INTERNATIONAL
NATIONAL
India and the UAE are looking at ways to further expand the rupee-dirham trade, as it would have a "huge" impact on bilateraltrade, Commerce and industry Minister Piyush Goyal said here on Thursday. He also said it will help the two countries in making remittances flow from the UAE to India at a lower cost. "We have looked at further expanding the rupee-dirham trade, which has been operationalised with the efforts of the central bank of the UAE and the RBI," he told reporters here. "I have just completed discussions with the RBI and the central bank and we have agreed that we will work with industry and bankers to speed up and operationalise rupee-dirham trade much faster, much bigger," he told reporters here. Goyal is here for the 11th meeting of the India-UAE High Leveltask Force on Investments. He added that trade in domestic currencies will help save at least 5 per cent on all trade between the two countries. The two sides held discussions around creating food and industrial parks in India. India and the UAE have already implemented a free trade agreement in May last year to give a boost to bilateral trade and economic ties. Bilateral trade between the countries increased to USD 84.9 billion in 2022-23 from USD 72.9 billion in 2021-22. He also said the two agreements signed on Thursday will help expand trade and increase investments. "We are accompanied by a large business delegation who have flagged issues that both sides experienced over the years that we are resolving on mission mode," he said. On the free trade agreement, Goyal said, "We have initiated the review progress." He said as petroleum prices were down this year, bilateral trade in volume terms has been down and on all non-petroleum trade there is an uptick. "But we have a task force that is assessing the successes and the potential for the future," he said, adding that the relation between the two countries was growing. "We will be hearing some big announcements soon," Goyal said.
Source: Economic times
Arvind has formed a partnership with the CIRCULOSE® Supplier Network to actively promote sustainability and circularity within the industry, thereby strengthening its commitment to advancing it’s near century-long legacy of environmental consciousness in the textile industry.
Key Features Circular Material: Denim is crafted from upcycled cotton textiles and viscose made with CIRCULOSE®, diverting waste from landfills. CIRCULOSE® is created by Renewcell which employs an advanced recycling process to break down worn-out garments into cellulose pulp, from which new fibres, and ultimately, new denim is created. This circular approach minimizes waste and resource consumption. Quality and Durability: Despite its sustainable roots, denim made with CIRCULOSE® does not compromise on quality. It retains the durability, comfort, and aesthetic appeal of conventional denim ensuring a long-lasting wardrobe staple. Environmental Stewardship: Denim made with CIRCULOSE® epitomizes Arvind’s commitment to sustainability. By recycling textile waste and adopting efficient production processes, it helps conserve natural resources and reduce textile waste, contributing to a cleaner environment. Since 2022, Arvind has been actively participating as one of the partners for Accelerating Circularity, a non-profit entity that catalyzes new circular supply- chains and business models; to turn worn-out garments into mainstream raw materials. Through this program, Arvind has incorporated recycled and circular fibers into scalable products. Fashion Forward: Denim made with CIRCULOSE® is not just environmentally conscious but also fashion-forward. Arvind offers a diverse range of styles, washes, and finishes to cater to various tastes, proving that sustainability can be trendy. Denim made with CIRCULOSE® helps to close the loop on apparel production and highlights the importance of resource efficiency in textile manufacturing. It demonstrates that sustainable practices can be economically viable.
Source: Textile world
Even as India and the UK are close to concluding talks on a free trade agreement, a new report has highlighted that the outlook for the IndiaUK corridor is positive, with many opportunities for growth and collaboration, particularly in the key sectors of technology and green innovation. “India is becoming an increasingly attractive destination for investment due to its focus on ease of doing business, improving infrastructure, large and growing consumer market, sizeable skilled and young workforce and commitment to economic reform,” said the Britain Meets India 2023 by Grant Thornton Bharat and CII, which was launched on Thursday “An India-UK FTA will only increase India’s attractiveness as an investment destination for both large and mid-market companies,” it further said. As per the report, the number of UK companies operating in India has risen to 635 with a turnover of £51 billion in 2023 from 618 firms with a turnover of £36 billion in 2022. These companies are incorporated in India and are owned or controlled directly or indirectly from the UK Nearly 6.67 lakh jobs were generated in 2023 compared to 4.66 lakh in 2022 by these firms. Technology is the most dominant sector for these firms in 2023 as against business services last year. Pallavi Joshi Bakhru, Partner and India-UK Corridor Leader, Grant Thornton Bharat noted that the MSME sector plays a significant role in the corridor. The analysis shows that nearly two-thirds or 68% of UK companies in India are MSMEs. Christina Scott, British deputy High Commissioner to India said the ambition is to double bilateral trade between the two countries by 2030 and expressed hope that this would get a boost from the agreement of the FTA, provided the conditions and package is right. "Conversations are going on," she said but declined to comment further. However, the level of engagement between the two countries will continue irrespective. “Overall, an India-UK FTA will benefit the large and mid-market companies by removing tariffs, reducing barriers to trade, and creating new opportunities for collaboration and investment,” the report underlined. It also highlighted that a survey of 608 mid-sized businesses in the UK by Grant Thornton UK found that two-thirds or 64% of businesses surveyed already had a business presence established in India. Of these, 94% have plans to further expand their presence, with the majority citing plans to do so within the next two years. “The survey also found that almost three quarters of those surveyed agree that an FTA with India will encourage their business to explore more opportunities there,” it said, adding that the key benefits for companies operating in India are India’s fast growing and stable economy, large working age population, and huge consumer market with a rising middle class who value ‘Brand Britain’ and British goods and services. However, the survey also identified challenges to building a business presence in India. Whilst India has taken significant steps in ease of doing business led by economic reforms, those surveyed highlighted ease of doing business as a continuing challenge, it said. The FTA also provides for a chapter on MSMEs. The FTA’s ‘Trade and Gender Equality’ chapter is the first of its kind which India has signed up for. Gaitri Issar Kumar, former High Commissioner of India to the UK said that the FTA talks are "near the summit", based on what she has heard. "The Indian side has gone beyond the normal template and is keen to make it a very comprehensive FTA," she said.
Source: Business today
Officials from India and the United Kingdom (UK) are working overtime to address the contentious issues related to the proposed free trade agreement (FTA) between the two nations, in a final push to conclude the deal by the year-end. Commerce Secretary Sunil Barthwal was headed to London on Thursday after completing his four-day visit to Brazil. Other key officials from India’s negotiating team will be joining Barthwal in the UK capital, hoping to make headway in the FTA negotiations, which started in January last year, a person aware of the matter told Business Standard. Thirteen rounds of negotiations have been completed so far. The previous round commenced on September 18. In addition, discussions on some of the issues are also ongoing virtually between both countries. “UK Prime Minister Rishi Sunak is anticipated to travel to India again towards the end of this month (weeks after the G20 Leadership Summit) to meet his counterpart, Narendra Modi. If the negotiations conclude by then, the agreement could be signed during Sunak’s visit,” the person said. “There’s an indication that both sides aim to finalise the details of the agreement by the end of the month. However, the differences on topics such as mobility and greater market access for whisky, among other issues, remain unresolved,” the person added. Now that the FTA talks with Canada have been paused, the only significant FTA that India hopes to conclude this year is with the UK. A trade agreement with the European Union (EU) also appears distant since government officials believe the negotiations will be more intricate and may take at least another year to conclude. In any case, India will need to finalise the FTA with the UK by the end of this year – before the Lok Sabha elections in 2024. For the UK, a trade agreement with India is essential in its efforts to establish a post-Brexit trade relationship with the world. To date, India is the largest market with which the UK has committed to negotiating a trade agreement. The trade agreement has faced several obstacles, whether it was the political upheaval in the UK last year or the pro-Khalistan protests in London. Elections in key Indian states further decelerated the discussions between both countries. Some of the disputed issues include India’s request for a liberalised migration policy and the UK's demands for reduced tariffs on whisky and automobiles, as well as opening up India's sectors like legal, architecture, and financial services. Last month, a senior government official said both sides had made “good progress” in the negotiations on the proposed bilateral investment treaty as well as pivotal topics such as the ‘rules of origin’. “Both nations are aiming for a robust agreement that benefits both parties, and we aren't restricting ourselves to any specific timeline…There are issues we aim to address promptly,” the official had said. The UK was India’s 15th largest trade partner during FY23. India exported goods valued at $4.5 billion and imported goods worth $2 billion in the first three months of the current financial year.
Source: Business-Standard
In a strategic move, Apparel Group India said it’s expanding its brand portfolio with the introduction of two international brands – Anne Klein and Herschel Supply Co. The products of these brands will be exclusively made available on Myntra. Abhishek Bajpai, CEO of Apparel Group India Pvt Ltd, expressed, “The expansion of Apparel Group India’s retail footprint across the nation underscores our commitment to delivering exceptional shopping experiences to the evolving tastes of Gen Z and Millennials. We continue to bridge the gap between global fashion and consumers with the introduction of the latest launches of Anne Klein and Herschel Supply Co.” American brand Anne Klein is known for its curated range of fashion essentials including handbags and accessories. Herschel Supply Co. is known for its signature backpack, duffel bags and travel accessories. Tushar Ved, President of Apparel Group India Pvt Ltd, added, “This strategic expansion reflects our commitment to delivering the best of international fashion to India. We believe that Anne Klein and Herschel Supply Co. will resonate strongly with our discerning Indian consumers. This move not only enhances brand diversity but also opens new avenues for Indian shoppers to access their favorite American brands right here in India.”
Source: The Hindu Business line
A study on the carbon neutral data of Tiruppur, the main hub for export of knitted garments in the country, will be done by Andre Lacroix, global CEO of Intertek Testing Services. The Tiruppur Exporters’ Association office bearers had a meeting with Mr. Lacroix in Coimbatore recently on sustainability issues. A press release from the Association president K.M. Subramanian said the garment sector in Tiruppur has taken several steps to achieve Environment Social Governance (ESG), such as zero liquid discharge (ZLD), installation of wind and solar power generators, tree planting, conservation of water bodies, and manufacture of garments using recycled fabrics. “Global players are discussing more on sustainability and Tiruppur Exporters’ Association has taken special efforts to address the issues concerned and to make Tiruppur a sustainable cluster,” he said. Implementation of the European Union’s Carbon Border Adjustment Mechanism (CBAM) regulation will have an impact on the garment units in Tiruppur and the Association is organising meetings with experts to ensure exports are not affected because of the regulation. The Association said in the press release that Mr. Lacroix is an expert on the topic of ESG and hence it has engaged with him to do the study.
Source: The Hindu
India and the United Arab Emirates (UAE) have joined forces to collaborate in sharing and development of industries and advanced technologies. India's Ministry of Commerce and Industry and UAE's Ministry of Industry and Advanced Technology signed a Memorandum of Understanding (MoU) on Thursday on cooperation in the fields of industries and advanced technologies. The MoU was signed in the presence of Commerce and Industry Minister Piyush Goyal and Sheikh Hamed Bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority This Memorandum of Understanding aims at strengthening and developing industries in both nations through investments, technology transfer and the deployment of key technologies in industries, by benefiting from joint funds and the mutual efforts in developing various technologies. The MoU aims to build institutional, corporate capabilities, skills, and other areas of cooperation," the objective of the MoU read. The MoU also said that the areas and fields of industrial and advanced technology cooperation between the two countries within the framework of MoU may include strengthening the supply chain resilience of industries, renewable and energy efficiency, health and life sciences, space system, artificial intelligence and industry 4.0 enabling technologies. The MoU further mentions that two sides will cooperate in the development and advancement of industries and technologies in sectors of strategic interest for the growth and diversification of both economies, and may do so through multiple means including (but not limited to) the following industrial and academic collaborations; collaborative research and development projects; knowledge, Intellectual Property (IP) and capability exchange protocols; and/or Licensing arrangements, sharing of science and technology policies best practices, standardization, metrology, conformity assessment, accreditation, and Halal certification. This MoU will enter into force from the date of its signature. It will remain in force for three years, and thereafter automatically renews for an equivalent period, unless either party expresses its intention to terminate it, through sending a prior written notification to the corresponding Party through diplomatic channels, at least six months before the termination date. UAE and India along with Saudi Arabia, the US and European Union (EU), had recently announced an ambitious infrastructure plan -- the 'India-Middle East-Europe Economic Corridor'. This initiative launched at the G20 summit in New Delhi, seeks to reshape the trade route between the Gulf, Europe and South Asia, connecting them by rail and sea links. Union Minister Piyush Goyal is in UAE to co-chair the 11th Meeting of the India-UAE High-Level Joint Task Force to boost investments between the two countries.
Source: Economic times
INTERNATIONAL
A clean down jacket, duvet, or sleeping bag will perform at its best and, with a few tips, it is actually very easy to wash your down product. Depending on usage, we recommend washing about once per year. While we always suggest following the manufacturer’s recommended washing instructions, the following is generally the best way to wash your down product. Step 0: What Not To Do The three biggest mistakes people make when laundering down products are 1) using harsh detergents, )2) not drying completely, and 3) overloading home washers/dryers with larger items such as duvets. Avoiding these mistakes will help your down last longer and perform better. Step 1: Use The Right Detergent It is critical to start with a detergent specifically created for down products, such as ALLIED Feather + Down’s Down Wash. Once you have detergent in-hand, the following four steps will have your down jacket smelling fresh, lofting better, and looking like new. Step 2: Pre-Rinse If possible, pre-rinse products without detergent. This helps to saturate the items allowing the detergent to penetrate the fabrics more effectively and get to the down clusters to clean them thoroughly. Step 3: Low Temp Wash There is a greater likelihood that the fabrics will require a lower temperature than the down itself. This also saves energy when it is not needed. Step 4: Additional Rinse This will ensure that all detergent was completely rinsed out of the down and the product. Leaving residual detergent on the down may cause a reduction in fill power. Step 5: Tumble Dry Tumble dry on low temperature until completely dry with clean tennis balls or a clean shoe. If you think the item is dry, it is worth running one last dry cycle. Many people assume it is dry by the feel of the textile, but the down inside remains slightly damp. This may take several cycles. And if your product is insulated with ALLIED’s ExpeDRY down insulation, it will dry much faster than traditional down. Also Worth Noting It may be obvious, but do not bleach or iron your down filled products. We also generally recommend against dry cleaning, but if that is necessary because of certain trims on the item, it is recommended to use an eco-friendly dry cleaner who has experience with down filled products.
Source: Textile world
Polartec is leading the way in sustainable performance fabrics with the introduction of Biolon, a plant-based nylon fiber and membrane, into two of its legacy product platforms, Polartec Power Shield and Power Stretch Pro. Biolon, a renewable, non-GMO plant-based nylon, boasts a 50 per cent lower carbon footprint compared to virgin Nylon 6,6, making it an eco-friendly alternative. Importantly, Biolon maintains performance qualities similar to Nylon 6,6, surpassing many recycled nylon options available today. Approximately 45-48 per cent of the nylon content in the new Polartec Power Shield and Power Stretch Pro fabrics is derived from plant-based Biolon. This innovation aligns with Polartec’s sustainability mission, aiming to increase the use of recycled and biobased materials in its range, reducing reliance on fossil fuels and minimizing the brand’s carbon footprint. Ramesh Kesh, Senior Vice President – Government & Defense and Polartec at Milliken & Company expressed, “The launch of Biolon-based products marks an important step in that journey. For a long time, many thought that sustainable options meant a loss in performance, like durability, Polartec has proved that this is not the case.” Karen Beattie, Director of Product Management at Polartec, said, “This comprehensive approach ensures that Polartec continues to lead in creating high-performance textiles that prioritize environmental responsibility and contribute to a more sustainable future.”
Source: Apparel Resources
The U.S. economy is continuing to grow even as labor disputes across the country and uncertainty created by Congress add to the ongoing challenges of inflation and high interest rates, NRF Chief Economist Jack Kleinhenz said today. ”As Gilda Radner used to say on Saturday Night Live, ‘If it’s not one thing, it’s another,’ ” Kleinhenz said. “This is certainly one of those times when that expression fits well with what is going on in the economy.” “New turbulence from the expanding autoworkers strike and the threat of a government shutdown – which could still happen after Congress’ short-term funding measure expires – have added to the existing headwinds already facing the economy,” Kleinhenz said. “Nonetheless, the economy continues to chug along and defy recession predictions, proving it to be more resilient than anticipated.” The new challenges come on top of interest rates at the highest level in two decades, gasoline prices on the rise since midsummer, inflation still “biting into” household budgets, backsliding consumer sentiment and the resumption of student loan payments. Kleinhenz’s comments came in the October issue of NRF’s Monthly Economic Review, which said the final 2.1% increase in gross domestic product reported by the Bureau of Economic Analysis for the second quarter came even after revisions that reflected less consumer spending on both goods and services than originally estimated. Consumer spending grew, but only 1.8% year over year adjusted for inflation rather than the original estimate of 2.3% as spending on services like household utilities and vehicle maintenance was revised downward along with spending on goods like home furnishings, appliances and clothing. “While the data has shown continued economic growth, weaker growth as mirrored in the GDP revisions suggests that higher interest rates and tighter lending standards are working more thoroughly than previously recognized,” Kleinhenz said. “Since higher interest rates typically slow down the economy, the Federal Reserve is most likely pleased to see that higher rates are having an impact on employment, economic output and corporate results.” High inflation and interest rates are “dimming many households’ outlook” and consumer confidence declined for the second month in a row in September, the report said. The Conference Board’s Consumer Confidence Index fell 5.7 points to 103 and the University of Michigan Index of Consumer Sentiment retreated to 68.1 from August’s already low 69.5 as oil and gas prices continued to rise. Nonetheless, the low consumer confidence readings did not translate into weaker spending. Year-over-year spending rose 5.8% in August, tracking a 7.3% increase in disposable income. The increase came even though the Personal Consumption Expenditures Price Index – the Fed’s preferred measure of inflation – was up 0.4% from July in August and 3.5% year over year. Incoming data suggests that the just-ended third quarter was largely on par with the second quarter and that 2023 could still have a “soft landing” rather than a recession, Kleinhenz said. For example, “With the Fed eager to see job growth weaken without causing the unemployment rate to take off, a number of indicators suggest that the tight labor market is cooling – but in the right way.” Nonfarm payrolls gained 187,000 jobs in August, up from 157,000 in July but far below the average monthly gain of 271,000 over the past year. Meanwhile, the unemployment rate jumped 0.3 percentage points to 3.8% in August as more people looked for jobs. After falling for three consecutive months through July, job openings rose to 9.6 million in August from 8.9 million in July but were far below the 10.2 million a year earlier. Hiring ticked up slightly from 5.82 million in July to 5.86 million but again was below the 6.5 million a year earlier. Separations, including layoffs, were essentially unchanged in August and have come down after a small surge earlier in the year. Unemployment insurance claims remain at historical lows and show no signs of a pickup in layoffs, which would be a leading signal of a pending recession. As an authority and voice for the retail industry, NRF analyzes economic conditions affecting the industry through reports such as the Monthly Economic Review.
Source: Textile world
Industries minister Nurul Majid Mahmud Humayun has sought more Korean investment in the infrastructure sector of Bangladesh for mutual benefits of both countries. He made the request as the South Korean ambassador in Dhaka, Park Young-sik, called on him at his ministry on Thursday. Mr Humayun told the Korean envoy that Bangladesh was trying to manufacture its own-brand cars and sought Korean cooperation in this regard. Bangladesh would graduate as a developing country from least-developed country status by 2026. So, more and more heavy industries would be set up here, he added. The minister, therefore, sought Korean cooperation in this connection. Meanwhile, the Korean envoy said Korean brand 'Hyundai' has already started manufacturing cars at Bangabandhu High-Tech Park in Bangladesh. 'KIA', another renowned Korean company, has started the process of manufacturing cars in Bangladesh, he added. Mr Young-sik told the minister that those who went to Korea for employment are weak in Korean language. He advised that local workers intending to go to Korea for job purpose have technical and language skills. The envoy sought Mr Humayun's cooperation in reducing visa-related problems for Korean technicians, entrepreneurs and businessmen working in Bangladesh. If Korean nationals get long-term visa from the current three-month visa, according to him, it would be a lot easier for them to work in Bangladesh.
Source: The Financial Express
