about Apple Inc's proposal to open single brand retail stores in the country after announcement of the tweaked FDI policy in the sector, Sitharaman said: "We have announced the policy. We will wait to hear from them". The ministry has stated that it will give exemption to foreign firms such as Apple Inc coming with state-of-the-art technology from the mandatory local sourcing norms in the single-brand retail sector for up to three years.
Source: Economics Times
The garment makers will be given additional duty drawbacks of 5%, to boost mfg in the country. Commenting on the government’s approval for a special package for Textile and Apparel sector, Kripabar Baruah, Deputy Director, The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC), said that this is majorly going to benefit the domestic garments industry compared to exports. “The garment makers who are importing fabrics will be given additional duty drawbacks of 5 percent by the government, to promote manufacturing in the country. They are allowed to import almost free of cost under the Advance Authorisation Scheme,” Baruah told The Dollar Business. He said that the package will definitely generate employment, but mainly in the domestic manufacturing sector, not in the export sector. “The exports in this scenario are volatile and the profit margin is thin. Therefore, there is a need to focus on the export sector,” Baruah said. M Mody, Owner R F International, a textile exporting firm based out of NCR, told The Dollar Business, “We are a little skeptical about the actual implementation of such schemes. In the past too, many such announcements have been made but their actual execution have been marred by bureaucratic delays.” On the additional five per cent duty drawback for garments, Mody said that if the government successfully implemented the announced Rs 5,500 crore (out of Rs.6000 crore) for an additional 5 percent duty drawback for garments, it would benefit the sector in a big way and help in reviving the domestic industry amidst this challenging environment. On the other hand, S C Ralhan, President, FIEO said that the special package will meet a few of the outstanding demands of the textile sector and provide competitiveness to exports of textiles from the country. “The rebate on taxes via the route of duty drawback and awarding of duty drawbacks in case of fabrics import under Advance Authorization would improve the cost competitiveness of exports,” the FIEO chief said in a statement. “The additional 10 percent TUFS subsidy for garment industry based on additional production will enhance the sector to modernise and enhance the production while creating job opportunities,” he added. The government on Wednesday declared a special package of Rs.6,000 crore for the textile and apparel sector, with an aim to help in generating one crore jobs in the next three years. The package also includes various tax and production incentives for the sector.
Source: The Dollar Business
Economic Affairs Secretary Shaktikanta Das said India was closely tracking developments in the UK. As Britons cast their votes on exiting from the European Union , the finance ministry on Thursday exuded confidence that the country is prepared to handle any development on this front. "If Brexit happens, India is ready," Economic Affairs Secretary Shaktikanta Das tweeted. "Brexit vote today. We are closely tracking developments in the UK." he added. On Wednesday too, Das had listed sufficient foreign exchange reserve of $360 billion, India continuing to be an attractive Foreign Direct Investment destination globally and minimal likely impact on India's trade as the three factors which would allow India to be safe after any decision from Britons. Meanwhile, secretary level talks between India and China have been deferred as Das postponed his visit to Beijing to deal with Brexit issues in India. Earlier in the day, there were reports that Finance Minister Arun Jaitley'sbilateral Meeting with his Chinese counterpart Lou Jiwei in Beijing has beencancelled. The reports were later deniedby the finance ministry. "The Finance Minister's meeting stands as per scheduleon 27th June," it said. Industry chambers have been asking the government to keep acontingency plan ready for Brexit. "As a key emerging market and the one which is beingpreferred by the global fund managers, India could witness wild fluctuations orlarge outflows in sync with an overall trend," Assocham had said in a statementearlier. "That is something to watch for." According to the Commerce Ministry data, India's trade withBritain was worth $14.02 billion in 2015-16, of which $8.83 billion was inexports and $5.19 was in imports. The trade balance thus was a positive $3.64billion in India's favour.
Source: Business Standard
Textile and apparel prices are set to fall as the Rs 6,000-crore package announced by the Cabinet for the sector will allow manufacturers to pass on the benefits of duty credit to consumers, according to an analysis by rating agency ICRA. The Union Cabinet had on Wednesday cleared the package in an effort to make Indian textile exports more competitive in the international markets and generate jobs at home. In ICRA's view, the increased benefit of 25% of capital subsidy under the amended Technology Upgradation Fund Scheme (TUFS) for new garment units will further reduce their capital investment requirement by 7.5%. The proposal would also allow new garment units save up to 3.7% on labour cost and 1% on total manufacturing cost of apparel as the government has agreed to contribute the employer's share of EPF under the package, ICRA said in the report. "While the fiscal incentives under the package will improve capacity additions as well as increase the competitiveness of India's exports, achieving the target of $43 billion of apparel exports by 2018 appears to be a challenge," said Anil Gupta, assistant vice president at ICRA. Garment exports from India grew 4% year-on-year to $17.1 billion in 2015. The compounded annual growth rate (CAGR) for the period 2010 to 2015 stood at 10%, with exports rising from $11 billion to $17.1 billion. "Demand slowdown from key importing countries in Europe and the US, which is reflected in our estimates of YoY de-growth of ~4 % in global garment trade in 2015, can be a major challenge for growth in India's exports," Gupta added. The ICRA report also highlights that India's textile exports are skewed towards cotton-based sectors, as reflected in their share of ~70% of total textile exports, whereas the global fibre consumption is largely skewed towards man-made fibres. This apart, the domestic textile sector suffers from lot of structural inefficiencies, whereby the garment manufacturing clusters are located away from fabric manufacturing clusters, which, in turn, are away from yarn manufacturing and cotton growing clusters. Fragmentation of Indian textile industry leads to lot of systemic in efficiencies and competitive disadvantage for the India's textile exports. Unless these issues are addressed, the competitiveness of India's export will always remain under threat.
Source: Economics Times
The government has announced a Rs6,000-crore package for the textiles and apparels sector to help it wrest a bigger share of the global market. The package also provides the sector more flexible labour laws and financial incentives. It hopes the package will create one crore new jobs in three years, attract Rs74,000 crore in investment and generate $30 billion in exports earnings. "The package will help in realising the true potential of employment generation in the textile and apparel sector," Finance Minister Arun Jaitley said at a briefing on Cabinet decision. The thrust of the package is to make this labour-intensive industry cost competitive and achieve economies of scale, which can help it corner a bigger share of the global market. "We will overtake Vietnam and Bangladesh in garment exports within next three years if we properly implement the package," Textiles Sec. India's textiles and apparel exports add up to about $40 billion. India has not been able to take advantage of rising wages in China to get a bigger share of the exports market despite having abundant labour and entire value chain of fibre to fabric. "We have advantages of economies of scale. Therefore, it was decided to take steps to give a boost to the sector," the Finance minister said after the Cabinet meeting. Industry welcomed the package. "The industry is very happy, especially because of the labour reforms that have been initiated. Measures like fixed-term employment and seasonal flexibility in labour laws will benefit the garment sector immensely," Apparel Export Promotion Council Chairman Ashok G Rajani said.
LABOUR FLEXIBILITY
The government will foot the entire 12% of employer's contribution under the Employers Provident Fund Scheme for new hands hired by the industry and earning less than Rs15,000 a month for the first three years. This is higher than the 8.33% share borne by the government under the Pradhan Mantri Rozgar Protsahan Yojana (PMRPY). This will add up to a benefit of Rs1,170 crore over the next three years for the industry. In addition, provident fund contribution will be made optional for those earning less than Rs15,000 per month, which will boost in hand salaries of sector workers and thereby lift its employment attractiveness. Overtime hours for workers will be fixed at eight hours per week in line with the ILO norms, which will further increase hiring. The industry will be allowed to hire workers for fixed-term employment because of its seasonal nature, but such workers will be at par with permanent workmen in terms of working hours, wages, allowances and other statutory dues. The package provides additional duty drawback incentives for garments, flexibility in labour laws to increase productivity as well as tax and production sops for job creation in garment manufacturing.
Source: Economics Times
The Ministry of Textiles has sanctioned 24 new textile parks for 11 States under the scheme for integrated textile parks (SITP) in the last two years, but Odisha Government is yet to take any initiative to design textile parks plan at Choudwar and Bhadrak. Union Textiles Minister Santosh Kumar Gangwar informed that they have not received any proposal from Odisha Government so far. They have been asking the States to send their proposals and will certainly consider, if any proposal comes from Odisha. The project cost under the scheme will be funded through a mix of equity or grant from the Ministry. As per scheme guidelines, the Central Government support is limited to 40 percent of the project cost with a maximum ceiling of Rs40 crore for parks. Apart from providing land for the textiles park, infrastructure development with common facility is the responsibility of the State Government concerned. Last year, Chief Minister Naveen Patnaik had announced for setting up two integrated textile parks at Cuttack and Bhadrak. The SITP has been simplified and re-oriented towards less industrialized States, the Union Minister said, pointing out that only 60 textile parks were established by the UPA Government during the last 10 years. The Textile Ministry is promoting handicrafts under ‘Linking Textiles with Tourism’. Raghurajpur near Pipli is one of the special projects for Integrated Development and Promotion of Handicrafts sanctioned by the Ministry with financial assistance of Rs10 crore.
Source: Yarn and fibre
The country's largest man-made fabric (MMF) sector in Surat now eagerly awaiting the fine print of the Rs6,000 crore worth special textile package announced by finance minister Arun Jaitely on Wednesday for textile and garment sector as it will add glitter to MMF industry. However, the industry leaders stated that the primary details shared by the FM on the special textile package like the five per cent additional duty drawback, refund of the state levies and the increase of subsidy in the amended technology upgradation fund scheme (TUFS) from 15 per cent to 25 per cent will provide a level playing field for the textile exporters facing tough competition from their counterparts in China, Bangladesh and Vietnam. Dinesh Zaveri, textile technocrat and secretary of the Man-Made Textile Research Association (MANTRA) said that the special package will boost textile exports from Surat and other parts of the manufacturing centres in the country. Currently, the duty drawback on spun fabric, nylon and filament fabrics ranges from 3 percent to 8.6 percent. If the additional five percent is added, the filament fabric export alone will get duty drawback benefit of around 14 percent. According to vice chairman, Narain Agarwal of The Synthetic & Rayon Textile Export Promotion Council's (SRTEPC) the special textile package is going to be a win-win situation for the textile exporters and manufacturers as it is booster dose for the ailing textile sector. The amended TUFS subsidy hike will allow more and more textile entrepreneuers to invest in newer technology to boost production. Also the benefits of additional duty drawback and the refund of state levies will help boost the exports of fiber, yarn, fabrics, etc.
Source: Yarn and fibre
Confederation of Indian Textile Industry (CITI) has welcomed the initiative for job creation in garment industry and hopes more initiatives are expected to follow to strengthen and support the textile value chain and the make in India initiative. CITI said in its statement that China and India have robust textile value chain, which has been the core strength and source of confidence for international buying houses. It is also a fact that Bangladesh is heavily investing to strengthen the textile value chain to provide comfort to the buying houses and maintain their growth for garment exports. On the back of TPP discussions, Vietnam is investing in substantial capacities for yarn and fabric manufacturing to bolster their value chain to support and enhance their garment exports. However, CITI said that the package announced by the government should integrate the apparel export benefit to further strengthen the textile value chain. While they appreciate that government is considering compensation for the State taxes suffered by the garment exporters, it is important to appreciate the highest embedded State taxes are at the fabric stage due to complex and involved manufacturing process.
Garment exporters have been given special dispensation for duty-free import of fabric and still allowing drawback benefit on the residual value after deducting the import of fabric. In the interest of maintaining and strengthening the textile value chain, and make-in-India initiative, it is recommended that the garment exporters be encouraged to source cotton fabric and other fabrics that are manufactured in India. The textile manufacturer would be able to avail the benefits under deemed export scheme, which would make them eligible for benefits of duty-drawback scheme. It would indeed be a win-win situation for apparel and textile manufacturers, working together, contributing to employment and retaining value addition within the country. CITI has suggested some benefits such as over-time, fixed time employment scheme be extended to the full textile value chain. If the scheme can be modified to strengthen the value chain, to eliminate taxes and support productivity improvement, the ultimate outcome would be far superior than expected. CITI further acknowledging vertical integration of textile value chain is India's strength has urged the government to link the scheme to other segments of the textile value chain. According to a recent study by the World Bank on Apparel employment, trade and economic development in South Asia, recognizes the fact that the international buyers value full package vertical capability and thus the entire value chain. This would mean that the international buyers prefer to work with suppliers that provide full package, that is fabric manufacturing, supply chain related services in addition to assembly activities.
Source: Yarn and fibre
Federation of Indian Exports Organisations President S C Ralhan welcoming the special package for the textile sector commented that the package meets some of the outstanding demand of the sector and will impart competitiveness to textile exports from the country, create employment and attract FDI. The rebate on state taxes through duty drawback route and grant of duty drawback in case of import of fabric under Advance Authorization would add to cost competitiveness of exports. The 10 percent additional TUFS subsidy for the garment sector based on additional production and employment will encourage the garment sector to modernize and augment production besides creating additional employment opportunity. The relaxation in minimum number of days requirement under Section 80JJA from 240 days to 150 days will specifically benefit the textile exporters who at times are required to engage labour to meet the seasonal demands. The exemption from employees' contribution to those drawing wages upto Rs 15000 and contribution by the Government in lieu of Employer will facilitate bringing workers from informal sector into a formal sector thereby entitling them for the various benefits extended by the Government aimed at labour welfare. FIEO Chief said that the special package for textile and apparel sectors should be supplemented by the new Textile Policy to provide a long term vision and long term goal for the textile industry so as to gear itself to meet the challenges from South Asian and South East Asian countries. The textile exports have marginally declined in 2015-16 recording a total export of 36.26 billion dollar as against 37.14 billion dollar recorded in 2014-15.
Source: Yarn and fibre
The minister, who was in the city to attend the party's state executive meeting, said "the pace of development in the country has accelerated under the leadership of Prime Minister Narendra Modi". (PTI) The minister, who was in the city to attend the party’s state executive meeting, said “the pace of development in the country has accelerated under the leadership of Prime Minister Narendra Modi”. Union minister M Venkaiah Naidu today stick up for the Modi government’s decision to allow 100 per cent FDI in defence sector by easing norms, saying “FDI is better than debt” and it is the need of the hour. “FDI is better than debt and will push growth and development. The government took the decision as it was the need of the hour,” he said. The minister, who was in the city to attend the party’s state executive meeting, said “the pace of development in the country has accelerated under the leadership of Prime Minister Narendra Modi”. He also said the new textile policy would bring in investment worth Rs 6000 crore and generate one crore jobs in the next three years. Naidu, who was recently elected to Rajya Sabha from Rajasthan, said that there was no cross voting in the party in the election to the Upper House. Meanwhile, Rajasthan BJP president Ashok Parnami hailed the Vasundhara Raje government of efficiently launching schemes, saying in its two-and-a-half year tenure it has completed works more than that done by the Congress government in its five year rule. He said benefits of the scheme and programmes by the Centre and the state government were reaching the beneficiaries. “When the BJP government came to power in the state, financial position was poor but the CM’s financial management improved the situation. Lot of developmental works has taken place in the BJP rule and the state is on the path of progress,” Parnami told reporters after BJP state executive meeting. Parnami claimed that the Raje government has fulfilled 72 per cent of the promises made in the election manifesto. Apart from Naidu, Union ministers Nihal Chand, Sanwarmal Jaat, Rajyavardhan Singh, BJP in-charge of party affairs in Rajasthan V Satish, senior party leader Avinash Rai Khanna and others were also present in the meeting.
Source: Financial Express
The Reserve Bank of India started intervening in the currency markets after the rupee lost more than 1% in opening trade on early trends that Britain would leave the European Union following a nationwide referendum. The rupee opened at 67.88 a dollar, from its previous close of 67.25 a dollar, but fell to 68 a dollar within a few minutes of opening trade, only a short distance from its lifetime low of 68.85 a dollar reached on August 28, 2013. The Reserve Bank of India (RBI) started making heavy interventions when the rupee crossed 68.20 level, forcing the local currency to retreat from its day’s low of 68.2150 to 68.15 a dollar level by 9.25 a.m., according to dealers. Some exporters have also started selling dollars in the market, taking advantage of the rupee level. India's central bank had earlier communicated that it was prepared to face Brexit related volatility in the market and it has enough reserves to take care of any undue spike. Brexit in the long run is good for India, said State Bank of India chief economist Soumya Kanti Ghosh. “India’s trade with EU and Britain both will rise. England is perhaps the only country that has a dedicated minister to look only after India-Britain trade, this indicates that UK was anticipating Brexit and made preparations for increasing trade with India. This will be good for the rupee in the long run,” Ghosh said. The 10-year bond yield fell to 7.48% from its opening level of 7.50% on Brexit development. In volatile times, investors move to fixed income securities, making the prices of bonds rise and yields fall. Sensex, the benchmark equity index of the Bombay Stock Exchange, was down almost 1,000 points, or about 3.5%. The dollar index, which measures the US currency’s strength against global major currencies, zoomed to 96.14, up 3.14%. All Asian currencies are down, too. South Korean won was down nearly 2%, followed by Singapore dollar 1.7% and Malaysian ringgit, which were down 1.7% and 1.5% respectively. The Japanese yen was a standout, higher by 4.4%. The British pound fell 10% to a more than three-decades low of below $1.37, while the yen was at a decadal high against the British currency as investors piled on to its safe haven. Minister of State for Finance Jayant Sinha told Indian TV channels that India is focusing on the market dislocations caused by Brexit, but that it was too early to asses the impact on trade. "There's going to be market dislocation and we are going to have to focus on that," Sinha said.
Source: Business Standard
China is said to have triggered a sudden impasse in the recent trade negotiations on the Regional Comprehensive Economic Partnership (RCEP) in New Zealand. It led to some nations, particularly those belonging to Association of Southeast Asian Nations (Asean), pushing for dismantling of the three-tier system followed in the initial round of offers for goods liberalisation. As part of India’s current three-tier approach to tariff reduction, the ASEAN countries are being offered 80 per cent tariff liberalisation. Of this, 65 per cent elimination of tariff will come into force immediately after the agreement is implemented. 15 per cent tariff elimination will happen over a period of 10 years. In the second tier, India has offered 65 per cent tariff elimination to South Korea and Japan, with whom it has free trade agreements (FTAs). These two countries offered 80 per cent tariff elimination to India. In third tier, India has proposed 42.5 per cent reduction in tariff lines to China, Australia and New Zealand. These countries will offer India 42.5 per cent, 80 per cent and 65 per cent tariff lines reductions, respectively. The ten-member Asean group, representing more than half of the participants of the proposed RCEP, submitted a paper against single tariff in the talks held last week in New Zealand. Sources said the latest turn in talks took place after a direct interference by China, which has allegedly goaded the Asean members to junk India’s approach of selective trade liberalisation. However, there was also a rift in Asean nations over this. “China, having demanded greater tariff reduction before also, pushed Asean members Laos and Cambodia into opposing India’s approach, which was later followed by Malaysia and Indonesia,” said one of the sources tracking the development. However, Philippines and Singapore were not on board, he added. The Asean nations want to see the agreement through as soon as possible and are being played by China against India for leverage over negotiations on services where India has taken an aggressive stance, said a commerce ministry official. China-backed Asean opposes India's stand on RCEP “While other countries have formally argued against the multi-tier approach earlier also, Asean nations have pointed out the entire value chain is not being covered in India’s stand,” said an expert. However, he said the scope of the current talks was decided much before and the discussion on the value chains has been dealt earlier. The Asean nations include Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam. Apart from Asean, the RCEP involves six countries with whom Asean has free trade agreements (FTAs) — Australia, China, India, Japan, South Korea, and New Zealand. Japan and China had earlier pressed India for either common tariff for all member countries in 10 years or to make the initial tariff liberalisation more ambitious. India had asked Japan to find common ground on the issue. The upcoming round of talks, to be held next year in Indonesia, is expected to see a hardening of stance from all countries. The RCEP countries account for almost a third of world’s gross domestic product (GDP), at $23 trillion, and 20 per cent of global services trade, while covering more than three billion people. Since negotiations were formally launched in November 2012, there have been 13 rounds. Topics for discussion include trade in goods and services investment, intellectual property, rules of origin, and sanitary & phytosanitary (SPS) measures, among others.
Source: Business Standard
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 47.26 per barrel (bbl) on 23.06.2016. This was lower than the price of US$ 47.51 per bbl on previous publishing day of 22.06.2016.
In rupee terms, the price of Indian Basket decreased to Rs. 3184.15 per bbl on 23.06.2016 as compared to Rs. 3209.45 per bbl on 22.06.2016. Rupee closed stronger at Rs. 67.37 per US$ on 23.06.2016 as against Rs. 67.56 per US$ on 22.06.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on June 23, 2016 (Previous trading day i.e. 22.06.2016) |
Pricing Fortnight for 16.06.2016 (28 May, 2016 to June 13, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
47.26 (47.51) |
47.63 |
|
(Rs/bbl |
3184.15 (3209.45) |
3193.12 |
|
|
Exchange Rate |
(Rs/$) |
67.37 (67.56) |
67.04 |
Source: PIB
Canada’s first Apparel Textile Sourcing trade show, which will bow Aug 22-24 in Toronto to have garment factories and fabric mills from around the world, show at the inaugural, according to JP Communications Inc., parent company toTopTenWholesale.com and Manufacturer.com, which is producing the trade show. Produced in coordination with the China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT), the expo will give Canadian retailers and manufacturers access to apparel and textile manufacturers from China, India, Bangladesh, Mexico, the USA, Taiwan, Vietnam, Indonesia, Mauritius, Colombia, Guatemala, Honduras, Jordan, Peru and Myanmar. This event is a new project started for the promotion of global textile and apparel trade by CCCT, said Jiang Hui, CCCT chairman. Based on a comprehensive analysis of the international textile and apparel market, they are convinced the Canadian Apparel Textile Sourcing Expo will become an efficient and convenient trade platform for the global textile and apparel industry. Jason Prescott, chief executive officer of TopTenWholesale.com and Manufacturer.com, in a statement said that they are honored to have received such a distinguished and globally significant opportunity. Their brands have been connecting millions online since 2005, and now they are able to serve their growing community offline in Toronto this summer as well as with other major events they will be producing. Bob Kirke, executive director of the Canadian Apparel Federation, said that the Expo will fill a void in the market. Canada has needed a trade show where apparel and textile importers and retailers can learn about sourcing best practices while meeting international producers from around the world. The event offers an important new resource for their domestic market, and they are excited to support this endeavor. In addition to the exhibition floor, the expo will feature a slate of seminars covering issues such as the Trans-Pacific Partnership, industry best practices, the changing Canadian market and sourcing tips.Canada imports over $14 billion in apparel and textiles annually, between 2012-14 Canadian apparel and textile imports increased by 20 percent.
Source: Yarn and fibre
