India is pushing for forging consensus with like-minded countries at the World Trade Organization in order to prevent entry of non-trade issues such as environment and sustainability into the trade negotiations. Brazil, China, Thailand and South Africa are some of the countries which could get affected and India will try to build a consensus with them. The move by advanced economies to impose green taxes has already made the developing and emerging economies wary of such moves. India is pushing for forging consensus with like-minded countries at the World Trade Organization (WTO) to prevent entry of non-trade issues such as environment and sustainability into the trade negotiations. "Brazil, China, Thailand and South Africa are some of the countries which could get affected and we will try to build a consensus with them," said a government official, who did not wish to be identified. The move by advanced economies to impose green taxes has already made the developing and emerging economies wary of such moves. The US recently approved the Inflation Reduction Act to establish green technology industries and the European Union has unveiled the Carbon Border Adjustment Mechanism, under which tax is levied on certain imports into the region. It also has a law for deforestation-free products. "These developments are not good as there is a growing tendency among developed countries to bring non-trade issues. We need to deliberate on this collectively at the upcoming ministerial meeting," said another official. India fears that there may be a renewed push for bringing environment and sustainability into trade negotiations by the developed countries at the ministerial level, especially in the backdrop of these measures. The 13th ministerial conference (MC13) of the WTO is scheduled early next year. In February, India submitted at the WTO that carbon border measures are being selectively applied to "trade-exposed industries" such as steel, aluminium, chemicals, plastics, polymers, chemicals and fertilisers, reflecting the underlying competitiveness concerns driving such measures. India said WTO rules mandate non-discriminatory treatment for products, irrespective of their production methods and discriminatory measures in the form of border measures can lead to "behind- the-border" protectionist practices.
Source: Economic Times
India’s overall exports (goods plus services) hit a high of $772.9 billion in 2022-23, surpassing the country’s $750 billion target and rising 14.2% over 2021-22. The performance since the pandemic abated has been impressive. However, challenges loom. Consider India’s merchandise exports, which stood at $450.4 billion last fiscal. This represented a 6.7% growth over the $422 billion worth of merchandise exported the year before. But when you start breaking down the overall figure, the headwinds facing India’s exports start becoming evident. Goods exports growth was achieved solely through oil exports, which grew a massive 44.4%. Non-oil exports, on the other hand, contracted 0.4%. To be sure, India’s oil exports were marginally lower by volume, which means the sharp rise in dollar terms was purely a price effect (average Brent crude oil price was $95.5 per barrel versus $80 in 2021-22). With oil prices correcting and global growth slowing, oil exports growth is bound to slow or even decline. Non-oil exports also contracted, with many key items in India’s top 10 dwindling: gems and jewellery (-3.0% on-year), base metals (-22.4%), textiles (-17.6%) and plastic and rubber articles (-12.1%). Chemical products, India’s second-largest export item, grew a paltry 2%. Many of these have a disproportionately large dependence on advanced economies, mainly the US and the Eurozone, which are seen slowing this year. That implies a further drag on exports. And the decline in international commodity prices will only exacerbate the impact. India’s merchandise exports have contracted for three consecutive months, with April witnessing a double-digit decline of 12.7% on-year. The thesis of growth set to slow in the US and Eurozone but remaining resilient in the Asia-Pacific (which commands a larger share of India’s merchandise exports) needs to be read with a caveat. If we take China out, the Asia-Pacific is expected to decelerate this year owing to a waning of demand for manufactured goods that sprang up after post-covid reopenings combined with the financial impact of higher interest rates. Second, despite being the largest export destination, the Asia-Pacific’s share of Indian exports has declined in recent years. Two of India’s top-10 export items—agricultural products and electronics—did display a healthy performance last fiscal. While the former grew 11.8%, the latter grew a massive 51.6%, reflecting support from the production-linked incentive (PLI) scheme. That said, agricultural exports could slow if the lurking risk of El Niño hurts food output. As for the ‘high’ growth in electronic exports (largely mobile handsets), it is pertinent to note that its share in India’s overall exports is still low, at about 5%, and these are heavily import-dependent. This means that the kind of multiplier effect that the export of a large item can have, such as automobiles—which are manufactured using products from a number of industries, including tyres, engine, plastic, paint and steel—will be missing in the case of a mobile handset, as these are mostly assembled and import-dependent, even as the ecosystem for their production has not yet developed in India. While merchandise exports are facing near-term hiccups, services exports are providing much-needed support, helping keep total goods and services exports growth in the positive zone. Compared with the 6.7% growth in merchandise exports (including oil) last fiscal, services exports grew a solid 26.7%. India’s services exports have been rising steadily, taking their share in total exports to 41.7% in 2022-23 from 32.3% a decade ago; India’s commerce minister expects services exports to rise to $1 trillion by 2030, which could increase its share to 50%. This also reflects in India’s global share of services exports, which rose to 4.5% in 2022 from 3.1% a decade ago. In comparison, India’s share of goods exports has stagnated around 1.8%. So, while India was the seventh-largest services exporter, it ranked a much lower 18th in goods exports.
Source: Mint Live
Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the country's macroeconomic fundamentals are strong and growing at a healthy rate. Apart from providing financial incentives under the PLI scheme to as many as 14 sectors such as telecommunication, white goods, textiles and pharma, the government is considering extending the benefits of the PLI scheme to some labour-intensive industries like toys, leather and footwear. "PLI scheme is showing significant dividends across many sectors. The intention is to also roll out this PLI scheme for more labour-intensive sectors such as toys, leather and footwear and other such sectors where employment benefits will be more significant," Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said here at an industry interaction. Singh also said India attracted significant foreign direct investment (FDI) last year. "Our FDI policy is practically open sky in the sense that except for defence and certain strategic sectors, everything else is open and is automatic," he said. Singh said that the country's macroeconomic fundamentals are strong and growing at a healthy rate. "We have a stable government and Regulatory systems are stable and predictable" and due to this, India would be able to attract investments from across the world, he added.
Source: Money Control
India and the United Kingdom are struggling to make progress in free trade talks due to differences on some key tariff lines and investment protection rules. A deal between India and the United Kingdom is crucial for New Delhi, which hopes to become a bigger exporter, while the UK would get wider access for its whisky, premium cars and legal services. India and Britain are struggling to make progress in free trade talks due to differences on some key tariff lines and investment protection rules, making a deal unlikely during Prime Minister Narendra Modi's second term ending next year, Indian sources said. The two nations are unable to agree on concessions on duties levied by India on car and liquorimports, a government official with direct knowledge of the matter said. Besides tariffs, Britain is also pushing India to agree on strong investmentprotection provisions either as part of the deal or in a parallel investment treaty, according to a second government official. "Britain has insisted on investor protection if it were to proceed with a final deal," said the person who has direct knowledge of the talks. A deal between India and the United Kingdom is crucial for New Delhi, which hopes to become a bigger exporter, while the UK would get wider access for its whisky, premium cars and legal services. Both countries are aiming to double bilateral trade by 2030 via such a deal. For India, a deal with the UK would be its first with a developed country after it signed an interim trade pact with Australia last year. It comes at a crucial time for Modi, who is looking to solidify India's business-friendly image in the run up to national elections next year Britain, on the other hand, has prioritised a deal with India as part of its IndoPacific foreign policy tilt aimed at enhancing ties with the region's fastgrowing economies. The main disagreement on the investment protection provisions is Britain's insistence that its companies be allowed to seek international arbitration should a dispute arise without going to Indian courts first, said the second government official who is directly involved. This would be a marked departure from India's present provision that calls on companies to exhaust local remedies first, and is not agreeable to the Indian government, said a third senior government official. "We had kept November as another soft deadline. But does not look like this is going to work out till at least next year. Maybe after the general elections in India," a fourth government official told Reuters. Both nations are set to hold general elections next year where India's Modi will seek a rare third term while British Prime Minister Rishi Sunak faces a stiff test of electoral popularity after a choppy term for the Conservative Party. As of the end of April the countries were unable to complete discussions on any more chapters than they had in December. They have agreed on terms of 13 out of 26 chapters that constitute the pact. The two countries have also ruled out the possibility of an interim pact, two of the sources said. All officials spoke to Reuters on the condition of anonymity as negotiations over the trade agreement are private. India's ministries of trade, finance and external affairs did not respond to a request for comment. A spokesperson for the UK's Department of Business and Trade said the two countries are "committed to working towards the best deal possible for both sides." "We are clear that we will only sign when we have a deal that is fair, balanced, and ultimately in the best interests of the British people and the economy," the person said. Sunak's approach to focus on quality over speed of the deal is in contrast to Boris Johnson, who as prime minister had set a deadline of Diwali last October for a deal, which was then missed under the tenure of his successor Liz Truss
Source: Economic Times
The state government hosted an investment promotion road show, the Odisha Investors’ Meet, in Bengaluru on May 17 with a special focus on the textiles, apparel and technical textiles sectors. Chief Secretary Pradeep Kumar Jena, Industries Department Principal Secretary Hemant Sharma, Handloom, Textiles & Handicrafts Department Principal Secretary Arabinda Kumar Padhee, Handloom, Textiles & Handicraft Department Director Shovan Krishna Sahu and senior officials from the Industries department and IPICOL were present in the meeting, which was attended by over 100 delegates from various textile industries. Odisha was able to garner investment intents of nearly Rs 11,500 crore with an employment potential of over 31,500, said an official. Sharma made a presentation about the industrial ecosystem in Odisha and emphasized the industry readiness of the state. He highlighted Odisha’s political stability, position in the Ease of Doing Business ranking, competitive cost of doing business, impact of investment facilitation, best-in-class incentives and highly skilled human resources to attract investment to the textiles and apparel sector in the state. He also talked about the various industrial parks and regions developed by the state government to provide best-in-class facilitation to investors across sectors. Sharma claimed that the markets in Eastern and North-Eastern India are growing faster than other parts of the country and Odisha provides industries with the best facilities to set up units to cater to these markets. “Odisha under the leadership of Chief Minister Naveen Patnaik is becoming the industrial hub of the East and a gateway to the East and South East Asian markets,” Sharma said. Padhee spoke about the emerging textile and technical textile ecosystem in Odisha. He talked about the growth-focused and future-oriented Apparel and Textile Policy-2022 of Odisha to further strengthen the apparel and textile sector and attract new investments to the state. Padhee enlightened the audience about the technical textile and textiles parks in Odisha which offer industry-ready infrastructure to investors planning to invest in the state. He also highlighted the various major players in the textiles and apparel sectors that have set up their units and their success stories. Representatives from Shahi Exports and ABFRL shared their experience of investing and operating in Odisha. They highlighted the industrial infrastructure, single-window system and the support they have received from the state government. They said that they are excited to establish their presence in Odisha and contribute to the state’s economic growth and build long-lasting partnerships with local communities. Rahul Jindal, Head Operations (Odisha), ABFRL informed the gathering that their plant in Odisha has now become even more cost effective than the apparel units in Bangladesh. Addressing the august gathering, the Chief Secretary said, “Odisha is one of the fastest growing economies in India and has consistently grown above the national average in the last decade and a half. We are fast emerging as a major industrial destination in India because of the abundance of natural resources and strategic location which can cater to the ASEAN region. Odisha’s skilled and productive human resources, progressive policies, and strong result-oriented governance provide a unique ecosystem to their investors to set up their industrial units in the State. Today, Odisha is ranked among the top states in India in terms of live manufacturing investments and has been accorded the achievers status in the ease of doing business ratings by the Centre. Under Chief Minister Naveen Patnaik, the state government has taken a holistic approach towards service delivery to citizens and businesses. We are today becoming a destination of choice for investors across the country. I would like to welcome all the Industry captains, associations and their members present here to come and explore Odisha as your next investment destination.” Kalyan C Mohanty, Executive Director, IPICOL concluded the session by extending his regards towards all the investors for attending the Investors’ Meet. He urged the investors to look at Odisha as their next investment destination. On the sidelines of the roadshow, the Odisha delegation led by the Chief Secretary met several senior investors from the textile and apparel, technical textiles and wearable sectors as well as from the metal and metal downstream, agriculture equipment manufacturing, logistics, green energy and green hydrogen sectors. The meetings focused on the key offerings from the state government and the various emerging opportunities in Odisha for investors across sectors. The senior delegation from Odisha led by the Chief Secretary held one-on-one B2G meetings with 22 investors from various sectors on May 17. The delegation hosted 24 industries, primarily from the textiles and apparel sector on May 18.
Source: Sambad English
This is the first company in India with end-to-end capabilities in the sector, starting from recycling and making yarn and fibre to value-added finished products Prime Minister (PM) Narendra Modi has been at the forefront of climate action and saving the environment campaigns — whether plogging at a beach in Mahabalipuram in 2019 or wearing a sky-blue ‘sadri’ jacket to Parliament made of material recycled from plastic bottles. Made by Karur-based sustainable fashion brand EcoLine Clothing (EcoLine), a brand of Shree Renga Polymers, front runner in polyethylene terephthalate (PET) bottle recycling and sustainable textiles in India run by IITians, the company recycles PET bottles and upcycles them into value-added products, such as garments. Three months on, the phone lines of Senthil Sankar, managing partner at Shree Renga Polymers and EcoLine, have been ringing non-stop since the jacket made out of recycled plastic at Karur, Tamil Nadu’s textile capital, was worn by the PM to Parliament on February 8. Senthil says around 20-28 bottles were used to make the jacket that retails for Rs 2,000. Shree Renga Polymers, the company that owns EcoLine, is all set to raise its capacity twofold, from recycling 1.5 million PET bottles per day to 4.5 million bottles per day. Shree Renga Polymers is likely to invest Rs 250 crore over the next five years, of which Rs 100 crore will be towards the expansion of units; the remainder Rs 150 crore will be for marketing blitz. This is the first company in India with end-to-end capabilities in the sector, starting from recycling and making yarn and fibre to value-added finished products. “With the PM wearing our jacket, we are seeing a rapid rise in queries. We are getting queries from all the Group of Twenty countries, West Asia, and Europe and are in the process of expanding our presence to these countries,” says Sankar. Because of a rise in queries after the PM’s tacit endorsement, 10 per cent of which are getting translated into orders, the company is in the process of expanding its manufacturing footprint. “At present, we are sourcing 1,000 tonnes per month and recycle nearly 1.5 million bottles every day. In some years, this will become 3,000 tonnes per month and 4.5 million bottles,” he adds. According to the industry benchmark, it requires an investment of Rs 120 crore to create an entire ecosystem for 1,000 tonne per month of recycling. “We are only available online. The company has warehouses in Delhi, Bengaluru, Chennai, Dubai, and one in the US,” says Sankar. From trash to treasure As part of the procedure, bottles are gathered and sorted, and their caps and labels removed. They are then crushed, cleaned, and recycled in a 10-step process to clean the hot-wash flakes. These flakes are then heated and woven into polyester staple fibre. This fibre is spun into yarn. Yarn is knitted/woven into polyester fabric, and fabric becomes garment. The company claims that 90 per cent of its products cost less than $10 and it takes six bottles to create a T-shirt. Although Shree Regna Polymers started operations in 2008, EcoLine was launched only in 2020.
Source: Business Standard
Chintz Muslin and the Forgotten Queen, an exhibition of textiles of a bygone era, presents lost art practices and their contemporary versions Did you know that Dhaka is not the only place that produces muslin? Or that in Santipur, West Bengal, there is a way to starching yarn that turns the threads “as stiff as a bone”? These are some of the textile stories that regale visitors at Chintz Muslin and the Forgotten Queen, an ongoing exhibition of textiles from a bygone era. Collated by Vishambhara, a collective helmed by textile expert Purvi Patel it has Kolkatabased Ssaha Works and Chennai-based Aksh Weaves as partners. This is their third show and, in Kochi, they have collaborated with Bengaluru-based Tina Eapen who recreates the English rose motifs in saris in Kerala and Jaipur’s Shilpi who works with indigo dyes and Sanganer block prints for this show.
Source: The Hindu
Egyptian luxury brands are harnessing traditional craftsmanship from jewellery design to carpet weaving to bring the country's ancient cultural riches to the world. Experts in the sector say the global appeal of Arab and Islamic designs from other countries shows Egypt could do more to promote its rich, millennia-old artistic heritage. One pioneer has been master jeweller Azza Fahmy, whose signature Islamic art-inspired pieces have graced the world's rich and famous including US pop star Rihanna and Jordan's Queen Rania. Fahmy, who started off in an Old Cairo workshop about 50 years ago, said her focus has been designs that "resonate with Egyptian identity". Artists and artisans in Egypt, the Arab world's most populous country, draw from a history that spans ancient Pharaonic times, the Mamluk, Ottoman and modern eras. "We are lucky to be able to draw on 6,000 years of history," said textile designer Goya Gallagher, founder of Cairo-based Malaika Linens, which makes high-end household pieces. "The main challenge is making sure our pieces are timeless, that they're very well made and always hand-made," she said at the company workshop on the western outskirts of Cairo. - Myriad Challenges – But while Egypt boasts some business success stories, many more luxury goods makers say they labour against myriad odds to eke out a market both locally and internationally. In the era of global mass production, Egypt's once expansive pool of skilled artisans has shrunk, with many young people turning their backs on family skills passed down through the ages. As businesses struggle to fill the talent gap, they also face the headwinds of a painful economic crisis that has tanked the local currency and restricted raw material import The state's efforts to support the handicrafts sector, meanwhile, have been "limited and sporadic", says the United Nations Industrial Development Organization. Culture consultant Dina Hafez agreed that Egypt offers little in the way of formalised arts and crafts training. "The training of artisans is still essentially based on informal education and networks of apprenticeship," said Hafez. "The sector lacks any structure. We need a real ecosystem. But for the moment, it's all based on personal initiatives." She said Egypt could learn from Turkey and Morocco, "where the opportunities and obstacles look a lot like Egypt", but which had managed to launch "their designs onto the international scene". Still, change is afoot. Fahmy, the jewellery designer, said there is always space in the market for works made by skilled artisans and "good designers with creative minds and quality education. Many designers hope to benefit from government initiatives to draw in investment and tourism revenue from its ancient wonders. At the Grand Egyptian Museum at the foot of the Giza pyramids, Egyptian luxury stores enjoy pride of place. Although its official opening has been long delayed, the museum offers limited tours and events, and the shops already "showcase the best of Egyptian crafts", said the owner of one, Mohamed alKahhal. In Cairo's historic centre, linen company Malaika trains women from marginalised backgrounds in embroidery and sells the wares to its customers and to other fashion and textile brands. Carpet maker Hend al-Kahhal works in the same spirit, of bringing Egyptian identity to global frontiers. Standing on the factory roof, where wool and silk creations hung out to dry, Kahhal said the family business works with designers "to give a contemporary touch to Pharaonic and Mamluk motifs". The Egyptian Handicrafts Export Council, under the trade and industry ministry, has long been working to showcase such Egyptian creations internationally. But Hafez, the culture consultant, said she hopes for more progress in future, as often "budget constraints, red tape and customs regulations don't exactly make things easier". The question, she said, is whether Egyptian "authorities are really aware of the soft power these creators can have".
Source: Economic Times
Prime Minister Narendra Modi will dedicate the newly constructed Parliament building to the Nation on Sunday, 28 May. Lok Sabha Speaker Om Birla met Prime Minister Narendra Modi on Thursday and invited him to inaugurate the New Parliament Building. Constriction of the New Parliament Building is complete now and the new building symbolises the spirit of self–reliant India: Lok Sabha Secretariat. The new Parliament building can comfortably seat 888 members in the Lok Sabha chamber and 300 in the Rajya Sabha chamber, it said. In case of a joint sitting of both the Houses, a total of 1,280 members can be accommodated in the Lok Sabha chamber. The prime minister had laid the foundation stone of the new parliament building on December 10, 2020. The new building has been built in record time with quality construction, the Lok Sabha Secretariat said. The new building, constructed by Tata Projects Ltd, will have a grand constitution hall to showcase India's democratic heritage, a lounge for MPs, a library, multiple committee rooms, dining areas and ample parking space. The triangular-shaped four-storey building has a built-up area of 64,500 square metres. The building has three main gates -- Gyan Dwar, Shakti Dwar, and Karma Dwar. It will have separate entrances for VIPs, MPs, and visitors. The New Parliament Building is a modern, state-of-the-art and energy efficient, with highly non-obtrusive security facilities to be built as a triangular shaped building, adjacent to the present Parliament. Lok Sabha will be 3 times of the existing size and Rajya Sabha will be substantially bigger. The interiors of the new building will showcase a rich blend of Indian culture and diversity of our regional arts, crafts, textiles and architecture. The design plan includes space for a magnificent Central Constitutional Gallery, which will be accessible to the public. The New Parliament Building will utilize resource efficient green technology, promote environment friendly practices, generate employment opportunities and contribute towards economic revitalization. It will have high quality acoustics and audio-visual facilities, improved and comfortable seating arrangements, effective and inclusive emergency evacuation provisions. The building will comply with the highest structural safety standards, including adherence to Seismic Zone 5 requirements and is designed for ease of maintenance and operations.
Source: Live Mint
In recent years, material scientists have been trying to develop soft and flexible fibers that could be used to create new electronics. These fibers could, for example, be used to create smart sensing clothes, energy solutions, and wearable biometric devices. Researchers at National University of Singapore, University of California Los Angeles (UCLA) and Nanjing University in China recently introduced a new method to create soft textiles with electronic properties. This method, introduced in Nature Electronics, was inspired by the process through which spiders spin the silk threads used to create their webs. "Soft fibers can be used to make smart textiles for use in energy, sensing and therapeutic applications," Songlin Zhang, Yihao Zhou and their colleagues wrote in their paper. "However, the fabrication of functional fibers is difficult compared with the fabrication of two-dimensional films and three-dimensional monoliths, and current methods typically require high temperatures, high volumes of solvents or complex systems. We report a spinning approach to fabricate functional fibers, which is based on spontaneous phase separation and is inspired by the silk-spinning processes of spiders." Zhang, Zhou and their colleagues first produced a solution containing polyacrylonitrile (PAN) and silver ions dissolved in dimethylformamide (DMF). Thanks to the silver-based complexes in this solution, which the team refers to as PANSion, strengthens the dope used to spin fibers, allowing it to be spun at ambient temperatures and pressures. This is a notable achievement, as many previously proposed methods to spin functional fibers require high pressures and thermal heating. The researchers' proposed spinning process is thus far easier to implement on a larger scale, as it has fewer environmental requirements and consumes lower amounts of energy. The silver ions in the solution are reduced to silver nanoparticles (AGNP), which also allows spun textiles to conduct electricity. The resulting fibers could thus prove very valuable for creating smart textiles, thin energy devices and even wearable sensors. Ultimately, when the researchers' solution is spun into fibers, it undergoes a spontaneous liquid-solid phase transition prompted by its exposure to air and humidity. The process through which this happens is known as a non-solvent vapor-induced phase separation (NVIPS). "The silk-spinning process is mimicked by creating a spinning solution of polyacrylonitrile and silver ions, which forms an elastic supramolecular network with silver coordination complexes and in situ reduced silver nanoparticles," Zhang, Zhou and their colleagues wrote in their paper. "This approach, which operates at ambient pressure and temperature, can be used to make soft functional fibers that are mechanically stretchable (more than 500% strain), strong (more than 6 MPa) and electrically conductive (around 1.82 S m−1)." To demonstrate the feasibility of their spinning technique, Zhang, Zhou and their colleagues created fibers that they then used to create two different devices, namely a sensing glove and a smart face mask. To create the sensing glove, they used a commercially produced glove as a substrate, on which they sowed their PAN-Sion spun fiber. Changes in resistance picked up by this smart glove were picked up when it was bent or approached cold and warm surfaces, which were then converted into signals that could be transmitted to digital devices. The sensing mask created by the researchers, on the other hand, was created by sewing the PANSion spun fiber onto a filter layer. When a user wearing this mask breathed in and out, this generated changes in resistance that could also be translated into signals, enabling the monitoring of the wearer's breathing. In the future, the fibers created by Zhang, Zhou and their colleagues could be used to create a wide range of other devices and wearable technologies. In addition, their proposed spinning technique and the solution it is based on could inspire the development of similar approaches to create functional fibers with electronic properties.
Source: Tech xplore
The Government of Bangladesh, represented by the Ministry of Commerce, and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) have entered into a memorandum of understanding (MoU) with the aim of establishing a talented pool of fashion professionals and designers. This collaboration seeks to harness their expertise in creating high-value fashionable garments using locally sourced fabrics and materials. Under the terms of this agreement, Bangladeshi textile professionals, including designers, pattern markers, merchandisers, weavers specialising in indigenous textile materials, as well as fashion and textile students, will receive comprehensive training in the development and design of upscale fashionable garments that seamlessly integrate local culture and heritage. The training program will be led by esteemed fashion designer Anadil Johnson, the founder of the Chicago-based fashion brand Neval. The training sessions will take place under the auspices of the Centre of Innovation, Efficiency, and Occupational Safety and Health (CIEOSH) established by BGMEA. A total of 160 professionals will undergo comprehensive training covering various aspects such as Bangladesh’s potential in the global high-end fashion market, collection development, sustainability concerns, and more. The Commerce Ministry’s WTO Cell has been executing a project focused on leveraging Bangladeshi heritage to develop high-end fashion products and establish an international market for them. The project not only seeks to foster garment exports that embody the rich culture and heritage of Bangladesh but also aims to showcase the country’s own cultural and textile legacy on a global scale through fashionable garments crafted from traditional textiles such as Jamdani, Khadi, Silk, and Monipuri.
Source: Apparel Resources
Behind the scenes is China's reluctance to forgive debt and its extreme secrecy about how much money is loaned and on what terms, which has kept other major lenders from stepping in to help. On top of that is the recent discovery that borrowers have been required to put cash in hidden escrow accounts that push China to the front of the line of creditors to be paid. A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans, much of them from the world's biggest and most unforgiving government lender, China. An Associated Press analysis of a dozen countries most indebted to China - including Pakistan, Kenya, Zambia, Laos and Mongolia - found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel. And it's draining foreign currency reserves these countries use to pay interest on those loans, leaving some with just months before that money is gone. Behind the scenes is China's reluctance to forgive debt and its extreme secrecy about how much money it has loaned and on what terms, which has kept other major lenders from stepping in to help. On top of that is the recent discovery that borrowers have been required to put cash in hidden escrow accounts that push China to the front of the line of creditors to be paid. Countries in AP's analysis had as much as 50% of their foreign loans from China and most were devoting more than a third of government revenue to paying off foreign debt. Two of them, Zambia and Sri Lanka, have already gone into default, unable to make even interest payments on loans financing the construction of ports, mines and power plants. In Pakistan, millions of textile workers have been laid off because the country has too much foreign debt and can't afford to keep the electricity on and machines running. In Kenya, the government has held back paychecks to thousands of civil service workers to save cash to pay foreign loans. The president's chief economic adviser tweeted last month, "Salaries or default? Take your pick." Since Sri Lanka defaulted a year ago, a halfmillion industrial jobs have vanished, inflation has pierced 50% and more than half the population in many parts of the country has fallen into poverty. Experts predict that unless China begins to soften its stance on its loans to poor countries, there could be a wave of more defaults and political upheavals. "In a lot of the world, the clock has hit midnight," said Harvard economist Ken Rogoff. " China has moved in and left this geopolitical instability that could have long-lasting effects." HOW IT'S PLAYING OUT A case study of how it has played out is in Zambia, a landlocked country of 20 million people in southern Africa that over the past two decades has borrowed billions of dollars from Chinese state-owned banks to build dams, railways and roads. The loans boosted Zambia's economy but also raised foreign interest payments so high there was little left for the government, forcing it to cut spending on healthcare, social services and subsidies to farmers for seed and fertilizer. In the past under such circumstances, big government lenders such as the U.S., Japan and France would work out deals to forgive some debt, with each lender disclosing clearly what they were owed and on what terms so no one would feel cheated. But China didn't play by those rules. It refused at first to even join in multinational talks, negotiating separately with Zambia and insisting on confidentiality that barred the country from telling non-Chinese lenders the terms of the loans and whether China had devised a way of muscling to the front of the repayment line. Amid this confusion in 2020, a group of non-Chinese lenders refused desperate pleas from Zambia to suspend interest payments, even for a few months. That refusal added to the drain on Zambia's foreign cash reserves, the stash of mostly U.S. dollars that it used to pay interest on loans and to buy major commodities like oil. By November 2020, with little reserves left, Zambia stopped paying the interest and defaulted, locking it out of future borrowing and setting off a vicious cycle of spending cuts and deepening poverty. Inflation in Zambia has since soared 50%, unemployment has hit a 17-year high and the nation's currency, the kwacha, has lost 30% of its value in just seven months. A United Nations estimate of Zambians not getting enough food has nearly tripled so far this year, to 3.5 million. "I just sit in the house thinking what I will eat because I have no money to buy food," said Marvis Kunda, a blind 70-year-old widow in Zambia's Luapula province whose welfare payments were recently slashed. "Sometimes I eat once a day and if no one remembers to help me with food from the neighborhood, then I just starve. A few months after Zambia defaulted, researchers found that it owed $6.6 billion to Chinese state-owned banks, double what many thought at the time and about a third of the country's total debt. "We're flying blind," said Brad Parks, executive director of AidData, a research lab at William & Mary that has uncovered thousands of secret Chinese loans and assisted the in its analysis. "When you look under the cushions of the couch, suddenly you realize, 'Oh, there's a lot of stuff we missed. And actually things are much worse.'" DEBT AND UPHEAVAL China's unwillingness to take big losses on the hundreds of billions of dollars it is owed, as the International Monetary Fund and World Bank have urged, has left many countries on a treadmill of paying back interest, which stifles the economic growth that would help them pay off the debt. Foreign cash reserves have dropped in 10 of the dozen countries in AP's analysis, down an average 25% in just a year. They have plunged more than 50% in Pakistan and the Republic of Congo. Without a bailout, several countries have only months left of foreign cash to pay for food, fuel and other essential imports. Mongolia has eight months left. Pakistan and Ethiopia about two. "As soon as the financing taps are turned off, the adjustment takes place right away," said Patrick Curran, senior economist at researcher Tellimer. "The economy contracts, inflation spikes up, food and fuel become unaffordable." Mohammad Tahir, who was laid off six months ago from his job at a textile factory in the Pakistani city of Multan, says he has contemplated suicide because he can no longer bear to see his family of four go to bed night after night without dinner. "I've been facing the worst kind of poverty," said Tahir, who was recently told Pakistan's foreign cash reserves have depleted so much that it was now unable to import raw materials for his factory. "I have no idea when we would get our jobs back." Poor countries have been hit with foreign currency shortages, high inflation, spikes in unemployment and widespread hunger before, but rarely like in the past year. Along with the usual mix of government mismanagement and corruption are two unexpected and devastating events: the war in Ukraine, which has sent prices of grain and oil soaring, and the U.S. Federal Reserve's decision to raise interest rates 10 times in a row, the latest this month. That has made variable rate loans to countries suddenly much more expensive. All of it is roiling domestic politics and upending strategic alliances. In March, heavily indebted Honduras cited "financial pressures" in its decision to establish formal diplomatic ties to China and sever those with Taiwan. Last month, Pakistan was so desperate to prevent more blackouts that it struck a deal to buy discounted oil from Russia, breaking ranks with the U.S.- led effort to shut off Vladimir Putin's funds. In Sri Lanka, rioters poured into the streets last July, setting homes of government ministers aflame and storming the presidential palace, sending the leader tied to onerous deals with China fleeing the country. CHINA'S RESPONSE The Chinese Ministry of Foreign Affairs, in a statement to the AP, disputed the notion that China is an unforgiving lender and echoed previous statements putting the blame on the Federal Reserve. It said that if it is to accede to IMF and World Bank demands to forgive a portion of its loans, so do those multilateral lenders, which it views as U.S. proxies. "We call on these institutions to actively participate in relevant actions in accordance with the principle of 'joint action, fair burden' and make greater contributions to help developing countries tide over the difficulties," the ministry statement said. China argues it has offered relief in the form of extended loan maturities and emergency loans, and as the biggest contributor to a program to temporarily suspend interest payments during the coronavirus pandemic. It also says it has forgiven 23 no-interest loans to African countries, though AidData's Parks said such loans are mostly from two decades ago and amount to less than 5% of the total it has lent. In high-level talks in Washington last month, China was considering dropping its demand that the IMF and World Bank forgive loans if the two lenders would make commitments to offer grants and other help to troubled countries, according to various news reports. But in the weeks since there has been no announcement and both lenders have expressed frustration with Beijing. My view is that we have to drag them - maybe that's an impolite word - we need to walk together," IMF Managing Director Kristalina Georgieva said earlier this month. "Because if we don't, there will be catastrophe for many many countries. " The IMF and World Bank say taking losses on their loans would rip up the traditional playbook of dealing with sovereign crises that accords them special treatment because, unlike Chinese banks, they already finance at low rates to help distressed countries get back on their feet. The Chinese foreign ministry noted, however, that the two multilateral lenders have made an exception to the rules in the past, forgiving loans to many countries in the mid-1990s to save them from collapse. As time runs out, some officials are urging concessions. Ashfaq Hassan, a former debt official at Pakistan's Ministry of Finance, said his country's debt burden is too heavy and time too short for the IMF and World Bank to hold out. He also called for concessions from private investment funds that lent to his country by purchasing bonds. "Every stakeholder will have to take a haircut," Hassan said. China has also pushed back on the idea, popularized in the Trump administration, that it has engaged in "debt trap diplomacy," leaving countries saddled with loans they cannot afford so that it can seize ports, mines and other strategic assets. On this point, experts who have studied the issue in detail have sided with Beijing. Chinese lending has come from dozens of banks on the mainland and is far too haphazard and sloppy to be coordinated from the top. If anything, they say, Chinese banks are not taking losses because the timing is awful as they face big hits from reckless real estate lending in their own country and a dramatically slowing economy. But the experts are quick to point out that a less sinister Chinese role is not a less scary one. "There is no single person in charge," said Teal Emery, a former sovereign loan analyst who now runs consulting group Teal Insights. Adds AidData's Parks about Beijing, "They're kind of making it up as they go along. There is no master plan." Much of the credit for dragging China's hidden debt into the light goes to Parks, who over the past decade has had to contend with all manner of roadblocks, obfuscations and falsehoods from the authoritarian government. The hunt began in 2011 when a top World Bank economist asked Parks to take over the job of looking into Chinese loans. Within months, using online datamining techniques, Parks and a few research.
Source: Financial Express
EU trade in textiles and clothing experienced record growth in 2022, passing €200bn (US$216bn) for the first time as imports surged from China and Bangladesh, with industry trade bodies warning the increase in trade deficit is “cause for concern”. Euratex released its 2023 Spring Report in which it noted EU textile imports rose 36.6% in value terms with a significant amount coming from China and Bangladesh outweighing positive export performance. As a result, the EU’s trade deficit in textiles and clothing has increased to €70bn, which is 48% higher than the year before. “Such a growing deficit is a cause for concern; the objective of the EU’s Industrial Strategy to strengthen our resilience and “strategic autonomy” is not happening. Instead, our dependency has increased, and becomes critical in certain raw materials and fibres,” Euratex explained. The trade body also pointed out the figures challenge the Commission’s ambition which is to promote – and prevail – high quality and sustainable textile products on the Single Market – regardless where they have been produced. With imports now reaching €140bn, it will be a challenge to effectively control the quality and compliance over these imports. Market surveillance will need to be stepped up massively, without becoming a barrier to trade. In addition, more effort needs to be placed on EU export performance in order to rebalance trade relations with the rest of the world. “EU companies are world leaders in high-end fashion products and in technical textiles. More needs to be done to support their activities in established markets but also emerging economies. For instance, the ongoing FTA negotiations with India should focus on improving market access and ensure “fair” competition with local companies,” Euratex said. The Euratex Spring Report highlights significant differences between trade-in value and in volume. EU’s export of textile products has increased by 13% in value but actually dropped by nearly 7% in volume. This obviously reflects the very high inflation figures from last year, caused initially by the rising energy prices and changing central bank policies. This in turn leads to uncertainty with the consumer, resulting in low demand and gloomy prospects for the entire value chain. Director General Dirk Vantyghem said: “This report confirms once again that textiles are one of the most globalised sectors of the European economy, and hence the importance of taking that global dimension into account when designing EU and national policies. Failing to do so may have a devastating effect on the global competitiveness of the European textile industry.” Looking forward, he added: “It is essential to stabilise inflation, restore consumer confidence and ensure a level playing field for all operators in the textile industry. On that basis, European companies can prosper and offer quality jobs to 1.3m workers”.
Source: Just Style
Fashion companies are using natural resources like mushrooms, lichen, algae, plants, and even herbal tisanes like Rooibos to dye fabric in an effort to make apparel in a more sustainable way. Numerous global manufacturers have included Rooibos colours and dyes into their most recent collections. The SA Rooibos Council (SARC) spokesman, Adele du Toit, calls it “amazing” to see how Rooibos is being used to colour everything from shawls, scarves, T-shirts, hoodies, dresses and pants. “Colouring garments using non-toxic, biodegradable and eco-friendly natural dyes like Rooibos could significantly reduce the textile industry’s carbon footprint,” she added. She claims that the fast fashion movement, which involves mass stores making cheap apparel quickly in response to the newest craze, is detrimental for the environment. Rooibos has gained popularity as a natural wool, cotton, and textile dye. It even has its own Pantone colour code, a globally utilised method for matching hues that helps designers and printers specify and manage colours for printing. Asics sportswear, a well-known company, debuted its Rooibos-dyed Asics Gel Lyte III sneaker in April as part of its new colorway collection. It is constructed from repurposed textiles and tea-dyed panels. Quiksilver, a competitor surf and sports company, unveiled their utility snow jacket in Rooibos Red, while O’Neill unveiled its insulating jacket in Rooibos colour. Pangaia’s new capsule collection has been carefully dyed using food waste as part of its continued attempts to create sustainable dye solutions, with an emphasis on ingredients like Matcha, Rooibos, and Blueberry. According to Du Toit, the process of post-harvest fermentation (oxidation), which is triggered by the plant’s inherent enzymes, results in the development of Rooibos’ vivid amber hue.
Source: Apparel Resources
Vietnam's garment exports fell further in April as consumers in its major markets cut back on spending amid a likely looming recession, the Saigon Times reported on Thursday. Textiles and garments reported a year-on-year decline of 19.3 percent in export earnings to 9.6 billion U.S. dollars during the January-April period after falling 17.4 percent in the first quarter, according to the General Statistics Office. Vietnam's shipments to the U.S. and China in the first four months of the year slumped more than 30 percent while exports to Europe fell 12 percent, according to a report by the country's largest textile and garment maker Vinatex. As Japan has emerged from a technical recession thanks to a recovery in household spending, Vietnam's garment exports to the market inched up 6.6 percent to 1.2 billion dollars over the period compared to a year ago, said the report. Since the textile and garment industry are among the country's largest export earners, the hit to its export earnings has put more pressure on Vietnam's economy which grew 3.32 percent in the first quarter, slowing from a growth of 5.92 percent in late 2022 and 5.03 percent in the first quarter last year, said the General Statistics Office. Local garment and textile makers are faced with a credit crunch that has limited their ability to secure funds from commercial banks for working capital, said the Ho Chi Minh City Union of Business Associations (HUBA). A shortage of funds has also forced some companies into a debt repayment crisis, HUBA added. Of businesses recently surveyed by HUBA, 41.2 percent reported a shrinking market demand, 17.6 percent were hit by rising input costs, 17.6 percent faced a shortage of funds, and 11.2 percent were in need of skilled staff among other challenges and difficulties.
Source: Xinhua
