INTERNATIONAL
Textile Raw Material Price 2016-09-06
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1011.97 |
USD/Ton |
0% |
9/6/2016 |
|
VSF |
2464.06 |
USD/Ton |
0.06% |
9/6/2016 |
|
ASF |
1886.22 |
USD/Ton |
0% |
9/6/2016 |
|
Polyester POY |
1040.42 |
USD/Ton |
-0.07% |
9/6/2016 |
|
Nylon FDY |
2365.26 |
USD/Ton |
0% |
9/6/2016 |
|
40D Spandex |
4416.15 |
USD/Ton |
1.03% |
9/6/2016 |
|
Nylon DTY |
2559.87 |
USD/Ton |
0% |
9/6/2016 |
|
Viscose Long Filament |
5595.79 |
USD/Ton |
0% |
9/6/2016 |
|
Polyester DTY |
1298.65 |
USD/Ton |
0.99% |
9/6/2016 |
|
Nylon POY |
2035.92 |
USD/Ton |
0.74% |
9/6/2016 |
|
Acrylic Top 3D |
2058.38 |
USD/Ton |
0% |
9/6/2016 |
|
Polyester FDY |
1178.14 |
USD/Ton |
0.90% |
9/6/2016 |
|
30S Spun Rayon Yarn |
3038.91 |
USD/Ton |
0% |
9/6/2016 |
|
32S Polyester Yarn |
1721.55 |
USD/Ton |
0% |
9/6/2016 |
|
45S T/C Yarn |
2402.69 |
USD/Ton |
0% |
9/6/2016 |
|
45S Polyester Yarn |
1886.22 |
USD/Ton |
0% |
9/6/2016 |
|
T/C Yarn 65/35 32S |
2260.47 |
USD/Ton |
0% |
9/6/2016 |
|
40S Rayon Yarn |
3188.61 |
USD/Ton |
0% |
9/6/2016 |
|
T/R Yarn 65/35 32S |
2380.23 |
USD/Ton |
0% |
9/6/2016 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
9/6/2016 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
9/6/2016 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
9/6/2016 |
|
30S Rayon Fabric |
0.70 |
USD/Meter |
0% |
9/6/2016 |
|
45S T/C Fabric |
0.67 |
USD/Meter |
0% |
9/6/2016 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14970USD dtd. 6/09/2016)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The Ministry of Textiles is set to announce a cut in excise duty on MMF in the new policy in order to boost investment to meet growing demand from the synthetic textile industry. The MMF industry has on several occasions represented to the government seeking exemption on MMF from excise duty, arguing that the garments produced through MMF are primarily used by the economically weaker sections of society. While cotton fibre attracts no duty, the government has levied 10 per cent excise duty on MMF. Kavita Gupta, textile commissioner, Ministry of Textiles, said on the sidelines of TAG 2016 — the 8th Annual Conference on Textile and Apparel Industry organized by industry body FICCI here on Friday said that they are considering lowering excise duty on man-made fibre (MMF) which will be announced in the new policy in a month. India's fibre demand is likely to more than double in 10 years on the government's increasing impetus on textiles sector for both domestic consumption and exports of readymade garments. India's cotton fibre output currently stands at 6.5 billion kg, which may go up to 8 billion kg by 2025. There will be limited growth on cotton fibre output due to farmers' frequent changes in crop sowing pattern (for better realization). But there is a huge potential for growth in MMF. MMF requirement for Indian textiles industry would jump by at least five times to 12 billion kg by 2025, from 2.5 billion kg currently, given the kind of impetus they have given to the textiles sector. For any new textile plants in Maharashtra, the state government would be providing up to 35 percent working capital subsidy.
SOURCE: Yarns&Fibers
The Union Textile Ministry is considering policy intervention, both long-term and short- term, to address the issues impeding the growth of the jute industry upon which the economy of West Bengal is highly dependent. "We are trying to find out what can be done through long-term policy intervention to promote the sector. Separate brainstorming sessions will be held with mill owners and farmers," Textile Secretary Rashmi Verma informed after a meeting of the jute industry stakeholders chaired by Union Textile Minister Smriti Irani. The government would also try to devise solutions for short-term issues affecting the sector after further detailed meetings, she said. The meeting was attended by the Indian Jute Mills Association, jute balers' association, trade unions, farmers body and other stakeholders. Verma said that jute mills raised issues like intense competition and cheap Bangladeshi import while jute balers said they were receiving late payments from mills and in turn farmers' compensation was also being delayed. Trinamool Rajya Sabhya MP Sukehndu Sekhar Roy, who was also present at the meeting, said that under no circumstances the mandatory Jute Packaging Act should be diluted as livelihood of lakhs of people was associated with it. "I have also asked the Centre to take a balanced approach, so that mills are not closed in the name of disciplinary action," he said. "The Jute Commissioner office has taken action against 11 jute mills on divergent issues of violation of the jute control order. We are not against any action but have said that government should also look into the fact that mills do not get closed," Roy said. Citing an instance, Roy said that the North Brook Mill remained closed and some 4,000 workers were rendered jobless. Roy further praised Union Minister, saying she (Irani) is very positive-minded and is sensitive towards the jute workers' plight.
SOURCE: The Economic Times
Government has set up a ten-member committee to examine issues related to effective functioning of Export Import Bank and Export Credit Guarantee Corporation (ECGC). The committee, headed by the Finance Secretary, would recommend ways to strengthen functioning of these two organisations. It will examine need for capital infusion, addressing regulatory constraints with respect to the EXIM Bank and ECGC. The committee would submit its recommendations within six weeks from the date of holding its first meeting, the Commerce and Industry Ministry said in a series of tweets. “The idea is to look at ways in which EXIM Bank and ECGC can be further strengthened to support and handhold our exporters,” it said. The terms of reference of the committee also include examining issues related to enhancing the role of ECGC by addressing regulatory constraints and suggest separate norms and policy guidelines for Export Import (EXIM) Bank and ECGC. ECGC is an export promotion organisation, seeking to improve the competitiveness of Indian exporters by providing them with credit insurance covers.
SOURCE: The Financial Express
To encourage small enterprises to export, the Export-Import Bank of India (Exim Bank) plans to start a portal ‘Exim Mitra’. It aims to facilitate 20-25 services, including registration for undertaking exports, information on the closest bank branch that will provide export credit, and indicative freight cost. While big companies have a well-oiled infrastructure set-up to take care of their exports, small enterprises are at sixes and sevens when it comes to dealing with the procedures related to exports. Hence, Exim Bank proposes to start a portal to provide facilitation services for the latter. Exim Bank Chairman and Managing Director Yaduvendra Mathur said: “We are looking to open an online facilitation window. We note there is a big information gap. There are a large number of potential exporters, typically smaller companies which are not able to access the whole gamut of facilities and there are many agencies involved (for exports).”
Many procedures
“Exporters have to get registration from the Director-General of Foreign Trade (DGFT) to export. Then they have to deal with customs procedures. They have to get finance. If they are in small cities, their banks may not know export procedures and may be unwilling to extend them packing credit.” So, 20-25 services, which typically an exporter would want to access, would be put online via the portal, said Mathur. For example, if an exporter in Satara, Maharashtra needs export finance then he should be able to tap the ‘Exim Mitra’ portal and get information on the closest commercial bank branch that can help him with his financing requirement. Mathur said “We are talking to all the banks. They are giving us their data (on branches dealing with export finance) so that we can upload the same on our portal….at least, those links and leads so that exporters can approach the nearest bank branch for loan.”
Freight cost estimate
The Exim Bank is looking at putting up a structure so that an exporter can get an estimate of the freight cost of an export consignment from, say, Mumbai to Peru. “We are talking to logistics companies also to give us macro figures like the per kilometer cost if an export consignment goes from Mumbai Port to Peru….This will help an Indian company/ manufacturer take a decision on whether to service a particular export market,” said Mathur.
SOURCE: The Hindu Business Line
The Central government has approved six proposals to set up centres of excellence to promote and fund start-ups under the National Initiative for Development and Harnessing Innovation (NIDHI), a programme steered by the Department of Science and Technology. “The proposals for six centres of excellence that were approved on September 3 by the National Expert Advisory Committee include SINE-IIT Bombay, Venture Center-NCL Pune, CIIE-IIM Ahmedabad and a research park at IIT-Gandhinagar,” Harsh Vardhan, Minister for Science and Technology, told reporters here on Tuesday. Vardhan said the government has earmarked ₹500 crore to scale up the start-up eco system, under which seed funding of up to ₹10 lakh will be given to develop a prototype and access fabrication facilities in incubators. He said thereafter the department will also help connect the innovators with angel investors and venture capitalists. The department has already held camps to promote NIDHI in 4,000 colleges, he added. The Minister said the department has partnered with large international corporates, such as Intel, Lockheed Martin, Boeing and Texas Instruments, to initiate technology-driven, innovation-based programmes to promote start-ups. “The existing total incubation space in the country of about 7 lakh square feet will soon be expanded to 20 lakh square feet,” he added. Ashutosh Sharma, Secretary, Science and Technology Ministry said: “As opposed to 100 incubators set up in the past 30 years, the government plans to develop 200 in the next five years.”
SOURCE: The Hindu Business Line
Brent crude oil prices have moved between $45 and $50 a barrel for most of 2016 and Abhishek Deshpande, chief energy analyst of corporate and investment bank Natixis tells Rajesh Bhayani in an interview capital expenditure cuts over the last two years should tighten supply growth by early 2018. Edited excerpts:
Brent is moving in the $45-50 band. Is the market reaching equilibrium?
Not really, if the Organisation of Petroleum Exporting Countries (Opec) and Russia continue to increase production without agreeing on a freeze, the market will remain unbalanced. One of the key risks is higher production in Nigeria and Libya. Cyclical production from drilled but uncompleted wells in the US is also likely to add to supply. If China were to reduce its demand for strategic petroleum reserves, which is likely because of storage constraints, then we have reduced demand for crude as well. Nevertheless, we see the market balancing by the end of 2017 or early 2018. Capital expenditure cuts over the last two years should tighten supply growth. If there is an agreement over a freeze between Opec members and Russia, there is a chance of oil rising rapidly in the coming months. Drawdowns could occur as early as the end of this year.
What about US shale oil? At what price does it become competitive?
Technological advancements, efficiency gains and cost cutting have helped shale oil producers in the US to break even at lower costs. A flat price close to $50 a barrel (West Texas Intermediate crude) and a 12-month price at $60 is perhaps the best scenario for most US oil producers. If oil were to rise rapidly, we could see higher US supply arriving with a lag of six months. Despite that, we expect the market to be tight by early 2018.
Opec seems set to freeze output. Has the market priced this in?
A small amount has been priced in. But there still are doubts on whether Opec and Russia will reach an agreement as Iran remains the point of contention. If Opec were to freeze output, we could see oil prices reach $60 by the end of the year and $70 by the end of 2017.
Do you see the currencies of oil producing countries stabilising?
Their finances stabilised due to the rally in oil prices earlier this year and because of austere budgets announced by most petro-states. We have noticed currency devaluation in Russia, Nigeria and Algeria in the last two years. The rouble has strengthened recently, which is causing concern for Russia. The Algerian dinar stabilised in early 2016 and the Nigerian naira depreciated after it was floated in June 2016. Most of the other petro-state currencies are pegged to the dollar.
What are your price forecasts?
In the absence of an OPEC freeze, we do not see sustainable and meaningful drawdowns in 2017, and hence in our central scenario we see oil prices remaining below $50 for the rest of 2016. We should see the impact of lower oil prices on non-OPEC cyclical supplies towards the end of the year and oil prices recovering towards $58. Investors are likely to increase their long positions by the second quarter of 2017.
SOURCE: The Business Standard
India has signed an agreement with Chile to expand the India- Chile Preferential Trade Agreement (PTA), marking a 10-fold jump in the number of products to be traded on concessional duty rates. "India's export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India," said the commerce department in a release. The Union Cabinet had approved the expansion of the PTA in April under which 86 per cent of India's exports to Chile will get concessions. Under the expanded PTA, Chile has offered concessions to India on 1,798 tariff lines with duty cuts that are 30-100 per cent lower than the existing customs duty for various products. Similarly, India has offered concessions to Chile on 1,031 tariff lines with duties 10 per cent-100 per cent lower than the present import duties. A PTA between India and Chile was signed in March 2006 and came into effect from August 2007. In the original PTA, India's offer list to Chile consisted of 178 tariff lines and Chile's consisted of 296 tariff lines to be traded with duty concessions.
India's bilateral trade with Chile stood at $2.6 billion with exports at $0.68 billion and imports at $1.96 billion respectively in FY16. India's exports to Chile comprise transport equipment, pharmaceuticals, tyres and tubes, apparel, chemicals, textiles, readymade garments and leather products. Major items of import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes and fertilisers.
Expanding LAC footprint
Expanding the PTA with Chile is a step towards tapping the Latin American and Caribbean Nations (LAC) market and the government is awaiting the report of the Joint Study Group on trade with Peru to take a call on the framework for a trade agreement. "The expansion would be an important landmark in India-Chile relations and consolidate the traditional fraternal relations that have existed between India and LAC countries," the department said. Similarly, India has begun the process of expanding its PTA with the Mercosur trade bloc in which the number of products on which tariff concessions would be given is likely to increase to more than 3,000 from 450 at present with more agricultural products getting covered. Mercosur consists of Argentina, Brazil, Paraguay and Uruguay. Venezuela, a Mercosur member, is not a party to the agreement.
SOURCE: The Economic Times
The rupee surged by 31 paise to 66.51 against the dollar on selling of the American currency by exporters and banks amid sustained foreign fund inflows. Forex dealers said a higher opening in domestic equity market and a weak dollar against other currencies overseas after last week's below-par US growth data also supported the rupee. The dollar index, which tracks the greenback against a basket of six major peers, slipped 0.1 per cent to 95.731. Forex market remained closed yesterday on account of "Ganesh Chaturthi". On Friday, the rupee continued its stellar performance against the US currency for the fourth straight day ending higher by 13 paise at 66.82 on heavy dollar selling.
SOURCE: The Business Today
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 44.36 per barrel (bbl) on 06.09.2016. This was lower than the price of US$ 45.24 per bbl on previous publishing day of 05.09.2016.
In rupee terms, the price of Indian Basket decreased to Rs. 2951.90 per bbl on 06.09.2016 as compared to Rs. 3023.63 per bbl on 05.09.2016. Rupee closed stronger at Rs. 66.55 per US$ on 06.09.2016 as against Rs. 66.84 per US$ on 05.09.2016. The table below gives details in this regard:
|
Particulars |
Unit |
Price on September 06, 2016 (Previous trading day i.e. 05.09.2016) |
Pricing Fortnight for 01.09.2016 (Aug 11, 2016 to Aug 29, 2016) |
|
Crude Oil (Indian Basket) |
($/bbl) |
44.36 (45.24) |
46.20 |
|
(Rs/bbl |
2951.90 (3023.63) |
3095.40 |
|
|
Exchange Rate |
(Rs/$) |
66.55 (66.84) |
67.00 |
SOURCE: PIB
Continuing with the positive trend since the beginning of this year, exports of textiles and garments from Sri Lanka increased by 4.5 per cent year-on-year in the first six months of this year. During January-June 2016, Sri Lanka's export earnings from textiles and garments stood at $2.514 billion, compared to $2.405 billion earned in the corresponding period of last year, according to the data released by the Central Bank of Sri Lanka. Export growth in June mainly came from the US and non-traditional markets. “Earnings from textiles and garments exports, which account for around 48 per cent of total export earnings, grew by 1.4 per cent year-on-year to $430 million in June 2016, as a result of higher garment exports to US and non-traditional markets such as Canada, China and UAE,” the Central Bank said. Textiles and apparel accounted for about 63.15 per cent of all industrial exports and about 49.23 per cent of all exports made by the South Asian nation during the six-month period. In 2015, the island nation's export earnings from textiles and garments declined by 2.2 per cent year-on-year to $4.820 billion, compared to $4.929 billion in 2014.
SOURCE: Yarns&Fibers
With tight supply of purified terephthalic acid (PTA) in the key China market due to the G20 summit conducted in Hangzhou City in the eastern Zhejiang province with petrochemical plants in the surrounding areas mandated to either shut or cut production to ensure better air quality for the duration of the summit, the of Asia’s PTA likely to continue to rise due to an uptick in demand, industry sources. Purchasing interest re-surfaced on fears that prices will continue to spike amid scheduled turnarounds at major PTA plants in China ahead of the G20 summit, which was held in the country for the first time on 4-5 September. On 5 September, prices were assessed at $608-618/tonne CFR (cost and freight) CMP (China Main Port), up $5/tonne from the previous day, rising for the second consecutive session, according to data. Yisheng Petrochemical shut its 650,000 tonne/year PTA line in Ningbo on 2 September with no confirmed restart date. It also plans a two-week turnaround at its 2m tonne/year unit in Hainan from 10 September. Market sources expect the company’s other PTA lines in Ningbo and Dalian to undergo maintenance this year, but this could not be confirmed with the company. Another PTA major, Hengli Petrochemical, shut its 2.2m tonne/year No 1 PTA line in Dalian for a two-week turnaround from 1 September, and also plans a turnaround of the same duration for its No 2 PTA line at the site in the first half of October. Its No 3 PTA line in Dalian that also has a 2.2m tonne/year capacity may be also be shut for turnaround in November.
Amid the shutdowns of major plants at the start of the month, a prompt-loading 700-tonne PTA cargo was concluded last week at $613/tonne ex-CMP on a telegraphic transfer (TT) basis. Among other PTA plants in China, Oriental Petrochemical Shanghai Co’s (OPSC) 700,000 tonne/year unit will be down from 28 August-7 September; Tongkun Petrochemical’s 1.5m tonne/year plant is undergoing a 20-day maintenance and is scheduled to restart on 10 September. Ningbo Mitsubishi Chemical’s 685,000 tonne/year PTA unit is expected to resume production in the first half of September after being idled for a month. Prior to shutdown, the unit has had intermittent operations. FCFC Ningbo’s 1.2m tonne/year PTA unit, meanwhile, will be taken off line on 7-14 September for annual turnaround. Shenghong Petrochemical’s 1.5m tonne/year PTA unit in Lianyungang is scheduled for a two-week turnaround from the second week of September. The unit is presently running at full capacity to build up inventory ahead of the shutdown. Meanwhile, price support from the demand front is weak, as some downstream end-users have also taken their facilities off line and are not expected to procure cargoes until the second week of September, after the G20 summit. The onset of colder weather will also mean weaker demand for certain segments of the downstream polyester industries, particularly the polyethylene terephthalate (PET) bottle-chips sector. According to market sources, demand is not likely to increase significantly with the Mid-Autumn Festival on 15-16 September, and the week-long National Day celebration in the key China market on 1-7 October.
SOURCE: Yarns&Fibers
Between August 14 and 17, nine Peruvian companies participated in the 2016 MAGIC, the world’s largest fashion exhibition. MAGIC is held twice annually and is attended by professionals from more than 80 countries. The event, which took place in Las Vegas, Nevada included the current trends in apparel, footwear, accessories, and resources. The Peruvian companies collectively generated around US$ 6 million between trade commitments and actual sales. They had a staggering increase of 88% in sales and projected sales compared to last August’s exhibition. Immediate sales reached US$ 262,500 and projected business for the next twelve months amounts to US$ 5.7 million. The most demanded Peruvian products were t-shirts, shirts for men, and woven garments for babies. The majority of buyers who contacted Peruvian exporters were from Canada, United States, and Mexico. The textile sector of Peru aims to increase their exports to the United States. In addition, they wish to position and strengthen their presence in the US cotton and alpaca industry.
SOURCE: The Peru This Week
The General Secretary of National Union of Textile and Garment Workers and Chairman Industriall Global Union Sub-Saharan Africa, Comrade Issa Aremu, has disclosed that Nigeria spends whopping $4bn to import textiles yearly. According to him, this development came to the fore as a result of urgent and required attention that the nations’ textile industry deserves in the hands of the federal government. Aremu made this observation during the study visit of Group one, Senior Executive Course (SEC) 38 Participants of the National Institute for Policy and Strategic Studies (NIPSS), Kuru to Textile Labour House, National Secretariat of the Union in Kaduna yesterday. He decried the influx of smuggled goods in major textile markets in Kantin Kwari, Kano, Balogun and Oshodi, Lagos. This, he noted undermines the local industry, steal our jobs, deprives government of revenue and drains the country’s foreign exchange reserves. However, he called on the federal government to emulate other developing countries that are investing heavily in their textile industry due to its high employment potential. He added that Ethiopia has among the most competitive power tariff at 4 US Cents/Kwh, which is a fifth of the power cost in Nigeria, he added. According to him: “Nigeria currently spends over $4 billion annually importing textiles and readymade clothing when it has the potential to produce for the local market and even export to the ECOWAS market of over 175 million people, as well as to the developed world such as the United States under AGOA and EU GSP scheme which Kenya, Ethiopia, Lesotho, Madagascar and a number of African countries are already exploiting.
Recently, India, which is the second largest textile producer in the world after China, announced a $ 1 bn incentive package for the textile and apparel industry to create 10 million jobs in 3 years.” Aremu further noted that textiles used to be Nigeria’s foremost industry, being the second largest employer after government and utilising indigenous raw materials such as cotton. The prevailing unprecedented harsh environment has dealt a serious blow to the already fragile industry.
SOURCE: The National Mirror
The U.S. exports of lint cotton to Egypt has increased by 30 percent or USD 12.282 million to reach USD 40 million in the past year compared to USD 27,733 million in 2014 as local textile manufacturers have chosen to rely on U.S. cotton, according to a report published by the U.S. Department of Agriculture’s Foreign Agricultural Service (FAS) despite global popularity of Egyptian cotton by virtue of the country’s long history in growing the cotton crop. The FAS had previously warned of the deteriorating quality of Egyptian cotton, which it attributed to the mixing of extra-long staple cotton like Giza 86 and Giza 88 with medium-staple types like Giza 90 when growing the crops. Although Egyptian law prohibits growing the wrong types of cotton in particular agricultural lands, the FAS pointed that the security fallout that followed the January 2011 uprising has led to a lack of implementation. Egypt’s agriculture ministry is responsible for the organization of cotton production, allocating the production of short- and medium-staple cotton in Upper Egypt while the long-staple types are concentrated in the Delta region. Cotton production in Egypt is made up of about 90 percent extra-long and long-staple cotton, while 10 percent are short and medium staple varieties, another U.S. report stated. According to the FAS, some manufacturers chose U.S. Pima cotton as a better alternative to Egyptian cotton due to its higher quality. Although the prices of U.S. Pima cotton are higher than Egyptian extra-long staple cotton, the deterioration of the Egyptian extra-long staple cotton forced local spinners to rely on Pima cotton to produce high quality yarn, the report read.
According to the report, Egyptian extra-long staple cotton was sold to spinners at EGP 891/ qintar (USD 100.6/ qintar) while imported U.S. Pima cotton was sold at EGP 1400-1698/ qintar (USD 158-192/ qintar) during the last quarter of 2015. Last week, a scandal involving the alleged sale of falsely labeled Egyptian cotton products by an Indian textile manufacturer to U.S. big box retailers sparked concern regarding the shortage of cotton from Egypt. Egypt is famous for its extra-long and long-staple cotton, which are highly praised as the longer length of cotton fiber results in finer fabric. However, the extra-long and long-staple cotton are unsuitable for many textile operations as these rely on short- and medium-staple varieties. The decline in production of Egyptian cotton has been deteriorated in recent years after the government removed cash subsidies, and many farmers replaced cotton acreage with rice.
SOURCE: Yarns&Fibers
The visiting Turkish Foreign Economic Relations Board led by Omer Cihad Vardan on Friday during a meeting with Finance Minister Ishaq Dar thanked Pakistani Government for supporting Turkey in crucial time and emphasized on searching opportunities of joint investment ventures in Pakistan. The delegation also discussed with the Minister the possibilities of enhancing the cooperation in the areas of bilateral trade and in this respect the delegation shared that Turkey has excellent skills and technology in the field of textile, construction, and transportation business. All these skills can benefit both countries in the maximum possible way. The Minister welcomed the guests and said that Turkey has been a long standing friend and the People and Government of Pakistan really support the democratic set up in Turkey. The Minister also said that the good relations between the two countries will continue to grow stronger in future also. The delegation briefed the Minister that the Turkish Foreign Economic Relations Board extends cooperation to other countries through Business Councils working in127 countries of the World and they would like to introduce the business community of Turkey to Pakistan and vice versa. The Finance Minister said that Pakistan will happily become a investment part of any joint venture started by Turkey for the benefit of both countries and appreciated the efforts of the delegation for the promotion of trade and business opportunities between the two countries.
SOURCE: Yarns&Fibers
A 10-member Special Working Group established by the Government of Uzbekistan and headed by Nodir Atajanov, the Deputy Chairman to initiate talk to develop bilateral trade relations with Pakistan has arrived Islamabad. The Group will meet with officials of Pakistan and organize presentation in Chambers of Commerce and Industries of Islamabad and Lahore, according to Uzbekistan Embassy in Islamabad. The Group includes representation of “Uzavtosanoat” (machinery industry), “Uzyengilsanoat” (textile and light industry), «Uzagrosanoatmashxolding» (agricultural machinery), “Uzpaxtaexport” (cotton export) and “Uzkimyosanoat” (chemical industry). Other members of group include Zafar Saidov (Head of the machinery manufacturing sector of the Cabinet of Ministers of the Republic of Uzbekistan), rkin Yunuso (Chairman of JSC “Uzindustryexport”), Shavkat Samatov (Director for Marketing and Sales of cotton fiber JSC “Uzcottonexport”), Bakhodir Salimov (Head of marketing division, “Uzchemicalindustry”), Okil Dusmatov (Head of division, “Uzindustryexport”), Nodirjon Kasimov ( Head of department, HC “Uzagromashholding”), Asadulla Saydullaev (Director General, JSC “Chirchiq agricultural machinery plant”), Abdurakhim Konishev (Director, JSC “Chirchik Transformer Plant”) and Otabek Alimov (Head of Sal Department, “Uzelektroapparat-Electroshield”). The special Working Group to discuss practical measures of developing bilateral trade relations between Uzbekistan and Pakistan and to explore new perspectives of export and import between two countries, as well as the establishment of direct contacts with partners in Pakistan. The special Working Group will be in Pakistan from 4 to 8 September, 2016, said Uzbek Embassy in Islamabad.
SOURCE: Yarns&Fibers
Thai negotiating team lead by Sunanta Kangvalkulkij, deputy director-general of the Commerce Ministry's Trade Negotiations Department will be in Islamabad for the fourth round of talks on trade liberalization. The Pakistani-Thai FTA would be beneficial to both countries and significantly increase bilateral trade and investment. It would enable Thailand to expand its exports into South Asia as well as other Muslim nations in the surrounding region. Thailand will act as a gateway for Pakistan to penetrate the Asean Economic Community. The two countries will discuss rules of origin and other issues, such as customs procedures, cooperation in many areas such as sanitary standards, trade remedies, trade facilitation, and technical barriers and laws that should be eliminated to promote trade. Thailand will ask for Pakistan to open the market for many products including textiles and garments, processed food, sugar, chemicals, petrochemicals and plastics, rubber and rubber products, wood, printing products, electric appliances and automobiles and parts, Sunanta said. Thailand ships to Pakistan fabrics, textiles, vehicles and parts, air-conditioners and parts, plastics and chemicals. Imports are machinery and parts, musical instruments, processed and semi-processed fishery products, ores and steel. Thailand enjoyed a surplus of US$734 million (Bt25.4 billion) with Pakistan on two-way trade of $1.01 billion in 2014, similar trade surpluses have been registered since 2010. In 2014, Thailand's exports to Pakistan reached $874 million. Pakistan is Thailand's second-largest trading partner in South Asia after India, and 46th globally.
SOURCE: Yarns&Fibers
The XII International Cotton and Textile Fair to take place on October 12-132 in the capital of Uzbekistan. Dagestan businessmen have been invited to participate in the event, the press service of the Ministry of Industry and Trade RD reports. The fair organizers will hold thematic round tables, bilateral negotiations among the exporters and the interested buyers of Uzbek cotton and finished products. By the way, the Fair visitors will be allowed to take part in the trading session at Uzbek Republican Commodity Exchange. Besides, the fair attendees are expected to discuss the problems and prospects of development of the world cotton market and to listen to reports delivering by the leading international experts in world cotton and textile industry. According to the source, the event participants may conclude contracts for the supply of Uzbek cotton and textiles, to discuss the long-term trade cooperation with finished cotton products, as well as to get familiarized with the innovative technologies in the production of cotton products and to examine the coherence of trade logistics in the country.
On the initiative of the President of the Republic of Uzbekistan with a view to expand and diversify Uzbek cotton’s export destinations, to increase efficiency and optimize shipment of Uzbek cotton to the world market, the First International Uzbek Cotton Fair was organized and successfully conducted in 2005. The event gained a well-deserved popularity in a number of significant events in world cotton and textile industry, annually attracting the participation of more than one thousand participants from 40 countries. Nowadays, as one of the world’s largest producers and exporters of cotton, Uzbekistan is undoubtedly one of the leading participants in the world cotton market. Following the established tradition, as well as considering wide experience of past years, it is planned to hold the regular XII International Uzbek Cotton and Textile Fair on 12-13 October 2016 in Tashkent.
SOURCE: Yarns&Fibers
