NEW DELHI: India is preparing a framework to reward the industry and academia for developing copyrights, trademarks and patents in technical textiles, which are meant for non-aesthetic purposes. The textiles ministry has proposed 10 years of exclusive rights for the industry to commercialise the intellectual property (IP) if rights for two years for contributing at least 10% in the projects As per the draft rules, the IP of the research outcome will generally vest with the host institution on behalf of the ministry. For all Indian patents, the government will have march-in rights, including the option of compulsory licence, in case of any exigency arising for the patent and technology to protect the interest of public, it said. The ministry has sanctioned 137 projects valuing around ?474 crore under the NTTM. In case of IP purely owned by an industry based on which an academic or public funded institution is involved in a joint project, any new IP generated by the academic institution may be licensed for two years to the industry on an exclusive basis, according to the draft that ET has reviewed. Beyond two years, after duly assessing the milestone achievements and royalty realisation, the IP can either be considered for further renewal with the same industry on mutually agreeable terms or made to any interested party, it said. The official added that it is important that the technology and items developed through government funding are affordably priced for public interest. As per the draft, the government will recover through royalties the industry's contribution made in projects for indigenous manufacturing of machinery, tools and equipment for technical textiles along with the financial contribution of 50% of the total project cost.
Source: The Economic Times
Synopsis The exercise assumes significance as while chairing a Cabinet meeting on March 17, Prime Minister Narendra Modi asked the ministers to meet secretaries and other officials of their respective ministries to discuss how the agenda for the first 100 days and the next five years can be better implemented. New Delhi: India's proposed free trade agreements (FTAs) with the UK and Oman are expected to figure in the commerce ministry's 100-day agenda roadmap for the new government, an official said. The ministry will also focus on issues pertaining to the exporting community with a view to promoting the country's outbound shipments. Further talks between India and Australia to expand the scope of existing economic cooperation and trade agreement (ECTA) for a comprehensive economic cooperation agreement (CECA) are also progressing at a healthy rate. The exercise assumes significance as while chairing a Cabinet meeting on March 17, Prime Minister Narendra Modi asked the ministers to meet secretaries and other officials of their respective ministries to discuss how the The seven-phase Lok Sabha polls, the world's biggest election exercise, will kick off on April 19 with the counting of votes set to take place on June 4. The official said that these two FTAs are in their final stages as talks on most of the issues have been concluded. "The majority of difficult matters in India-UK FTA negotiations are moving towards resolution, and both sides are actively engaged for a fair and equitable deal," the official said. India and the UK launched talks for an FTA in January 2022. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. The 14th round of negotiations was held in January. Chapter-wise textual negotiations are near close, and the schedule on goods and services is at an advanced state of negotiations. Recently, a team from the UK visited India for negotiations on outstanding issues. The bilateraltrade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22. According to a report by the think tank GTRI (Global Trade Research Institute), the overall gains for India in the trade deal will be limited because most of the goods from here are already entering the UK at low or zero tariffs (import or customs duties) billion and out of this, USD 6 billion worth of goods such as petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture entered Britain at zero levies, it has said. However, there will be gains from reducing duties for Indian exports worth USD 5 billion and those items include textiles, apparel (shirts, trousers, women's dresses, bed linen), footwear, carpets, cars, marine products, grapes and mangoes, the report has noted. On the proposed free trade agreement between India and Oman, the official said that this will be concluded "very" soon. For India, Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries. India has already implemented a trade pact with another key GCC member - the UAE. The bilateral trade between India and Oman stood at USD 12.39 billion in 2022-23 as against USD 10 billion in 2021-22. India's exports have increased to USD 4.48 billion in 2022-23, while imports rose to about USD 8 billion in the last fiscal year. Another GTRI report has stated that Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement as these goods at present attract 5 per cent customs duty. Export sectors which could get a boost in Oman include motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), textiles (USD 110 million), plastics (USD 64 million), boneless meat (USD 50 million), essential oils (USD 47 million), and motor cars (USD 28 million), will benefit from duty elimination, the report has said. Key products imported by India to Oman in 2022-23 included petroleum products (USD 4.6 billion), urea (USD 1.2 billion); propylene and ethylene polymers (USD 383 million). Currently, more than 80 per cent of India's goods enter Oman at an average of 5 per cent import duties, the GTRI report has said. The current government has so far signed trade deals with Mauritius, Australia, the UAE and four European nations EFTA bloc. trading partners to promote exports and ensure greater market access for domestic goods and services.
Source: The Economic Times
Companies have invested over Rs 1.07 trillion in two years through December 2023 under the 14 Production-Linked Incentive (PLI) schemes, or about 40% of the Rs 3 trillion committed. However, the trend is barely par for the course, with big lags in investments in many sectors such as high-efficiency solar PV modules, automobiles, ACC batteries and textiles that were supposed to lead the pack. According to official data, of the expected production or incremental sales target of Rs 40 trillion, just 17% has been achie\ved till December 2023. Of the direct employment potential of 1.15 million under the 14 schemes, 43% has been achieved. Investments by the PLI-eligible firms have to be made in the initial four years to be able to gain maximum incentives. Most of the schemes were rolled out in 2021-22, implying that the investments should have been much higher by now. Keeping in view India’s vision of becoming ‘Atmanirbhar’ and to enhance India’s manufacturing capabilities and exports, an outlay of nearly Rs 2 trillion was announced in the Union Budget 2021-22 for the PLI schemes. Most of the schemes were announced in 2021, but the implementation is behind schedule in many sectors except electronics (mobile phones) or pharmaceuticals, sectors analysts say would anyway have seen investments in the natural course of business cycle. A major chunk of investments has come in the manufacturing of pharmaceutical drugs with Rs 25,813 crore or 149% of the projected investments of Rs 17,275 crore by 55 firms. 7 Firms under the high-efficiency solar PV modules PLI have invested about Rs 22,904 crore, but this is still 21% of the commitment of Rs 1.1 trillion. The lack of an ecosystem in India in the nascent industry is making made-in-India solar modules expensive compared with Chinese producers, an official said, pointing to challenges ahead. Mobile manufacturing firms have invested about Rs 7,452 crore or 66% of their investment plans. These firms under the large-scale electronics scheme are the early beneficiaries of the PLI incentives released so far.Automobiles and auto components have seen investments of Rs 13,037 crore, about 11% of their commitment of Rs 67,690 crore. However, investments have been rather slow to come in sectors like automobiles, specialty steel and ACC batteries. Incentives worth around Rs 2,900 crore have been disbursed in 2022-23 under all PLI schemes and a similar amount may be disbursed in FY24 as well. Even though most firms will be able to claim milestone-based incentives between FY25-FY30, their total claims won’t exceed Rs 1.5 trillion due to various conditions manufacturers have to comply with to be eligible for the sops, officials reckon. While some of the schemes are progressing well, others could have also been received well had there been fewer conditionalities and lack of micro-managing, another official said. According to a recent Crisil report, the process of claiming incentive payouts has encountered challenges such as delayed approval of invoices. Sectors with a higher incentive-to-sales ratio and relatively straightforward rules for payouts, such as mobile handsets, may receive the majority of payouts by fiscal 2028, it said. “That said, establishing ecosystems in alignment with technical parameters would be crucial for ensuring timely incentive payouts to sectors, without penalties,” Crisil said. The qualification criteria for at least 56% of the incentive payouts across six sectors are relatively stringent, it added.
Source: Financial Express
During the 11 months till February, the export of ready-made garments fell to $13.05 billion from $14.73 billion in the corresponding months of the previous fiscal year. Similarly, the export of jute declined to $310 million from $400 million, while yarn exports fell from $4.47 billion to $4.23 billion. The export performance of different categories in the textile sector varied during the current fiscal year. The export of ready-made garments contracted by 11.4%, while jute exports saw a more significant contraction of 22.5%. Yarn exports also experienced a contraction, albeit at a lower rate of 5.3%. However, industry experts are hopeful that exports will improve in the upcoming months, especially with the US market showing signs of revival. According to Crisil, India’s textile industry is expected to grow in calendar year 2024, driven by a consistent improvement in domestic demand, gradual recovery in exports, and lower cotton prices. “Adverse economic conditions in Western markets have indeed had a negative impact on textile and apparel exports. Some of these challenges can be overcome by exploring markets in the east such as Japan and Korea along with a focus on natural fibres and cotton which will continue to see growth in demand," said Anand Ramanathan, partner, consumer industry leader, consulting, Deloitte India. "Also, the luxury sector is relatively immune to economic cycles and can be an opportunity for India's rich tradition in weaving and embroidery," Ramanathan added. The main buyers of Indian ready-made garments (RMG) are European nations led by Germany, the Netherlands, Italy, Poland and Denmark. Queries sent to the textiles ministry remained unanswered till press time. As Yemen's Houthi militants continue to target ships in the Red Sea, Indian exports are facing higher shipping costs due to rerouting from Africa. Around 95% of vessels have rerouted around the Cape of Good Hope, adding 4,000-6,000 nautical miles and 14-20 days to journeys, the commerce ministry had stated in a report last month, a copy of which has been seen by Mint. India is the world’s sixth-largest exporter of textiles and apparel, with the domestic apparel and textile industry contributing about 2.3% to the country’s GDP, 13% to industrial production, and 12% to exports. India’s textile and apparel market size is growing at a CAGR of 14.59% from $172.3 billion in 2022 and is expected to reach $387.3 billion by 2028, according to Indian Brand Equity Foundation (IBEF), a body established by the ministry of commerce and industry. The textile industry is also the second-largest employer after agriculture, providing direct employment to 45 million people and 100 million people in the allied sector
Source: Live Mint
The finance ministry on Friday said with an uptick in private investment and inflation trending down, India's outlook for the next fiscal looks positive. The Monthly Economic Review also said that inclusion of Indian bonds in Bloomberg bond index from January 2025 should bolster inflows. It said robust investment activity is driving growth amid a steady rise in consumption. "The continued focus on public investment seems to have crowded in private investment," said the February edition of the review by Department of Economic Affairs. The National Statistical Office (NSO) has revised upwards the GDP growth estimate for current fiscal to 7.6 per cent from 7.3 per cent. India grew above 8 per cent for three consecutive quarters, reaffirming its position as a standout performer amid sluggish global growth trends. Various agencies echo a similar sentiment revising the FY24 growth estimates of India closer to 8 per cent, the ministry said. "On the whole, India looks positively towards the dawn of FY25," the review said. It said increased demand for residential properties in tier-2 and tier-3 cities augurs well for furthering construction activity. Non-farm employment has revived, improving the capacity to absorb the labour leaving agriculture. "The ascent of manufacturing sector employment is expected to be marked by upscaling of enterprises and sunrise sectors emerging as catalysts for generating quality employment," it added. It said strong growth accompanied by stable inflation and external account and progressive employment outlook will help the Indian economy close the current financial year on a positive note. "There are headwinds like indications of hardening crude oil prices and global supply chain bottlenecks to trade. Nonetheless, India, on the whole, looks forward to a bright outlook for FY25," the monthly review said. It said India's inflation outlook for the upcoming months is positive. Core inflation is trending downwards, indicating a broad-based moderation in price pressures. The pick-up in summer sowing is likely to help reduce food prices, it added.
Source: Business Standard
Without directly wading into the debate over the rise in income and wealth inequality in the country, the Finance Ministry on Friday asserted that India has experienced “inclusive growth” over the past decade, citing “reassuring findings” of the Household Consumption Expenditure Survey of 2022-23. “The rural-urban divide in MPCE [monthly per capita consumption expenditure] has declined considerably. Within rural and urban areas, the consumption of the lowest 5% of the MPCE population grew at a faster rate than the top 5%, pointing to a decline in economic inequality over the last decade,” the Ministry contended in a review of the economy. Juxtaposing the MPCE numbers with the per capita gross national income, or PCI, revealed an inclusive trend in economic growth, it argued. “The MPCE/PCI ratio has increased for all consumption classes except the top 5% in rural India and the top 10% in urban India. This progress occurred despite the once-in-a-century COVID-19 pandemic,” it stressed.
Source: The Hindu
Indian high commissioner to Sri Lanka Santosh Jha underlined India and Sri Lanka are seeking to broaden the scope of Free Trade Agreement (FTA) through an Economic and Technology Cooperation Agreement (ETCA) even as a separate Bilateral Investment Treaty will also be formed. This is as per media reports which added the Indian envoy stated this while addressing the 75th year celebration of the Sri Lanka India Society in Colombo recently. Speaking at the event, Santosh Jha reportedly said the FTA signed in 2000 had served its purpose well, especially in enhancing Sri Lanka’s export potential, while adding once concluded, the ETCA will further strengthen existing framework by removing impediments to genuine trade, eliminating non-tariff barriers, and enabling greater trade facilitation. Emphasising that India is a rapidly growing engine for global growth and Sri Lanka should leverage and take advantage of this as the preferred partner and a close neighbour, he said: “Our desire to support Sri Lanka’s economic recovery and its renewed quest for development is reflected also in our efforts to encourage the Indian private sector to invest in Sri Lanka,” while adding connectivity remains the central pillar of India-Sri Lanka emerging partnership and all its dimensions. He further added India is Sri Lanka’s largest trade partner and the largest foreign investor in recent years and opined the India-Sri Lanka Land Connectivity Corridor is the most ambitious recent venture, and also the most impactful in terms of potential even as initial steps to translate this game-changing initiative into real action on the ground has now being taken.
Source: Fibre2fashion
Recently, union minister for industry in Myanmar, Dr. Charlie Than convened a meeting with a delegation led by vice-president PK Shah from Nipha Exports Private Limited from India, in the reception hall of the union minister’s office. The discussions primarily revolved around the import of essential industrial equipment required for Myanmar’s industrial sector. This encompassed machinery vital for Micro, Small, and Medium Enterprises (MSMEs), as well as equipment for garment and textile industries, steel, cement, and medicine with the aim to bolster production and address pertinent technology support issues. Furthermore, the meeting delved into matters concerning the promotion of trade and investment between India and Myanmar. Both parties explored avenues to facilitate trade activities, including the prospect of enabling direct payments in Indian rupees and Myanmar kyats. Such measures aim to streamline trade transactions and foster economic cooperation between the two nations.
Source: Fibre2fashion
The India-UK free trade agreement is likely to be signed post the formation of new government at the Centre. "The legal vetting of the trade deal is on. Even if we iron out the last few issues, the deal cannot be announced till elections are over and a new government is formed" a senior government official told ANI. The last round of negotiations on pending issues between India and United Kingdom concluded this month, but the negotiating teams of both sides are continuing to hold virtual discussions on a few vital issues. Intense negotiations were held for last two months to iron out the contentious issues. India and the UK launched the talks for a free-trade agreement (FTA) in January 2022 and there have been 14 round of talks so far. Chapter wise textual negotiations are almost over and schedules on Goods and Services are being finalised. On March 12, PM Narendra Modi and his counterpart UK PM Rishi Sunak had a telephonic discussion for early conclusion of the FTA. This gives the negotiating team a final push to finalise the deal at the earliest. The two leaders also affirmed their commitment to further bolster the bilateral Comprehensive Strategic Partnership between the two nations. "Had a good conversation with PM Rishi Sunak. We reaffirmed our commitment to further strengthen the bilateral Comprehensive Strategic Partnership and work for early conclusion of a mutually beneficial Free Trade Agreement," PM Modi had posted on X. The two countries are also negotiating a bilateral investment treaty (BIT), which is being negotiated by the finance ministry. "UK is unwilling the sign the FTA without finalising the BIT" said the official to ANI. India has signed three FTAs in the last two years, with UAE, Australia and the European Free Trade Association Through the FTA, India is looking for greater access to sectors like textiles, automobile parts, and marine products. The deal will also facilitate easier movement of skilled professionals.
Source : Live Mint
Gujarat's textile policy is expected to be delayed, as the state can only announce the policy after the general election in April and May this year. The state is facing stiff competition from neighbouring states like Maharashtra and Madhya Pradesh, as they are enticing Gujarat-based textile companies for investment by offering higher incentives and subsidies. Various industry organisations have presented their demands in a meeting with the state government authorities last week. State authorities held a meeting last week with 20 representatives of various industry organisations at Udyog Bhavan in Gandhinagar. The state's old textile policy, which was introduced in 2019, expired on December 31, 2023. The industry organisations were demanding that the policy be introduced before the Lok Sabha elections, as the government would not be able to announce the policy due to the implementation of the model code of conduct (MCC). However, the policy was delayed, and the MCC came into effect with the announcement of the schedule for the general election by the Central Election Commission. More attractive policies from the neighbouring states of Madhya Pradesh and Maharashtra brought the issue to the forefront. According to industry sources, industrialists based in Gujarat, and more specifically Surat-based companies, have made significant investments in other states in their expansion plans. The industry representatives demanded an interest subsidy of 6 per cent so the actual rate of interest comes down to 2 per cent. They also demand power tariff reimbursement of ₹3 per unit for low tension power connections and ₹2 per unit for high tension power connections. These incentives will enhance the long-term viability of textile units. They also urged the removal of caps on subsidy amounts to ensure equitable benefits across the sectors. Ashish Gujarat, former President of the South Gujarat Chamber of Commerce and Industry (SGCCI), told Fibre2Fashion, "Due to various attractive schemes in the textile policy of Maharashtra, several textile units have relocated to neighbouring states." Industry sources pointed out that subsidies for capital, power, loan at lower interest rates, and benefits related to renewable energy were key factors for industries from Gujarat to plan new projects in other states. Gujarati mentioned that even with lesser incentives compared to other states, investors would prefer Gujarat because of better infrastructure. However, the state government should attract industries with higher incentives. But the industries will have to wait for the next few months, as the Gujarat government cannot introduce the policy during the general election. It is believed that the state government will finalise its final draft of the textile policy after discussions with industry representatives. The state authorities will have to conduct inter-ministerial consultations before finalising the draft.
Source : Fibre2fashion
Foreign minister Hasan Mahmud disclosed recently that Bangladesh is actively exploring the possibility of entering into a bilateral instrument such as the Economic Partnership Agreement (EPA) with South Korea. This move aims to invigorate bilateral trade and investment cooperation between the two nations. This is as per reports, which added Mahmud emphasised the significance of forging new arrangements to foster cooperation, especially after Bangladesh’s anticipated graduation from the Least Developed Country (LDC) status in 2026. These deliberations transpired during a meeting between the foreign minister and ambassador Park Young-sik of the Republic of Korea (ROK) at the Ministry of Foreign Affairs. Mahmud expressed gratitude for the congratulatory messages conveyed by the Korean President and foreign affairs minister to Bangladesh’s Prime Minister and foreign minister respectively, following their assumption of office post the January 7, 2024, general elections. Highlighting the 50-year-long amicable bilateral relations between Bangladesh and the ROK, Mahmud thanked the Korean government for generously providing seven luxurious 10 vehicles to commemorate this milestone. He also appreciated the ROK’s facilitation of preferential market access for numerous Bangladeshi products. Furthermore, Mahmud thanked Korea for expanding the quota for Bangladeshi skilled workers under its Employment Permit System (EPS) scheme. Both sides also deliberated on enhancing cooperation regarding the Avoidance of Double Taxation, revising the Air Services Agreement, facilitating high-level exchanges, and collaborating to modernise Bangladesh’s industries, especially the readymade garments (RMG) sector, through direct or joint venture investments in Manmade Fibre (MMF) and technology exchange initiatives.
Source: Fibre2fashion
Synopsis Pakistan downgraded its diplomatic ties with New Delhi after the Indian government abrogated Article 370 of the Constitution, revoking the special status of Jammu and , Oman trade agreements may figure in commerce ministry's 100-day agenda BY Latest from ET 1. ₹35,000-cr profit! GQG's contra bet on Adani Group pays off in a year Pakistan will "seriously" consider restoring trade ties with India that remained suspended since August 2019, Foreign Minister Muhammad Ishaq Dar has said, indicating a potential shift in diplomatic stance towards the neighbouring nation. Dar made these remarks during a press conference in London following his participation in the Nuclear Energy Summit in Brussels, Geo News reported. He highlighted the eagerness of cash-strapped Pakistan's business community to resume trade activities with India. "Pakistani businessmen want trade with India to resume," the foreign minister said on Saturday. Pakistan will consider restoring trade ties with India, he said. "We will seriously look into matters of trade with India," Dar was quoted as saying by the Express Tribune newspaper. His remarks indicated a potential shift in diplomatic stance towards India. Pakistan downgraded its diplomatic ties with New Delhi after the Indian government abrogated Article 370 of the Constitution, revoking the special status of Jammu and Kashmir and bifurcating the State into two Union The decision, Islamabad said, undermined the environment for holding talks between the neighbours. Pakistan has been insisting that the onus of improving the ties was on India and urging it to undo its "unilateral" steps in Kashmir as a sort of precondition to start the talks. India has dismissed the suggestion and made it clear to Pakistan that the entire Union Territories of Jammu and Kashmir and Ladakh were integral and inalienable parts of the country. New Delhi has also asserted that the constitutional measures taken by the Indian government to ensure socio-economic development and good governance in the Union Territory of Jammu and Kashmir are matters internal to India. It has been maintaining that it desires normal neighbourly relations with Pakistan while insisting that the onus is on Islamabad to create an environment that is free of terror and hostility for such an engagement. Despite the frosty ties, the two countries agreed to renew the 2003 ceasefire agreement along the Line of Control (LoC) in February 2021. Lately, Prime Minister Narendra Modi in a post on X congratulated Shehbaz Sharif on becoming the head of Pakistan's government, prompting hopes for a diplomatic thaw. Sharif responded days later with an equally curt post, thanking Modi for his "felicitations". The Sharif-led coalition government came to power after the February 8 elections, but it began its tenure with a dwindling economy which needs immediate improvement.
Source: The Economic Times
Bangladesh has prioritised signing and implementing transit and Preferential Trade Agreements (PTA) with Bhutan and Nepal in upcoming talks. Media reports claimed this citing concerned officials, adding, while Bangladesh has transit and Preferential Trade Agreement (PTA) deals with Bhutan, efforts are underway to finalise operational modalities in April discussions. Commerce officials emphasised discussions on eliminating tariff and non-tariff barriers and addressing various bilateral and regional issues in both meetings. The seventh Bangladesh-Nepal commerce secretaries’ meeting scheduled for April 18-19 in Kathmandu aims to finalise the PTA product list and potentially sign the agreement. Regarding Bhutan, an agreement on traffic-in-transit and protocol was inked in March 2023, ratified by Bangladesh’s Cabinet Division in June 2023, with Bhutan proposing implementation from March 2024. However, unresolved transit fee issues posed a challenge. The Ministry of Commerce has urged expediting fee fixation to facilitate deal implementation, alongside advocating for trial runs and defining transit routes. The April 24-25 commerce secretary-level meeting with Bhutan will concentrate on operationalising the transit agreement and reviewing the effectiveness of the BangladeshBhutan PTA, operational since July 2022. This marks the first bilateral commerce secretary-level meeting since the agreements’ signings. Bangladesh’s recent offer granting Nepal and Bhutan access to its seaports and airports underscores regional cooperation efforts. Nepal has already utilised Mongla port for imports, while transit facilities are extended to India as well, boasting rail, road, water connectivity, and air links. All four nations engage in sub-regional cooperation on trade and trans-border vehicle movements.
Source: Fibre2fashion
In the fringes of the EU Research and Innovation Days, the European Commission has announced 9 new European co-funded and co-programmed partnerships, including “Textiles of the Future”. These partnerships will be at the core of the Horizon Europe Strategic Plan 2025-2027, addressing the green and digital transition, and a more resilient, competitive, inclusive and democratic Europe. EURATEX has been working towards such a partnership over the last few years. Investing in innovation is a critical component to successfully implement the EU Strategy for Sustainable and Circular Textiles. We therefore welcome the Commission’s decision, as a very timely measure to help our 200.000 EU textile companies to remain competitive. Director General Dirk Vantyghem commented: “Innovation is the bridge between sustainability and competitiveness. This Horizon Europe Partnership is therefore an essential tool which will help our companies to become global leaders on sustainable textile products”. The Textiles of the Future Partnership will be co-managed by the European Technology Platform for Future of Textiles and Clothing (ETP). With a deep knowledge in textiles research and a vast innovation network, ETP stands ready to bring that partnership into reality. ETP secretary general Lutz Walter commented: “Textile research has been an integral part of the EU’s Research and Innovation Framework Programmes for many years, but this dedicated Partnership brings a strategic focus that is critical and timely to help our industry succeed in its green and digital transformation and reinforce Europe’s global leadership role in textile research, technology development and higher education. ETP is looking forward to engage with all stakeholders of the European textile innovation ecosystem to turn this partnership into a success story”
Source: Fibre2fashion
The UK is now on the verge of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as the new Trade (CPTPP) Act has received Royal Assent. This development paves the way for the UK to become part of the expansive trade group by the end of this year, following its initial agreement in July to join the CPTPP, which boasts a combined GDP of £12 trillion (approximately $15.3 trillion) in 2022, representing a substantial 15 per cent of the global economy. This strategic move will make the UK the first European nation to join the CPTPP, and the first new member since the partnership was established. A pivotal advantage noted is the eligibility of over 99 per cent of current UK goods exports to CPTPP countries for zero tariffs, a benefit that will encompass key exports. This agreement opens doors to the Indo-Pacific region, which is forecast to be at the forefront of global growth and home to nearly half of the world's middle-class consumers in the upcoming decades. It is seen as a critical opportunity for British businesses to tap into new markets, streamline export processes, and support job creation. Following the Royal Assent, the next steps involve passing technical secondary legislation to ensure the UK's readiness for ratifying its accession to the CPTPP as swiftly as possible. The UK government aims to formally accept the terms signed last year with New Zealand, serving as the CPTPP depository, by mid-July 2024. For the agreement to take effect, other CPTPP member countries must also complete their domestic ratification processes, with six approvals needed for the agreement to be binding. To date, Japan and Singapore have completed their ratification processes. Business and trade secretary Kemi Badenoch said: “I am delighted that the CPTPP Bill has become law—a major step towards the UK becoming a full-fledged member of the Indo-Pacific bloc and the many benefits that will come with that membership. “We are leveraging our freedoms as an independent trading nation to open-up a new era of partnership with the fast-growing economies of tomorrow. Becoming a member of CPTPP offers brilliant new opportunities for British businesses and consumers through greater access to a market of over 500 million people—helping to grow the UK economy.” “This is exciting news for British businesses up and down the country. My message to the British business community is clear – start looking now at what this deal can do for you, so you are ready to take full advantage of the brilliant opportunities it presents when the deal comes into force,” said Minister of State for Trade Policy Greg Hands.
Source: Fibre2fashion
