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The textile industry is expected to see a revival of orders, especially from overseas markets, in the second half of this financial year, according to industry officials. “Exports are down last year and so far this year,” Sunil Patwari, chairman of Cotton Textiles Export Promotion Council (CITI), told presspersons on Wednesday. “But, this cycle should end soon.” The year 2023-2024 is expected to end with almost the same level of exports as last year (about $40 billion), Rakesh Mehra, Deputy Chairman of Confederation of Indian Textile Industry added. Even to maintain the current retail sales, international buyers will buy more as the inventory with them is getting over. That will increase exports, he said. Mr. Patwari added that with indications of revival of orders, the inventory with the textile units was also not much. The MSME units will also benefit when orders pick up. New cotton season will start on October 1 and that will bring more cotton into the market, moderating cotton prices, he said. T. Rajkumar, chairman of CITI, and Ravi Sam, chairman of Southern India Mills Association, said removal of import duty on Extra Long Staple Cotton for at least six months a year will ensure availability of raw material at affordable prices to the industry.
Source: The Hindu
India's government is likely to announce fiscal incentives for the ailing textile and apparel industry by the end of this year, partly to stave of the impact of a fall in overseas orders, a trade body said on Wednesday. The incentives could come under the production linked incentive (PLI) scheme that promises billions of dollars to boost manufacturing ranging from electronic products to pharmaceuticals. "The government could make an announcement by December," said T. Rajkumar, chairman of the Confederation of Indian Textile Industry (CITI), referring to industry representatives' meetings with textile and finance ministry officials earlier this month. Earlier this month, government officials reviewed the PLI scheme, launched in 2020, under which government proposed to offer around $24 billion in cash incentives to 14 sectors. The $150 billion textile and apparel industry, which employs over 45 million, is facing declining exports as European and U.S. consumers cut back on spending amid an inflationary squeeze. India's textile and apparel exports fell nearly 14% to $11.25 billion in April-July, the first four months of the current fiscal year to March 31, 2024. In a submission to the government, the industry has asked for fiscal incentives for smaller manufacturers under the PLI scheme and urged the government to withdraw 11% import duty on certain varieties of cotton, imported from Egypt and the United States, to meet specific orders, Rajkumar said. Rakesh Mehra, president of Indian Spinners Association, said the industry needed government support and signing of proposed free trade agreements with the EU and Britain to boost exports. Nearly one-third of spinning units have cut production leading to fears of job losses, Mehra said. "In the election year, the government will surely support the sector that offers jobs to millions to workers," he said.
Source: The retail.economictimes.indiatimes.com
A day ahead of the G20 trade ministers meeting here, Commerce and Industry Minister Piyush Goyal on Wednesday said the member countries are looking at reaching a consensus on a “Jaipur call for action” to help promote industry, MSMEs, and global trade.Representatives of the G20 countries are gathering here for the trade and investment ministerial meeting, scheduled on August 24-25.Briefing the media about the meeting, Goyal said that the officials of the countries have been burning the midnight oil to forge consensus and build a document on the priority areas. When asked whether disagreement among G20 member countries over the Russia-Ukraine conflict is a concern, Goyal said members are trying to build a consensus on as many issues as possible keeping in mind this reality.”….there are some realities on which there is no possibility of a consensus … barring this we are trying to build a consensus on all the remaining priorities,” he added.In February, the meeting of finance leaders of the world’s 20 biggest economies, referred to as the group of 20 or G20, in Bengaluru had ended without a joint communique after Russia and China opposed any reference to the war in Ukraine. Also, no communiqué was issued after the third G20 finance ministers and central bank governors meeting at Gandhinagar in July.The five priority areas that are being discussed are trade for growth and prosperity; trade and resilient global supply chain; integrating MSMEs in global trade; logistics for trade; and WTO reforms.Strengthening mutual cooperation in the G20 to increase transparency in the use of non-tariff measures would be discussed in the meeting.The G20 members include Canada, France, Indonesia, Japan, Korea, Saudi Arabia, Turkey, the UK, the US and the EU.Representatives from six invitee countries — Bangladesh, Egypt, the Netherlands, Oman, Singapore and the UAE — will also participate.G20 accounts for 85 per cent of global GDP, 78 per cent of global trade, and almost two-thirds of the world’s population. India is holding the presidency for this year.”We have been able to come up with significant consensus amongst the member countries invoking a Jaipur call for action. The Jaipur call for action will help promote industry, MSME sector, upgrade the global trade help desk, and bridge information gaps for MSMEs to help them expand their business and trade,” Goyal told reporters here. He said that the members have deliberated on formulating high-level principles for digitalisation of trade and trade facilitation.”We are confident that tomorrow and day after ministerial meetings will come up with a concrete actionable outcome agenda which will help the world withstand any future shocks,” he said.They have also emphasised on the rules-based, open inclusive multilateral trading system, he said adding India has increasingly become the voice of the global south.On WTO reforms, he said that India wants the dispute settlement mechanism of the Geneva-based organisation to work smoothly.Goyal has held a bilateral meeting with WTO Director-General Ngozi Okonjo-Iweala, who is here for the meeting.He added that though there is a need to modernise the WTO, it should take into account the level of development in developing as well as least developed countries.”Common but differentiated responsibility (CBDR) should be there…and consensus based decision making of the WTO should continue,” he said.
Source: Financial Express
India and the UK have made good progress in closing chapters and the free trade agreement (FTA) negotiations are now “laser-focussed” on goods, services and investment, UK officials said on Wednesday ahead of Business and Trade Secretary Kemi Badenoch’s visit to India to attend the G20 summit. After the G20 Trade and Investment Ministerial Meeting in Jaipur, which is scheduled for Thursday and Friday, Badenoch is expected to head to New Delhi for bilateral talks with her Indian counterpart, Commerce and Industry Minister Piyush Goyal. Their discussions will coincide with the ongoing twelfth round of FTA negotiations that are underway in Delhi since last week. “The UK and India are committed to working towards the best deal possible for both sides. We’ve made good progress in closing chapters, and are now laser-focused on goods, services, and investment,” said a UK Department for Business and Trade (DBT) spokesperson. “While we cannot comment on ongoing negotiations, 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 spokesperson said. Official estimates peg bilateral trade between the two countries at around GBP 36 billion in 2022, a figure expected to significantly benefit from an FTA. According to a joint outcome statement issued at the end of Round 11 of the negotiations last month, technical discussions were held across nine policy areas over 42 separate sessions and covered detailed draft treaty text discussions. Goyal had flown into London to meet Badenoch during the last round and UK government sources said their interaction proved “helpful”. However, they are also keen to underplay expectations of a deal being clinched any time soon, given Rishi Sunak’s first visit to India as British Prime Minister next month for the G20 Leaders’ Summit. There are still “complex” talks ahead on areas such as goods, services and investment, which will take time to land a deal that works for both sides, the sources indicated.They reiterated the UK government stance around “it’s the deal not the date”, which has been the mantra to distance the Sunak-led government from former prime minister Boris Johnson’s proposed Diwali 2022 deadline which was missed amid political turmoil in the country. “We want an ambitious deal that benefits us in the years and decades to come. We won’t sign until we get a deal which is right,” UK government sources said.
Source: Financial Express
Amid continued differences in positions on the Russia-Ukraine conflict, India is hopeful of a consensus among the Group of Twenty (G20) nations on the five key trade and investment issues that countries have been deliberating since the beginning of the week in Jaipur. “There is a possibility of a ‘good outcome document’,” Commerce and Industry Minister Piyush Goyal said, adding that there are realities on which consensus is not possible. In the past, the G20 Foreign Ministers’ Meeting, two meetings of the Finance Ministers and Central Bank Governors Meeting, as well as the Energy Transition Meeting in July, ended without a joint communiqué due to diplomatic tussles between the West and Russia over the war in Ukraine. “We are confident that tomorrow (Thursday) and the day after the ministerial meeting, we will come up with a concrete, actionable agenda that will help the world withstand any future shocks,” the minister told reporters. The two-day G20 Trade and Investment Ministerial Meeting, starting Thursday, is being held in Jaipur. The meeting was preceded by the fourth and final Trade and Investment Working Group meeting under India’s G20 Presidency on August 21-22. Government officials told Business Standard that even as the meeting of the officials from all the G20 nations has been making good progress, uncertainty continues regarding whether there will be a joint communiqué at the end of the ministerial meeting on Friday considering past trends. During the working group meetings that started in March, five priority areas were identified: trade for growth and prosperity, resilient trade and global value chains (GVCs), integrating micro, small, and medium enterprises (MSMEs) into world trade, logistics for trade, and World Trade Organization reforms. “We have been able to come up with significant consensus among member countries, invoking a Jaipur ‘Call for Action’. It will help promote the industry, the MSME sector, upgrade the global trade helpdesk, and bridge information gaps for MSMEs to help them expand their business and trade,” said Goyal There have also been deliberations on formulating high-level principles for the digitalisation of trade and trade facilitation since technology has profoundly impacted the way cross-border trade is undertaken. In this regard, India has been advocating for a paperless trading system to further reduce transaction costs, make smaller shipments more cost-effective, and enable the internationalisation of operations at a lower cost. G20 nations also aim to remove bottlenecks that impede the integration of MSMEs in international trade. Furthermore, as 70 per cent of the world trade occurs through GVCs, the trade and investment working group has been deliberating on developing a mapping framework that could make GVCs resilient towards future shocks. Commerce and Industry Minister Piyush Goyal met with World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala on Wednesday, who emphasised rules-based, open, inclusive multilateral trading systems. The meeting took place on the sidelines of the Group of Twenty meet and also comes ahead of the WTO’s 13th Ministerial Conference, scheduled to take place in Abu Dhabi in February next year.“During WTO’s inception, the thought was that decisions should be made keeping in mind the principle of common but differentiated responsibilities, which means that countries should be given responsibilities according to their growth potential,” said Goyal. Besides, it is important to revive the dispute settlement mechanism that has been dysfunctional for several years.he minister also held bilateral meetings with his counterparts from Brazil, France, Switzerland, the United Arab Emirates, and Bangladesh. Over the next few days, Goyal is also expected to hold talks with UK Trade Secretary Kemi Badenoch, European Union’s Executive Vice President and Commissioner for Trade Valdis Dombrovskis, United States Trade Representative Katherine Tai, Minister of International Trade, Export Promotion, Small Business and Economic Development in Canada Mary Ng, among other key ministers.
Source: Business-Standard
India ITME Society’s ITME Africa and Middle East, an exhibition, that will be held from November 30 to December 2 in Kenya will have participation from 18 countries. According to a press release, it will be a platform for textile companies, textile machinery manufacturers, and technologists, to interact with importers, buyers, agents and dealers from Kenya and other African countries. India, Turkey, Taiwan, Italy, Benin, Ghana, Kenya, Austria, Zambia, Sri Lanka, Germany, Rwanda, Spain, and China are among the countries that will take part in ITME Africa and Middle East 2023. Industry and trade bodies and government agencies will also take part, the press release said.
Source: The Hindu
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FBCCI president said, "The US has always been a great friend of Bangladesh. The year 2022 has been a landmark for us, as both Bangladesh and the USA celebrated 50 years of their diplomatic relationship and proud partnership since 1972. Over the past 50 years, the United States Government has given assistance of over eight billion dollars to improve the lives of Bangladeshis. The country is now the largest recipient of U.S. assistance in Asia." "Even during the COVID-19 Pandemic, Bangladesh has been one of the top recipients of U.S.-donated coronavirus vaccines worldwide. Thanks to the USA for their humanitarian assistance and cooperation extended to us over the years," he added. Mahbubul Alam said, "Our major export items are woven garments, knitwear, home textile, footwear, leather, agriculture, and frozen food, etc., which account for most of our exports to the US. As the US is the single largest export destination of Bangladesh, we believe that this is the right time to take the initiative for an FTA between our two countries in order to take advantage of our value and supply chains for enhanced mutual benefit.' FBCCI is hopeful about a more diversified portfolio in our trade relations with the USA in the coming days." "As the apex trade body of Bangladesh, the FBCCI is ready to launch a platform for networking and business contacts and to arrange meetings and trade fairs for the entrepreneurs of both Bangladesh and the USA to strengthen our trade cooperation between the two countries," Mahbubul Alam added. John Fay highlighted the significant presence of American investment within Bangladesh. Emphasising the fruitful operations of numerous American enterprises in the country, John Fay stressed the collaborative efforts of the Commerce Office and the Embassy in reinforcing the business ties linking Bangladesh and the USA. "In addition to acknowledging the noteworthy progress of Bangladesh's development, he further lauded the ongoing partnership between the two nations as a driving force for mutual growth," he added.
Source: The Financial Express
Herculite® Products Inc., an innovator and manufacturer of high- performance and custom fabrics, is pleased to announce a partnership with Renegade Plastics to offer a recyclable alternative as a part of its industry-leading agricultural barn curtain fabrics offering. The Renegade Plastics fabric used in Herculite’s line of eco-friendly barn curtains is a mediumduty polypropylene-based coated fabric free from phthalates, dioxins, PFAS, and heavy metals like lead. This revolutionary material offers maximum UV stability and, based on evidence from lab tests and anecdotes from field pilots, lets in less thermal infrared radiation than polyethylene-based products while also proving to be a better insulator. These recyclable materials make them a critical purchase for operations looking to enhance their circularity and keep microplastics out of their soil and livestock. Herculite barn curtains made with Renegade Plastics’ fabrics are better for biosafety and for reducing plastic waste from the agricultural industry. “Herculite is known for its innovation and ability to understand its customers’ emerging needs. They visualize solutions and deliver innovative products and services that help them grow their businesses,” said Renegade Plastics Co-Founder Curran Hughes. “As the agriculture industry evolves, there is a demand for more sustainable textiles that are better for our animals and soils with no loss of strength or durability. We proudly offer a fabric that paves the way towards a healthier farming and ranching future.” Herculite and Renegade barn curtains can be purchased by contacting a Herculite sales representative.
Source: Textile World
The American Apparel & Footwear Association, the Accessories Council, The Council of Fashion Designers of America, and Fashion Makes Change, express support for California’s proposed Climate Corporate Data Accountability Act (SB 253), introduced by Senators Scott Wiener, Lena Gonzalez, and Henry Stern. This bill establishes that corporations with more than $1 billion in gross revenues – that do business in the state of California – must annually and publicly disclose their greenhouse gas (GHG) emissions. As stated in today’s letter of support, “The timelines and assurance levels required for reporting reflect ambitious, but realistic, science-based understanding of the current difficulty of and evolution pathway for collecting accurate emissions data. The initial direction to enforcing agencies to assess the status and feasibility of assurance levels for Scope 3 reporting shows crucial adjustability and the safe harbor for good faith reporting of Scope 3 emissions demonstrates this legislation is designed to help companies succeed at a difficult task where imperfections are virtually guaranteed. Finally, clear, public reporting requirements make the bill enforceable. … SB 253 would break new ground on ambitious climate policy, but more importantly, because it is compatible with the THREADS Protocol, we believe the legislation will be effective in meeting its objectives.” In January 2023, these groups released the THREADS Protocol which provides a rubric for crafting policy that will meaningfully address sustainability and social responsibility issues, showing the industry’s commitment to supporting policies that are: Transparently Developed & Enforced; Harmonized Across Jurisdictions & Industries; have Realistic Timelines; are Enforceable, Adjustable, Designed for Success, and Science-Based. “The continual warming of our planet poses a significant risk to our industry and our communities. We believe it is essential that we work together, pre-competitively, to ensure that the industry plays its part in meeting our climate change targets. AAFA’s support for this bill means we are confident the bill meets the THREADS protocol criteria,” says AAFA president and CEO Steve Lamar.
Source: Textile World
