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India and the European Union have again asked the WTO's dispute settlement body not to adopt a ruling against New Delhi's import duties on certain information and technology products till December 18 as both sides are engaged in bilateral talks to resolve the matter. Earlier, the two regions sought time till September 19 by making a similar request in June. The WTO's dispute settlement body (DSB) will meet on September 19 in which it would consider adopting a draft decision shared by India and the European Union (EU). "We consider that the draft DSB decision, if adopted, would facilitate the resolution of the dispute," according to a communication of the World Trade Organisation (WTO). For that meeting, they urged the DSB not to adopt the WTO's dispute settlement panel's ruling of April 17, which stated that India's import duties on certain information and technology products are inconsistent with the global trade norms. As per the rules of the WTO, the panel's ruling will have to be adopted by the DSB for implementation within 60 days of the release of the order. However, the complainant and defendant can mutually request for deferment of adoption of the ruling. According to the draft decision submitted by the two regions for the body: "The DSB agrees that, upon a request by the European Union or India, the DSB shall no later than 18 December 2023 adopt the report of the panel in the dispute India - Tariff Treatment on Certain Goods in the Information and Communications Technology Sector of 17 April 2023". The development assumes significance as India and the EU are negotiating a free trade agreement. So far, four rounds of talks have happened. In its report, the dispute panel of WTO on April 17 said that import duties imposed by India on certain information and technology products violate global trading norms. The ruling followed a dispute filed by the EU, Japan and Taiwan against these duties in WTO. On April 2, 2019, the EU challenged the introduction of import duties by India on a wide range of ICT products, for instance, mobile phones and components, The EU had claimed that the measures appear to be inconsistent with certain provisions of WTO. Later, Chinese Taipei and Japan also joined the dispute. According to WTO rules, a member country can file a case in the Geneva-based multilateral body if they feel that a particular trade measure is against the norms of WTO. Bilateral consultation is the first step to resolving a dispute. If both sides are not able to resolve the matter through consultation, either of them can approach the establishment of a dispute settlement panel. The panel's ruling or report can be challenged at WTO's appellate body. Interestingly, the appellate body is not functioning because of differences among member countries in appointing its members. Several disputes are already pending with this body. The US has been blocking the appointment of the members.
Source: Economic times
India and the 10-nation bloc Asean are expected to formally launch the review exercise for the free trade agreement (FTA) in November, an official has said. They have agreed to fast-track negotiations for the review of the existing agreement in goods between the two regions and conclude the talks in 2025. It was agreed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting held at Semarang, Indonesia, in August.“We will do stakeholder consultations with the industry soon before starting the review formally. Most probably, we will have the first round in November,” the official said. Participating in the 20th ASEAN-India Summit in Jakarta, Prime Minister Narendra Modi emphasised the need to complete the review of the ASEAN-India FTA (AITIGA) in a time-bound manner. The FTA was signed in 2009 and implemented in January 2010. The review of the AITIGA was a long-standing demand of Indian businesses, and the early commencement of the review would help in making the FTA trade facilitative and mutually beneficial, the commerce ministry has said. The two regions have agreed to follow a quarterly schedule of negotiations and conclude the review in 2025. According to a joint media statement issued in Semarang, both regions have agreed to make the agreement more user-friendly, simple and trade-facilitative for businesses to increase trade and support sustainable and inclusive growth. India is asking for a review of the agreement with an aim to eliminate barriers and misuse of the trade pact. Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. In general, such review exercises include implementation issues, rules of origin; verification process and release of consignments; customs procedures; further liberalisation of trade in goods; and sharing and exchange of trade data. Trade experts said the review demand is there because India’s exports to Asean have been affected due to non-reciprocity in FTA concessions, non-tariff barriers, import regulations and quotas. Concerns have also been raised about the routing of goods from third countries in India through Asean members by taking the duty advantages of the agreement. Asean has a much deeper economic engagement with China through the Asean China Trade and Goods Agreement.During 2010-11, India’s exports to Asean increased to USD 25.7 billion from USD 18.11 billion in 2009-10. However, imports in 2010-11 rose to USD 30.6 billion from USD 25.8 billion in 2009-10. Similarly, in 2022-23, India’s exports to Asean increased to USD 44 billion from USD 42.32 billion in 2021-22. However, imports jumped to USD 87.57 billion in 2022-23 against USD 68 billion in 2021-22. The trade deficit has widened to USD 43.57 billion in the last fiscal from USD 25.76 billion in 2021-22. It was just USD 5 billion in 2010-11.
Source: Financial express
‘Vasudhaiva Kutumbakam’ – these two words capture a deep philosophy. It means ‘the world is one family’. This is an all-embracing outlook that encourages us to progress as one universal family, transcending borders, languages, and ideologies. During India’s G20 Presidency, this has translated into a call for human-centric progress. As One Earth, we are coming together to nurture our planet. As One Family, we support each other in the pursuit of growth. And we move together towards a shared future - One Future - which is an undeniable truth in these interconnected times. The post-pandemic world order is very different from the world before it. There are three important changes, among others. First, there is a growing realisation that a shift away from a GDP-centric view of the world to a humancentric view is needed. Second, the world is recognizing the importance of resilience and reliability in global supply chains. Third, there is a collective call for boosting multilateralism through the reform of global institutions. Our G20 Presidency has played the role of a catalyst in these shifts. In December 2022, when we took over the Presidency from Indonesia, I had written that a mindset shift must be catalysed by the G20. This was especially needed in the context of mainstreaming the marginalized aspirations of developing countries, the Global South and Africa. The Voice of Global South Summit, which witnessed participation from 125 countries, was one of the foremost initiatives under our Presidency. It was an important exercise to gather inputs and ideas from the Global South. Further, our Presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the African Union as a permanent member of the G20. An interconnected world means our challenges across domains are interlinked. This is the midway year of the 2030 Agenda and many are noting with great concern that the progress on SDGs is off-track. The G20 2023 Action Plan on Accelerating Progress on SDGs will spearhead the future direction of the G20 towards implementing SDGs. India, living in harmony with nature has been a norm since ancient times and we have been contributing our share towards climate action even in modern times. Many countries of the Global South are at various stages of development and climate action must be a complementary pursuit. Ambitions for climate action must be matched with actions on climate finance and transfer of technology. We believe there is a need to move away from a purely restrictive attitude of what should not be done, to a more constructive attitude focusing on what can be done to fight climate change. The Chennai HLPs for a Sustainable and Resilient Blue Economy focus on keeping our oceans healthy. A global ecosystem for clean and green hydrogen will emerge from our presidency, along with a Green Hydrogen Innovation Centre. In 2015, we launched the International Solar Alliance. Now, through the Global Biofuels Alliance, we will support the world to enable energy transitions in tune with the benefits of a circular economy. Democratising climate action is the best way to impart momentum to the movement. Just as individuals make daily decisions based on their long-term health, they can make lifestyle decisions based on the impact on the planet’s long-term health. Just like Yoga became a global mass movement for wellness, we have also nudged the world with Lifestyles for Sustainable Environment (LiFE). Due to the impact of climate change, ensuring food and nutritional security will be crucial. Millets, or Shree Anna, can help with this while also boosting climate-smart agriculture. In the International Year of Millets, we have taken millets to global palates. The Deccan High Level Principles on Food Security and Nutrition is also helpful in this direction. Technology is transformative but it also needs to be made inclusive. In the past, the benefits of technological advancements have not benefited all sections of society equally. India, over the last few years, has shown how technology can be leveraged to narrow inequalities, rather than widen them. For instance, the billions across the world that remain unbanked, or lack digital identities, can be financially included through digital public infrastructure (DPI). The solutions we have built using our DPI have now been recognised globally. Now, through the G20, we will help developing countries adapt, build, and scale DPI to unlock the power of inclusive growth. That India is the fastest-growing large economy is no accident. Our simple, scalable and sustainable solutions have empowered the vulnerable and the marginalised to lead our development story. From space to sports, economy to entrepreneurship, Indian women have taken the lead in various sectors. They have shifted the narrative from the development of women to women-led development. Our G20 Presidency is working on bridging the gender digital divide, reducing labour force participation gaps and enabling a larger role for women in leadership and decision-making. For India, the G20 Presidency is not merely a high-level diplomatic endeavour. As the Mother of Democracy and a model of diversity, we opened the doors of this experience to the world. Today, accomplishing things at scale is a quality that is associated with India. The G20 Presidency is no exception. It has become a people-driven movement. Over 200 meetings will have been organised in 60 Indian cities across the length and breadth of our nation, hosting nearly 100,000 delegates from 125 countries by the end of our term. No Presidency has ever encompassed such a vast and diverse geographical expanse. It is one thing to hear about India’s demography, democracy, diversity and development from someone else. It is totally different to experience them first-hand. I am sure our G20 delegates would vouch for this. Our G20 Presidency strives to bridge divides, dismantle barriers, and sow seeds of collaboration that nourish a world where unity prevails over discord, where shared destiny eclipses isolation. As the G20 President, we had pledged to make the global table larger, ensuring that every voice is heard and every country contributes. I am positive that we have matched our pledge with actions and outcomes.
Source: PIB
Crypto assets should not be granted official currency or legal tender status, the much-awaited synthesis paper by the International Monetary Fund (IMF) and Financial Stability Board (FSB) has said ahead of the G20 leadership summit under India’s presidency. However, the report has argued against a blanket ban on activities linked to crypto assets, explaining that such a move can be costly as well as technically demanding to enforce. Central banks should avoid holding crypto assets in their official reserve as they pose a risk to monetary and global financial stability, according to the synthesis paper. Stressing the need for an unambiguous tax treatment of crypto assets, it has advised countries to safeguard monetary sovereignty. In another significant recommendation, the report has said that policymakers should guard against excessive capital flow volatility by taking steps such as clarifying the legal status of crypto assets. As for emerging markets and developing economies, the report said they may face amplified macro-financial risks from crypto assets due to a less developed tax framework, large unbanked population, and larger cross-border transaction costs. The joint report of the IMF and FSB is part of the ongoing G20 deliberations on regulating crypto assets. Outlining the fiscal risks, the synthesis paper said that if crypto assets were granted legal tender status, government revenues could be exposed to exchange rate risk. Crypto assets do not fulfil the three basic conditions of currency, mainly unit of account, means of exchange, and store of value. On banning crypto-related activities, the report has said that it is not an easy option, adding that temporary restrictions should not substitute for robust macroeconomic policies."Developing effective frameworks and policies is the best way to limit substitution into crypto assets," the report said. Credible institutional frameworks and comprehensive regulation and oversight are the first line of defence against the macroeconomic and financial risks posed by crypto assets. Calling for comprehensive regulatory and supervisory oversight of crypto assets, the report has recommended that countries should avoid large deficits and high debt levels and adopt an effective monetary policy framework to avoid the use of crypto assets for payment.
Source: Business-Standard
A joint report by two agencies at the behest of Indian G20 Presidency on Thursday has cautioned against blanket bans on crypto assets to mitigate the risks associated with the sector, and recommended targeted restrictions and sound monetary policies.While raising concerns about the potential impact of cryptocurrencies on nations’ monetary policies, the paper suggested licensing crypto service providers and called for countries to implement the Financial Action Task Force’s (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) standards in the sector.The paper, prepared by the International Monetary Fund (IMF) and the G20’s Financial Stability Board (FSB) said that an outright ban might not work, given the border-less nature of cryptos. The collective recommendations provide comprehensive guidance to help authorities address the macroeconomic and financial stability risks posed by crypto-asset activities and markets, including those associated with stablecoins and those conducted through so-called decentralised finance (DeFi).Crypto assets have been in existence for more than a decade and have displayed significant volatility. Emerging in January 2009, shortly after the Global Financial Crisis, the value of crypto-assets has fluctuated dramatically with many episodes of sharp appreciation and subsequent steep price reversions. For example, in 2021, the total market value of crypto-assets grew 3.5-fold, and in the crypto-asset market turmoil that started in May 2022, the total market value shrank from a peak of $2.6 trillion to below $1 trillion.“To protect monetary stability, crypto-assets should not be granted official currency or legal tender status,” the paper cautioned.Due to the risks and concerns about destabilising impacts on the international monetary system (IMS), central banks should also avoid holding crypto-assets in their official reserve assets, it said. Governments should minimise fiscal and operational risks in cases of official crypto asset use.“Tax policies should ensure the unambiguous tax treatment of crypto-assets, and tax administrations should strengthen compliance efforts,” it said.In the context of crypto-assets, an important part of the International Monetary Fund’s efforts would be assessing the macrofinancial and spillover risks on the IMS.India will seek consensus on the policy paper’s recommendations from the G20 leaders during their summit on Saturday-Sunday here.While the joint paper describes how the policy and regulatory frameworks developed by the IMF and the FSB fit together, it does not establish new policies or recommendations. The FSB paper in July recommended regulatory authorities have adequate powers to regulate, supervise, and oversee crypto-asset activities and markets. The Reserve Bank of India has been in favour of banning cryptos due to the threats to financial stability.The paper contains an implementation roadmap for the crypto-asset policy frameworks. Detailed “test” data on crypto used in making payments will be available by the end of 2025. The IMF has been tasked to collect data. India had previously highlighted the need to have data on crypto before putting in place any laws controlling them. IMF and World Bank to integrate recommendations for a comprehensive framework for cryptoassets as part of technical assistance and capacity building in 8-12 months. FATF support, guidance, and training will be provided for countries where implementation is lagging, publicly identify steps taken to implement the standard in jurisdictions with materially important crypto-asset activity.
Source: Financial express
INTERNATIONAL
Standard Fiber, a supplier of home textiles, has appointed Trina Solomon to the new post of vice president of marketing & brands. Standard Fiber leadership created the role as part of its omnichannel approach to serving home textile retailers and partners worldwide, elevating its brand portfolio and corporate marketing strategies, and enhancing support of its sales and design teams. In her role, Solomon is responsible for the corporate and sub- brands as well as licensed brands Tempur-Pedic, Stearns & Foster, Sealy, Highclere Castle, DuPont for Your Home, and a growing list. In addition to leading marketing strategies and initiatives for the company, she will partner with retailers and suppliers within the scope of her role. She works closely with and reports to Chad Altbaier, president and co-CEO. Solomon brings 15 years of experience in marketing and design contributing to revenue growth across diverse industries such as home textiles, bedding, consumer packaged goods, apparel and automotive. “Trina’s background and passions are perfectly suited to support the growth of our valued bedding accessory and mattress brand customers,” said Altbaier. “In the short time since joining Standard Fiber, she has added incredible value to our corporate marketing strategies, trade show preparation and follow-up and brand license relationships.” Prior to joining Standard Fiber, Solomon was senior marketing director for Diamond Mattress where she served on the senior leadership team in addition to her responsibilities in brand development, digital marketing, merchandising and go-to-market strategy, e-commerce, and public relations. During her tenure, she was integral in the implementation of the entrepreneurial operating system for alignment on vision, healthy leadership, and cohesiveness across the organization. Solomon has demonstrated success working with B2B and D2C brands and served in key marketing and creative roles for Allied Home and General Motors. She resides in Southern California and is an alumnus of the University of Michigan.
Source: Textile world
On September 6-8, Sinochem International made its debut at the China International Optoelectronic Exposition (CIOE2023), showcasing its entire line of para-aramid products. These innovative solutions are tailored to meet the specific needs of the optical communication industry, serving as non-metallic reinforcement materials for optical-fiber cable applications. Optical communication cables constitute a critical foundation for high-speed information networks. In the era of new-generation communication technology, optical transport networks demand higher speeds, increased capacity and longer reach. Therefore, optical communication cables need to have superior performance attributes, including elevated strength, enhanced modulus, extended lifespan, reduced weight, minimal creep, and heightened resistance to corrosion. Sinochem International’s proprietary para-aramids are used as non-metallic reinforcing materials for optical-fiber cables, offering a compelling alternative to traditional materials like glass fibers or steel wires. They significantly augment the overall performance of optical-fiber cables while enhancing the reliability of communication signal transmission. Aramid is recognized globally as one of the three high-performance fibers. It has an outward appearance resembling ordinary spun fibers. But compared with steel wire, aramid exhibits a strength of 5-6 times and a toughness of 2 times, while weighing only one-fifth. These fibers excel in various aspects, including high strength, elevated modulus, resistance to high temperatures, tolerance to acidic and alkaline environments, insulation properties, anti-aging characteristics, and an extended lifecycle. In the realm of optical communication cables, they have rightfully earned their place as one of the industry’s specified non-metallic reinforcement materials. Para-aramid finds its utility not only in information communication but also in a diverse range of sectors, including new energy vehicles, rail transit, electronics, composite materials, and special workplace protection, among others. Sinochem International entered the aramid fiber industry chain in 2013. After years of relentless independent research and development, a significant technological breakthrough was achieved in high-strength and high-modulus products in 2022, leading to successful mass production. According to an assessment by the China National Textile and Apparel Council, the company’s high-strength, high-modulus para-aramid products meet international benchmarks in terms of production process and quality. As a state-owned enterprise specializing in new chemical materials in China, Sinochem International is committed the fine chemical industry with new chemical materials as its core focus. The company has embarked on a strategic transformation, guided by an industrial chain mindset and integrated industrial layout, with an aim to establish itself as a world-class materials science platform. Currently, Sinochem International boasts an annual para-aramid production capacity of 5,500 tons, with high-strength and high-modulus products constituting a significant 75% of the total output. Beyond its impressive production capacity, the company consistently operates at full production capacity as demand surpasses supply. Robust sales are achieved across downstream markets, including optical communication cables, special workplace protection solutions, tire rubber, and composite materials. An industry report showed that the global and Chinese demand for para-aramid fiber in 2022 stood at 85,000 tons and 13,000 tons, respectively. From 2023 to 2025, China’s demand is expected to grow at a compound annual rate of about 10%. To meet this surging demand, Sinochem International is pushing forward with a 2,500-tonper-year expansion project. Slated for completion by 2024, this expansion will boost the company’s total para-aramid fiber production capacity to 8,000 tons annually. As for future growth, Sinochem International is adopting a comprehensive strategy that spans the entire supply chain, product lines, and product lifecycle. The entire-supply-chain approach involves both upstream and downstream expansions. On the upstream side, the company is ramping up production of the core raw material, paraphenylenediamine. On the downstream side, it is developing an array of products such as pulp, short fibers, and aramid paper. Current initiatives include a technical upgrade for a 1,000-ton-per-year specialized unidirectional fabric line and a 2,500-ton-per-year para-aramid pulp and short fiber line, creating new revenue streams. The all-product-lines strategy aims to offer a one-stop service by industrializing a complete portfolio of products, including meta-aramid, para-aramid, and heterocyclic aramid. This is achieved through in-house research and development, and operationalized in Yangzhou. For full-lifecycle management, the company plans to implement a multi-step approach to utilize resources and therefore recycle waste aramid products. This will not only extend the lifespan of these products but also optimize resource use. On the aramid industrial front, Sinochem International is poised to leverage its current advantages and the broader market landscape. The company has plans to roll out timely expansions, with the goal of becoming one of the top three global producers in terms of capacity. In doing so, it aims to establish a competitive edge in product quality, cost, and supply chain management. Concurrently, by fostering innovation, the company aspires to broaden the applications for para-aramid fiber— a “noble fiber” — thereby contributing to the advancement and security of modern technology and civilization.
Source: Textile world
The Walmart Foundation has granted $1.2 million to support Goodwill Industries International Inc. and Accelerating Circularity to develop skills, systems, and infrastructure at participating Goodwill organizations to transform unsellable textile donations into recycling feedstock. This transformation is critical to the circular textile economy. The partnership with Goodwill is intended to develop skills, systems, and infrastructure at local Goodwill organizations to transform unsellable textile donations into recycling feedstock. Participating local Goodwill organizations are using the grant funding to learn to produce post-consumer textile feedstock that meets recyclers’ specifications and to educate and train staff on sorting and feedstock preparation processes. 25 local Goodwill organizations are involved in this project, with leadership from Goodwill Industries of Tenneva Area, Goodwill of the Finger Lakes, Goodwill Industries of Ontario Great Lakes, and Goodwill Industries of West Michigan. The local Goodwill organizations are modeling and testing regional textile collaboration hubs in partnership that can be replicated across the Goodwill member network, and adopted by other social enterprises for the benefit of their constituents and the advancement of textile circularity. “This initiative with Goodwill Industries is an example of Accelerating Circularity’s unique role in creating new connections to mainstream the adoption of post-consumer textiles as raw materials,” said Sarah Coulter, Director of Operations and Special Projects for Accelerating Circularity “Accelerating Circularity has lead the design and implementation of this program, providing subject matter expertise, program management, relationship building, and training and tools development at the participating Goodwill locations.” “We see an opportunity to advance our mission by supporting Goodwill’s effort to transform textiles destined for salvage into higher-value recycling feedstocks by sorting to spec, removing trims and other irritants, and aggregating sufficient volumes to support full commercialization of textile-to-textile systems,” shared Karla Magruder, President and Founder of Accelerating Circularity. “Goodwill is focused on developing solutions for textiles that are scalable, circular, and traceable, and we see textile-to-textile recycling as a key pathway for donations that are unwearable and at their end of life. Establishing regional Goodwill collaborations for textile circularity supports Goodwill’s role as a critical player in the circular economy and aligns with our organizational sustainability strategy,” shared Brittany Dickinson, Director of Sustainability at Goodwill Industries International.
Source: Textile world
Fashion trade bodies, the British Fashion Council (BFC) and the UK Fashion and Textiles Association (UKFT), have teamed up with UK Research and Innovation (UKRI) on a ground-breaking partnership with the aim of accelerating the UK to a leading circular fashion economy. The alliance, co-chaired by UKFT CEO Adam Mansell and BFC CEO Caroline Rush, will be known as the Circular Fashion Innovation Network (CFIN). The network, which brings together innovators, investors, academics, and other stakeholders, will be housed under the BFC’s Institute of Positive Fashion (IPF). The BFC and UKFT have jointly provided £ 1.8 million to CFIN to operate the network, foster community building, speed up knowledge sharing with members and industry, and launch necessary industry-led research. Oxford Economics 2022 estimates that the fashion sector is worth £ 29 billion to the British economy and that new clothes consumption in the UK is higher than that of any other nation in Europe. The network is attempting to address the critical issue of unsustainable trash production through an “actionoriented forum” by combining high consumption and low usage. Richard Price, CEO of Marks & Spencer clothes, Helen Connolly, CEO of New Look, Helen Dickinson, and Chanel are members of the network’s advisory board. Representatives from the UKRI, NGOs, and academia are present with them. The Advisory Board’s responsibilities include concentrating on the network’s vision, receiving updates from the Working Groups, and addressing scalability across the UK. The action-driven road map for the network will be created in compliance with applicable competition laws and other laws and regulations. The CFIN is the first industry-led programme of this kind supported by UKRI. Its Working Group leads will report to the UKRI programme board, making it central to UKRI’s £ 15 million commitment to supporting an innovation-led approach to circular fashion.
Source: Apparel resources
