INTERNATIONAL
NATIONAL
The six-nation Gulf Cooperation Council (GCC) have approached India to restart negotiations on the free trade agreement (FTA) while some members of the grouping have also individually sought for the agreement, commerce and Industry Minister Piyush Goyal said Thursday. India had GCC had agreed to explore an FTA in 2004 but after two rounds of discussions in 2006 and 2008, the process was abandoned.GCC headed by Saudi Arabia has five other members – Kuwait, United Arab Emirates, Oatar, Bahrain and Oman. With UAE India already has an FTA which came into force on May 1, 2022. It is the second largest export market for India and fourth in the list of countries where imports come from. Since the FTA India’s exports to UAE went up to $ 31.6 billion in FY 23 from $ 28 billion in 2021-22. India’s imports from UAE in 2022-23 were $ 53.2 billion up from $ 44.8 billion in FY22. Among the economic regions GCC is the top source of imports. Imports from GCC countries were $133 billion in FY23, up 20.3% on year while exports were up 16.7% to $51.3 billion. “Our relations with the Middle East are on a growth trajectory. We are in dialogue with many of the GCC countries for greater engagement in trade. We have large investments coming from GCC countries,” Goyal said. With the European Union also the fifth round of negotiations are in progress right now. “We have had wonderful dialogue with the EU so far. It is a conglomeration of 27 countries so certainly it takes a little longer in terms of building and forging consensus among all the nations on their side.” “Similarly we have to access various aspects of the trade agreement with the lens of 27 different countries with whom we are effectively entering into an agreement. So that will be a little longer drawn process but both the EU and India are committed to this agreement,” Goyal added.The minister would also be having bilateral discussions with European Union officials post the G20 meeting that gets over on Friday. “We will also be having much deeper engagement at both the official and ministerial level with many of the countries with which we are negotiating FTAs,” Goyal said. Apart from the UK and EU, India is negotiating with Australia, Canada and the European Free Trade Association (EFTA) that includes Iceland, Liechtenstein, Norway and Switzerland.
Source: Financial Express
India is expected to grow at the fastest pace among the world's leading economies, including China, the US, Germany, and Japan, marking it as the most substantial development opportunity in the future, Finance Secretary T V Somanathan said on Thursday. “In terms of the size of opportunity, India is arguably the biggest development opportunity of the future because we are large and we are growing faster than the other large economies,” Somanathan said, while speaking at the Indiaspora G20 forum. Currently, India stands as the fifth-largest economy globally. The top bureaucrat encouraged the Indian diaspora to act as a catalyst, supporting government efforts to make India the most significant opportunity. Describing India as the “most beautiful opportunity in the world,” he emphasised that the ability to harness this opportunity would primarily depend not on the diaspora but on India's domestic policies and population. He also outlined three channels through which the diaspora can exert influence: fund flow, trade, and knowledge transfer. The senior bureaucrat's remarks follow a recent report by S&P, projecting the Indian economy to double to USD 6.7 trillion by 2031, up from USD 3.4 trillion. India's economy grew by 6.1 per cent in the fourth quarter of 2022-23, propelling the annual growth rate to 7.2 per cent, according to official data. In contrast, China recorded an economic growth of 4.5 per cent in the first three months of 2023 Somanathan also highlighted the government's initiative to provide completely free food to nearly 814 million eligible Indians until December 2023, even suspending the nominal price charged to beneficiaries for food grain supplied under the National Food Security Act (NFSA). He added that the Centre is focused on ensuring inclusive growth, and through programmes like the free food grain plan, it is committed to protecting the vulnerable even during periods of high inflation.
Source: Business-Standard
Prime Minister Narendra Modi on Thursday called for enhanced attention and support to MSMEs globally given that the latter “account for 60 to 70 per cent of employment and contribute 50 per cent to the global GDP.” Virtually addressing the G20 Trade and Investment Ministers’ Meeting in Jaipur, PM Modi said, “They need our continued support. Their empowerment translates to societal empowerment. For us, MSME means – Maximum Support to Micro, Small, and Medium Enterprises.” The Prime Minister highlighted that India has integrated MSMEs into public procurement through the public procurement platform Government e-Marketplace (GeM). “We have been working with our MSME sector to adopt the ethos of ‘Zero Defect’ and ‘Zero Effect’ on the environment. Increasing their participation in global trade and Global Value Chains has been a priority of the Indian presidency,” he said. According to the SME Finance Forum, a knowledge centre managed by the International Finance Corporation (IFC) for promoting SME finance, as of 2019, East Asia and the Pacific region with 10.2 crore MSMEs had the highest number of such enterprises worldwide followed by 7.5 crore in South Asia, 4.8 crore in Sub-Saharan Africa, 3.5 crore in Europe and Central Asia, 3.3 crore in North America, 1.7 crore in Latin America and Caribbean, and 1 crore in Middle East and North Africa. The aggregate MSME count across these regions stood at 32.2 crore. Meanwhile, PM Modi also underscored technology’s role in trade. He said India’s shift to an online single indirect tax – GST – helped create a single internal market boosting inter-state trade. Moreover, “the Unified Logistics Interface Platform makes trade logistics cheaper and more transparent.Another game changer is ‘Open Network for Digital Commerce’, which will democratize our digital marketplace eco-system. We have already done that with our Unified Payments Interface for payment systems. Digitizing processes and use of e-commerce have the potential to enhance market access,” he said. However, as cross-border e-commerce continues to grow, there are challenges as well, PM Modi said as he urged the members to work collectively to ensure equitable competition between large and small sellers. He also called for addressing the problems faced by consumers in fair price discovery and grievance handling mechanisms.
Source: Financial Express
The Free Trade Agreement negotiations between India and the UK have entered the final stages which is the hardest part of any negotiations and anything can happen, UK Trade Secretary Kemi Badenoch said on Thursday. “We have closed many chapters, we have done accommodation in several areas. We are now in the final stages. I can’t give a deadline. Anything can happen. I don’t like to raise people’s expectations but I am very optimistic,” she said at a media interaction on the sidelines of the G20 Trade and Investment Ministers’ meeting.When asked about the deadline on completing the negotiations, Badenoch said, “it is about the deal not the deadlines”. India and UK have closed negotiations of 19 out of the 26 chapters of policy areas. Along with the trade agreement both countries are also negotiating the investment treaty. Investment agreement, rules of origin and intellectual property rights are some of the issues that are proving to be contentious ones in the negotiations. From the Indian side, the demand for easier visas for professionals is seeing some resistance from the UK. “Visas and visa liberalisation don’t come within the FTA. It’s an immigration issue, which is dealt with by our home office. What I look at is business, for which business mobility comes into the trade framework. These are things which we are actively discussing, to find an accommodation.” Currently the 12th round of talks on the UK pact are on and after the G-20 Trade and Investment Ministers’ conference both sides would hold bilateral talks in New Delhi over this weekend to give it a further push. On the bilateral investment treaty, she said both sides are actively discussing it and “I am optimistic”.Earlier in the day. Commerce and Industry Minister Piyush Goyal said talks with the UK are progressing extremely well and talks could conclude at an early date. “ We are both confident that we will come out with a very balanced, equitable and fair agreement in the interest of both countries.” He also refused to put a deadline to it. The proposed investment agreement that would be signed along with the FTA is facing its own set of challenges of what should be the mechanism of dispute resolution. “Discussions are also going on on a bilateral investment treaty and I hope for good progress in the days to come,” Goyal had said.
Source: Financial Express
Commerce and Industry Minister Piyush Goyal on Thursday exuded confidence that the G20 ministers of trade and investment would be able to reach a broad consensus on all trade-related issues at the two-day meeting here. Representatives of the G20 countries have gathered here for the two-day trade and investment ministerial meeting. They are deliberating on five priority areas of trade for growth and prosperity, trade and resilient global value chain, integrating MSMEs in global trade, logistics for trade, and World Trade Organisation (WTO) reforms.On the first day of the ministers’ meeting here, the discussions centred on the topic of ‘Multilateral Trade for Global Growth and Prosperity’ which included exchange of views on how trade can work for developing nations and reforms in the World Trade Organisation (WTO). The second session of the day was ‘Inclusive and Resilient Trade’ which focussed on the issues of trade and resilient value global value chains and integrating Micro Small and Medium industries in world trade. “There has been significant progress in the deliberations at various levels to come up with a strong outcome document and I have the confidence looking at the first session this morning that we will all be able to agree on a broad consensus on all trade-related issues where we can all come out with a strong outcome document and chairs’ text reflecting the desire of the whole world to see greater prosperity across continents,” Goyal told reporters here.On the last day of the meeting on Friday, a session on Leveraging Technology for Paperless Trade is scheduled and the curtains will come down on the discussions with the adoption of the G-20 Trade and Investment Ministerial statement. Logistics for trade include reliability of international trade and cargo operations, developing logistics infrastructure and promoting international paperless transactions that would reduce transaction costs
Source: Financial Express
India’s premier sustainable baby and mom care brand, SuperBottoms, has secured US $ 5 million in a recent series A1 funding round, with Lok Capital and Sharrp Ventures at the helm. This milestone marks DSG Consumer Partners and Saama Capital’s third investment in the company, underscoring SuperBottoms’ enduring appeal. This strategic move underscores SuperBottoms’ dedication to enhancing experiences, cultivating partnerships, and fostering comprehensive, sustainable growth. Moreover, the funding boost propels SuperBottoms toward category diversification and offline expansion. Pallavi Utagi, the Founder of SuperBottoms commented, “With the funds raised, we aim to drive initiatives that spread awareness about Cloth Diapering to a wider audience throughout the country. We’re thrilled to join forces with consumer-oriented investors like Lok Capital, Sharrp Ventures, DSG Consumer Partners, and Saama Capital as we expand our reach and strengthen our commitment to creating a robust brand for children.” Venky Natarajan, Managing Partner at Lok Capital said “SuperBottoms’ innovative approach to eco-friendly baby products has resonated deeply with consumers, and their dedication to quality and environmental responsibility stands out. We look forward to being a part of this journey, supporting SuperBottoms as they continue to redefine this market and pave the way for a greener future in childcare.”
Source: Apparel Resources
The Textile Ministry’s proposal for a new Production Linked Incentive (PLI) plan specifically for the garment and made-ups sector, with reduced minimum investment and production standards, may have been temporarily put on hold, according to a source following the situation. The proposed PLI programme for apparel and items made of all materials, including cotton, was the focus of the Textiles Ministry’s efforts because it would have benefited many of the nation’s garment manufacturers. But ultimately, what was presented was a PLI 2.0 textiles programme that was a perfect replica of the first one, limited to technical textiles and man-made fibres (MMF), and had the same investment and turnover requirements as before, said the source. The Finance Ministry rejected the proposal for extending the PLI scheme to garments and made-ups of all materials as it did not want to bring down the minimum threshold limits on investments and turnover to the levels suggested by the Textiles Ministry, the source said. The Textiles Ministry is confident that by reopening the investor application window until 31st August 2023, it will increase investment, as it recently introduced some flexibility in the criteria governing the original PLI for textiles plan, including conditions surrounding the formation of a new company and investments. According to an industry representative, three investment levels of Rs. 15 crore, Rs. 30 crore, and Rs. 45 crore were taken into account for the new scheme, with double the revenue serving as the need for incentives. The incentives granted were lower than those under the original PLI plan. Due to a lack of interest in the initial PLI plan, which had a corpus of Rs. 10,683 crore, the Textile Ministry began work on a new edition. According to calculations, over the course of the following five years, the 64 people who were chosen for the programme would be eligible for incentives totaling Rs. 6,000 crore, leaving a surplus of more than Rs. 4,000 crore.
Source: Apparel Resources
The 15th BRICS summit witnessed a collective acknowledgement of the urgent need for efficient, affordable, and secure payment systems. Member nations emphasized the importance of fast, transparent, and inclusive cross-border payments. This unanimous commitment reflects the coalition’s determination to usher in a new era of financial cooperation. As part of this initiative, the BRICS Payment Task Force (BPTF) is set to present a report on the mapping of the G20 Roadmap’s elements related to cross-border payments in BRICS countries. This collaborative approach highlights a coordinated effort to address cross-border payment challenges and enhance the international payment landscape.
Local Currency
A key focus of the summit was the promotion of local currencies in international trade and financial transactions. BRICS nations collectively endorsed the use of local currencies as a means to strengthen economic ties and facilitate seamless transactions between member nations and their trade partners. This step towards embracing local currencies signifies a significant leap towards balanced and fair trade practices. The Johannesburg Declaration adopted today at the end of the three day 15th BRICS Summit celebrated the sharing of experiences among BRICS nations regarding payment infrastructures. The interlinking of cross-border payment systems emerged as a crucial point of discussion. This interconnected approach is anticipated to foster increased collaboration among BRICS nations, facilitating trade and investment flows while also encouraging meaningful dialogues on payment instruments. This means India can now use its local currency to trade with countries like Brazil, Russia, South Africa, Iran, Ethiopia, Egypt, Saudi Arabia, Argentina, and others. It has already started transacting in India currency with UAE which will become a full member of the grouping starting January 1, 2024. The declaration also emphasized the importance of correspondent banking networks between BRICS countries, facilitating settlements in local currencies. This strategic step aims to create an environment that supports international trade and financial interactions, ultimately contributing to robust economic growth. In a bid to promote fair competition and establish a level playing field, BRICS nations expressed their commitment to deepening cooperation on competition. This effort seeks to nurture an environment conducive to equitable economic and trade collaboration, promoting balanced growth.
Internationalizing Rupee
India’s engagement in the summit was marked by its efforts to expand local currency settlement initiatives. India aims to establish bilateral agreements with nations like Brazil, Argentina, South Africa, Senegal, and Tanzania. These agreements would strengthen trade ties, promote economic relationships, and create more balanced trade partnerships. The selection of partner nations for bilateral currency settlements aligns with India’s objective to cultivate trade relationships and balance trade dynamics. By collaborating with countries that exhibit either minor trade deficits or surpluses, India aims to leverage local currency agreements to foster equitable trading practices. Trade relationships between India and its partner nations revolve around the exchange of vital commodities and raw materials. These interactions, ranging from grains and engineering goods to pharmaceuticals and petroleum products, play a pivotal role in promoting economic growth and resilience. India’s successful bilateral currency settlement agreements with the UAE and Indonesia serve as noteworthy milestones. These successes provide impetus to India’s endeavors to replicate the initiative with neighboring nations, further streamlining trade transactions and advancing regional economic cooperation. In addition to ongoing agreements, India is exploring local currency settlement plans with neighboring countries like Bangladesh and Sri Lanka. These initiatives aim to alleviate currency shortages and enhance regional economic ties. In conclusion, the 15th BRICS summit serves as a cornerstone in advancing cross-border payment systems and embracing local currencies to fortify international trade. With a united approach, BRICS nations are laying the groundwork for an enhanced economic landscape that fosters growth, cooperation, and equity.
Source: Financial Express
INTERNATIONAL
The cooperation with Balkan Textile Machinery. Inc. Co has completed Trützschler’s product portfolio for recycling by cutting and pulling solutions, making the company the first full-liner in spinning preparation for recycling! Thanks to Trützschler’s combined machinery expertise and technological know-how Trützschler’s customers can produce yarns at the highest possible quality level – and literally turn waste into value. Trützschler is happy to introduce Balkan Textile Machinery. Inc. Co, a partner that not only complements its product line but also shares its values. Both Balkan and Trützschler are family-owned companies for whom sustainability in the textile chain is a major concern. Balkan is well established in Turkey, one of the most important markets for textile recycling. Their robust and reliable machines help to cut, mix and tear textile waste to individual fibers, and to press them into bales of secondary fibers. Thesebales can be fed to the preparation process with Trützschler machines. “We are now able to provide a complete line-up of technologically leading machinery which has been specifically developed for rotor and ring yarns from recycled materials”, says Markus Wurster, Director Sales and Marketing at Trützschler Group. “Customers benefit from less complexity when planning and executing a mill project. The combined processes from Trützschler and Balkan are perfectly fine-tuned, reliable and reproducible. And of course, customers have access to Trützschler’s premium service,” he added. Osman Balkan, Owner of Balkan Textile Machinery. Inc. Co, adds: “I am very happy that we can join forces with such a strong international player like Trützschler. Together we can make a significant contribution to dealing with textile waste globally." PROCESSING SECONDARY FIBERS WITH APPROPRIATE CARD CLOTHING Of course, appropriate card clothing is part of Trützschler’s complete recycling solution. Trützschler Card Clothing has continuously developed their card clothing to meet the technological challenges in the processing of secondary fibers and to improve the resulting yarn quality. Special attention has been paid to the flat top as the heart of the carding process. Trützschler Card Clothing has combined the strength of MT/PT 40 and the cleaning power of MT/PT 45, resulting in the development of the MT/PT 45R – the new flat Truecycled stands for state-of-the art recycling installations from Trützschler. Continued on Page 4 Uster Fabriq Assistant – the whole story for quality info Automated data preparation saves time and ensures decision-making security top for recycled materials. The right combination of flat top and cylinder wire is the key for yarn quality. Therefore, Trützschler Card Clothing offers various cylinder wires suitable for different recycling applications depending on production rates, type of textile waste and raw material – pure or blends. Thanks to this specification, customers can benefit from the best possible carding result, long lifetime of wires and high production in recycling applications. "We are excited to offer our customers globally a complete package for recycling from June 2023 onwards”, says Markus Wurster, “including tearing line, blow room, card, draw frame, card clothing and of course our service and technological knowhow.” Truecycled stands for state-of-the art recycling installations from Trützschler. These Trützschler preparation processes enable manufacturers to achieve a high-quality endproduct from hard waste. With Truecycled, manufacturers can rest assured they use the best technology and a reliable and reproducible manufacturing process – the pre-requisite for high-quality yarn made from hard textile waste. How does a Truecycled process look like? It is based on Trützschler ’s technological recommendations and a Trützschler machinery line-up to ensure ideal results from recycled materials. For example, Trützschler recently worked with a fashion company to make use of their own pre-consumer waste. Thanks to a special combination of Trützschler blow room machinery, the usage of TC 19i for Recycling and Trützschler draw frames, it was possible to create a ring yarn containing 60 % of pre-consumer waste – a true Truecycled product! Trützschler customers and partners may use the brand Truecycled for both the process itself and the endproduct, as long as it contains a significant amount of textile waste.
Source: Tecoya Trend
From blowroom to winding, Rieter identifies potential performance improvements for its customers. Mill assessments, which are part of Rieter’s Performance Optimization Services (POS), help spinning mills increase production and become more competitive. Adama Spinning mills (Ethiopia), capitalized on Rieter’s mill assessment and benefited with an increased production of 70% in rotor for processing Ne 32 and 44% for ring spinning production for processing Ne 40. Every mill manager aims to enhance the competitiveness of their spinning mills in terms of high productivity, low conversion costs and high-quality output over the lifetime of the machines. POS is a smart option to achieve the desired results. Rieter experts initially perform a pre-assessment where they remotely analyze key mill data to evaluate the potential for a mill assessment. In the next step, the actual mill assessment, they report on potential mill performance improvements and conduct a mill assessment of one week in minimum on-site, making use of the company’s broad portfolio of after-sales solutions and services. Rieter suggests ways to bring original equipment back to its initial quality and performance levels or even beyond. Customers now enjoy the advantages of a customized mill assessment, as demonstrated by a recent assessment conducted at Adama Spinning Mills in Ethiopia. Tadesse Ayele, Technical Manager at Adama Spinning Mills, says “The mill assessment carried out by Rieter experts proved to be highly valuable. As a result, we have witnessed significant enhancements in the machines’ productivity and performance. Moreover, our technicians and operators have gained valuable insights, thanks to the know-how shared by Rieter experts during the mill assessment.”
IMPROVING PRODUCTIVITY WITH MILL ASSESSMENTS 15-year-old Adama spinning mill is a high-quality producer of coarse count cotton yarns with rotor BT 923 and ring spinning G 33 and G 35 machines. Due to the current market situation, the customer wants to produce finer yarn counts in rotor and ring spinning machines at higher productivity to be competitive in the market. Adama spinning mill initially responded by increasing the machine speed to improve productivity. The result was a lower yarn quality, but the market demand was a high quality yarn and an increased output. The customer therefore reached out to the Rieter POS team and asked for support in enhancing production output while maintaining the yarn quality at a constant level. During the two-week mill assessment by a team of Rieter experts, many improvements were carried out under the existing mill conditions. The Rieter team assessed the current performance of the spinning mill, conducted tests and provided advice on adjusting machine settings. Fine tuning of the machine and process parameters resulted in a significant gain in terms of productivity in rotor as well as in ring spinning. The aim was to optimize the from the user industry. Indian Cotton Federation (Per Candy 2022-23 Crop) COTTON ASSOCIATION OF INDIA State Staple Mic Per Candy P/H/R- ICS-101 Below 22mm 5.0 – 7.0 60800 P/H/R-ICS-201 (SG) Below 22mm 5.0 – 7.0 61300 GUJ-ICS-102 22mm 4.0 – 6.0 47800 KAR-ICS-103 23mm 4.0 – 5.5 50400 M/M(P)-ICS-104 - 24mm 4.0 – 5.5 55900 P/H/R(U)-ICS-202 (SG) 27mm 3.5 – 4.9 56600 M/M(P)/SA/TL-ICS-105 26mm 3.0 – 3.4 ------- P / H / R(U)-ICS-105 27mm 3.5 – 4.9 57300 M/M(P) /SA/TL/G-ICS-105 27mm 3.0 – 3.4 55200 M/M(P)/SA/TL-ICS-105 27mm 3.5 – 4.9 57900 P/ H/R(U)-ICS-105 28mm 3.5 – 4.9 59600 M/M(P)-ICS-105 28mm 3.5 – 4.9 59500 SA/TL-ICS-105 28mm 3.8 – 4.2 59700 GUJ-ICS-105 28mm 3.8 – 4.2 59800 R(L)-ICS-105 29mm 3.7 – 4.9 59300 M/M(P)-ICS-105 29mm 3.8 – 4.2 60700 SA/TL/K-ICS-105 29mm 3.8 – 4.2 60800 GUJ-ICS-105 29mm 3.8 – 4.2 60900 M/M(P)-ICS-105 30mm 3.8 – 4.2 61500 SA/TL/K/O-ICS-105 30mm 3.8 – 4.2 61600 M/M(P)-ICS-105 31mm 3.8 – 4.2 62000 SA/TL/K/TN/O-ICS-105 31mm 3.8 – 4.26 62200 SA/TL/K/TN/O-ICS-106 32mm 3.5 – 4.9 ------- M/M(P)-ICS-107 34mm 3.0 - 3.8 72600 K/TN-ICS-107 34mm 3.0 - 3.8 73600 U.S. Futures Daily Cotton Market 17 August 2023 Contract Open* High Low Close * Settle Change Oct '23 85.10 85.10 84.78 84.95 84.36 -0.96 Dec '23 84.70 84.80 83.40 83.65 83.61 -1.11 Mar '24 84.49 84.67 83.43 83.60 83.58 -1.06 May '24 84.40 84.66 83.55 83.66 83.68 -1.00 Jul '24 84.02 84.22 83.35 83.52 83.51 -0.81 * Open and Close prices reflect the first and last trade in the market and do not correlate to any opening or closing period Cotlook 'A' Index : 95.65 V-797 (Guj)-Old 47800 J-34 (RG) (Punj) 66710 MECH-1/H-4 (MP) 57000 Sankar-6 (Guj) 59000 MCU-5 (AP) 60000 DCH-32 (Karna) 73800 MECH -1 (Maha) 58000 # entire Rieter spinning process, so that the customer can realize the full performance potential of its machines and systems. The experts looked for the root causes that were affecting the productivity. Based on the findings, the team implemented a series of measures: * Reduction of end breaks in rotor spinning machines by process and machine fine tuning; * optimization of suction in rotor spinning machines for lower power consumption; * fine tuning of ring spinning process and machine settings; * doffer settings for doff-time reduction, and * imparting proper training to mill technicians and operators. As a result, the rotor and ring spinning machine speeds and efficiency have improved. The rotor production has increased by 70% for processing Ne 32 (Fig.2), while the ring spinning production increased by 44% for processing Ne 40 (Fig.3) without affecting the yarn quality. This improvement in production and machine performance exceeded the customer’s expectations.
CUSTOMIZED SOLUTIONS FOR FURTHER IMPROVEMENT POS offers a customized solution to every customer. Based on the improvements defined during the pre-assessment as well as the findings during the mill assessment, the Rieter experts were able to recommend the right set of after-sales solutions such as upgrades, parts, repair services as well as training and textile technology services (Fig.4). Rieter accompanies customers in a spirit of close partnership to enable their success. Building on years of experience and a global presence, Rieter experts share their textile expertise and engineering know-how, so customers can unlock the full potential of their technology. POS as a powerful solution helps spinning mills identify key areas of improvement to grow and remain competitive.
Source: Tecoya Trend
The private inland container depots (ICDs) located within the Chittagong Port area play a vital role in bolstering the nation’s economy even as these ICDs annually manage cargoes valued at US $ 54 billion, which accounts for 25 per cent of the total imports transported in containers even as they also handle a substantial volume of empty containers within the port. These significant contributions were disclosed during a meeting between Rear Admiral Mohammad Sohail, the chairman of the Chattogram Port Authority, and a delegation representing the Bangladesh Inland Container Depots Association (BICDA). The delegation, led by President Nurul Qayyum Khan, included Vice Presidents Khalilur Rahman and Imran Fahim Noor, Directors Yasser Rizvi, Be-nazir Chowdhury Nishan, Captain Kamrul Islam Mazumder, and Director General Md Rubel Amin Sikder. During the meeting, President Nurul Qayyum Khan expressed his frustration over the lack of recognition for the valuable role played by private ICDs even as he attributed this oversight to the reluctance of Government entities, policymakers, and concerned stakeholder organizations, deeming it “unfortunate and disappointing.”
Source: Apparel Resources
Bangladesh Bank (BB) has announced cash assistance for 43 products in the fiscal year 2023-24 to boost their exports.As of FY23, exporters will get this cash assistance at the rate of 1.0 percent to a maximum of 20 percent. The Foreign Exchange Policy Department of BB issued a notification in this regard on Thursday. According to the instructions of the circular, 43 products will get incentives or cash assistance against exports during the period from July 1, 2023, to June 30, 2024. These 43 products got similar support last year too. A BB official said that according to the government decision, this circular has been issued regarding the payment of cash assistance with necessary instructions for the current financial year. Exporters say that the cash assistance announced in the ongoing situation will help boost export trading.
Source: The Financial Express
Leaders of the BRICS group of developing nations have invited Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates to join, in a move aimed at growing the clout of a bloc that has efforts by Beijing and Moscow to forge it into a viable counterweight to the West. South African President Cyril Ramaphosa, who is hosting a summit of BRICS leaders, announced on Thursday that the new candidates would be admitted as members on Jan 1, 2024. The debate over enlargement has topped the agenda at the three-day summit taking place in Johannesburg. And while all BRICS members publicly expressed support for growing the bloc, there were divisions among the leaders over how much and how quickly. Though home to about 40% of the world's population and a quarter of global gross domestic product, BRICS members' failure to settle on a coherent vision for the bloc has long left it punching below its weight as a global political and economic player. More than 40 countries have expressed interest in joining BRICS, say South African officials, and 22 have formally asked to be admitted. They represent a disparate pool of potential candidates motivated largely by a desire to level a global playing field many consider rigged against them and attracted by BRICS' promise to rebalance the global order.
Source: The Financial Express
