After a gap of more than two years, India and Canada will resume formal negotiations this week for a free trade agreement (FTA) in goods and services, while talks on a bilateral investment agreement are being handled separately, sources told FE. The tenth round of negotiations for the FTA, known as the Comprehensive Economic Partnership Agreement (CEPA), will start on Monday. The move signals an intense engagement at a time when bilateral trade is running below potential and several Canadian companies, including Canada Pension Plan Investment Board, have either announced multi-billion dollar investments in India or stepped up focus on the country. The talks on the FTA include mainly goods and services trade while investment aspects are covered separately under a bilateral Foreign Investment Promotion and Protection Agreement (FIPA). Finding some common ground on Canada’s ambitious demand for concessions such as “MFN (most favoured nation)-forward” and “ratchet” from India under the FTA could be the aim of the negotiations. These demands, along with a regime change in Canada following elections in 2015, had contributed to the slowdown of the pace of negotiations earlier. Offering ‘MFN-forward’ will mean any concession given by India to a trading partner in future under a bilateral treaty will automatically get extended to Canada. Similarly, ‘ratchet’ suggests benefits arising out of India’s domestic policy changes in future will have to be provided to Canada as well. Last year, India had asked Canada to state in which sectors the latter wants “MFN-forward” and “ratchet” before it started examining the possibility of offering any such concession. India feels offering “MFN-forward” in all sectors could be counter-productive, as concessions under each FTA are based on attributes peculiar to that particular partner, which shouldn’t be extended to others. Similarly, it fears that agreeing to “ratchet” could affect its own domestic policy space in future. Although Indian goods exports to Canada are less than 1% of its total outbound shipments, a joint study before the FTA talks started in 2010 had estimated fairly symmetric gains for both the nations. Annual export gains for Canada were estimated to range between 39% and 47%, and for India, between 32% and 60%. India’s goods exports to Canada stood at $2 billion last fiscal, marginally lower than a year before, while its imports from that country were to the tune of $4.13 billion.
Source: Financial Express
The mid-term review of the Foreign Trade Policy (FTP) — likely next month — may provide relief to exporters reeling under the impact of the new Goods and Services Tax (GST) regime, with the Centre examining if some lost benefits could be restored. The Commerce Ministry is in talks with the Finance Ministry and the GST Council to expand the scope of the popular ‘Advance Authorisation’ scheme to allow Integrated GST (IGST) exemption on imported inputs, in addition to basic customs duty, a government official told BusinessLine. Changes are also likely to rules on supplies to export-oriented units (EOUs) from the domestic tariff area (DTA), which are currently not being treated as ‘deemed exports’ “Exporters have been complaining that by restricting exemptions in the advance authorisation to only the basic customs duties on inputs, the scheme has become unattractive and that many may opt out if IGST is also not exempted,” the official said. It is accepted international practice — in countries where GST and VAT exist — to give exemptions to exporters from such taxes on imported inputs, he added. Under the GST regime, DTA manufacturers supplying to EOUs are not allowed to import the inputs without payment of duty under Advance Authorisation. “The DTA suppliers have to pay the basic customs duty, cesses and IGST for imported inputs. They are entitled to input tax credit of only IGST. Basic customs duty and cesses thereon are cost to them,” points out the Engineering Export Promotion Council. The mid-term review of the FTP (2015-2020), likely next month, will try to sort out some of the problems faced by exporters if the GST Council gives its consent. “There is nothing that the Commerce Ministry can do without the approval from the GST Council. It is being hoped that all issues being faced by exporters, which can be sorted out by the Centre, will get resolved in the review. If not, efforts in the direction would continue,” the official said. India’s exports have been growing consistently for the past eleven months, but the pace of growth has slackened. Exports in 2016-17 grew 4.71 per cent to $274.64 billion compared with the previous fiscal, it was after two years of continuous decline.
Source : Business Line
The government had extended the date for filing the full returns for July by a month in order to allow tax-payers time to get their processes in place. Tax-payers, consultants and the government officials face a tough challenge over the next two months as numerous GST returns have to be filed in this period for transactions done in July and August along with the underlying invoices. Over the weekend, CBEC pushed the deadline for the first return — a self-assessment tax return for July (GSTR 3B) — from August 20 to 25, on the request by many tax-payers. Those with pre-GST tax credit can file the GSTR 3B by August 28 along with the form to claim the transition tax. Businesses that pay GST at regular rates have to file three returns every month. GSTR-1 for outward supplies, GSTR-2 for inward supplies and GSTR-3 that contains details of the net tax payable based on the outward and inward supply. These forms pertaining to July and August have to be filed between August 25, 2017 and September 30, 2017.
Can they cope?
Tax consultants have expressed doubts over small companies’ preparedness to comply with the new rules. “In the next 60 days, the tax-payer has to file 10 returns, which translate to one return every six days. Large companies can handle this and are gearing for it, but smaller companies with turnover of a few crore rupees do not have the manpower to handle this,” says Pritam Mahure, Pune-based Tax Consultant. “Also this is for the first time that people are filing returns, so the problem is going to be compounded. Even tax consultants do not know what kind of problems can crop up,” he adds. The smooth rollout from here will hinge on the functioning of the Goods and Services Tax Network (GSTN), the company that provides the IT infrastructure and services backbone for the tax regime. More than 70 lakh tax-payers have registered on the GSTN system so far. If these tax-payers have an average of 10 invoices per day, that adds up to over 200 crore invoices to be uploaded on the GSTN every month. Since the invoices for both July and August are to be uploaded in September, the system will have to handle close to 400 crore invoices that month. Whether the GSTN system can withstand this stress, especially given the tendency among Indians to do everything on the last day, remains to be seen.
Overdone apprehensions?
Officials in the Tax Department, however, feel that the fears are over-done. G Ravindranath, Commissioner, Service Tax, Chennai region, says that a tax-payer actually has to file only GSTR-1. The system provides most of the fields for GSTR-2 and GSTR-3. “As a tax-payer, you have to file only GSTR-1 for outward supplies. Your supply is some other entity’s inward supply. Now, the system has the data for the entire country. Based on that, the system will give you GSTR-2 that contains inward supplies. You have to check it and add any item that is left out, such as imports. Based on GSTR 1 and 2, the system will give you GSTR-3. The tax-payer will have to check the numbers in this and validate,” he says. Government officials advice tax payers to key in invoice details on a daily basis to reduce last minute hassles.
Technology handicap
With so many Indian businesses not using computers, will filing returns be a challenge? “Not really,” says Prashanth Ghanti, Head of Product Management - Global Compliance, Zoho Corp. “Even if you do not have your own interface, the government portal is up and running. You can upload your returns using the offline utility.” Since the GST portal is cloud-based, there are no installation challenges. “You just go to gst.gov.in, log in with your GSTN user name and password and you can start filing your returns,” says Ghanti. “Small companies which do not have accountants have to go for additional manpower to handle the returns. Part-time accountants are in demand,” says Krishna Kumar, Vice-President, SIEMA. According to him, the main problem facing industry is in understanding the tax rate applicable to their business.
Source: Business Line
In a huge relief to trade and industry, the government has allowed claim of transitional credit before payment of tax for the month of July, due by August 20. They may pay the tax on the basis of own calculations and then file the form GST-TRAN-01 claiming transitional credit, and the summary of outward and inward supplies in form GST-TRAN-3B, by August 28. And, may discharge any difference in tax liability thrown up by the returns, along with interest. The GST laws allow carryover of Cenvat credit balances and even the credit balances under value added tax laws as on June 30, to the GST regime as input tax credit by filing the form GST-TRAN-01 online. The GST Network, however, did not have the facility to file this form online. So, taxpayers were not able to claim this credit. On August 8, the government notified August 20 as the last date for filing of the summary statement of outward and inward supplies during July in form GSTR-3B online and to discharge the tax liability. Taxpayers faced the prospect of having to pay the tax on the basis of a summary statement of outward and inward supplies in form GSTR-3B alone. This form gives no facility to take into consideration the credit carried over from the earlier regime. So, the tax liability had to be determined only on the basis of summary of outward and inward supplies made during July and reported in form GSTR-3B. This created a situation where taxpayers had to suddenly find extra cash to discharge the liability determined without taking into account the input tax credit they were entitled to carry over from the earlier regime. In other words, although they had huge credit balances, they could not utilise these. They were faced with a sudden demand for cash to discharge a tax liability that could be met only from working capital. This threatened to deplete the working capital for carrying on day-to-day work, which could have been quite disruptive. The latest notification, 23/2017-Central Tax, dated August 17, relieves them of this unexpected burden. However, exporters, who were promised refunds within seven days of tax payment, will have to wait longer. For export made in July, they now have to pay the tax by August 20 and report in form GSTR-3B. But, they cannot get refunds unless they file the GSTR-1 and GSTR-2 returns next month. It is after GST Network tallies invoice details withe shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month. This means unexpected blockage of working capital. As it is, exporters are reeling under the demand to pay GST on their import under advance authorizations, EPCG authorisations and duty credit scrips. They also have to pay GST on all domestic procurements of inputs and input services. Their working capital, already depleted, will get reduced even more. The government was aware of these problems and was expected to issue notifications extending the deadlines and allowing carryover of the credit well in time before the tax is required to be paid. Anyway, after causing enough anxieties, the government has done the right thing.
Source: Business Standard
Agricultural exports have traditionally outstripped imports by handsome margins. But a sharp 21 per cent decline in exports and a much sharper 65 per cent rise in imports of farm goods in the past four years have virtually eroded the positive trade balance. Going by the latest official data, farm exports have dwindled from $43 billion in 2013-14 to below $34 billion in 2016-17, while imports have surged from $15 billion to over $25 billion during the same period. The blame for this unwarranted trend lies largely with ill-advised agricultural pricing and trade policies, though the softening of the global commodities prices, too, seems to have contributed to it. The government’s policies often favour imports of even those products whose indigenous production can easily be raised to meet the growing demand; pulses and oilseeds are two such examples. The fear is that such imprudent policies may perpetuate agri-trade deficit. The negative trade balance has wide-ranging ramifications for agriculture. While excessive imports depress domestic prices to the detriment of Indian farmers, the shrinkage of the export window deprives growers of an additional outlet for the disposal of their surplus produce that cannot be absorbed in the local market. Frequent bans on exports or changes in the minimum export prices — in a bid to restrain food inflation — coupled with curbs such as stock limits and movement restrictions ultimately hurt the interests of the growers, exacerbating their economic hardships. In fact, the anti-exports bias in the agricultural trade policy goes back to the early 2000s. A study by the Indian Council for Research on International Economic Relations and the World Bank showed that the domestic prices of key farm products generally ruled below the export-parity levels during most part of the 2004-14 decade. However, this opportunity could not be gainfully exploited to the advantage of local farmers due to restrictive trade policies. Even the export opportunities offered by the global food crisis of 2007-08, when the international prices shot up substantially above the Indian prices to make exports highly lucrative, were frittered away for want of favourable policies. Several recent studies, including one by the Centre for Environment and Agriculture in association with the Tata Strategic Management Group, have pointed to the need for raising agri-exports four-fold to $100 billion in the next five years in order to boost farmers’ earnings. Better marketing facilities and prices for commodities in which India excels in production, such as milk, fruit, vegetables, fish, and eggs, would benefit small and marginal farmers involved in producing them. However, such an export boost by 2022 would necessarily require policies that leverage trade. Knee-jerk reactions to prices should be avoided. The Commission for Agricultural Costs and Prices (CACP), too, has emphasised stable external trade policies for farm goods in many of its reports. There is a need also to create necessary supportive infrastructure and a quality assurance mechanism for agri-exports. These aspects need to be addressed without further delay if the government is serious about relieving farm distress and doubling farmers’ incomes by 2022.
Source: Business Standard
The sops are part of the Telangana Textile and Apparel Incentive Scheme 2017 announced by the TRS government with an aim to attract investments and generate job opportunities for the local population. The Telangana government has announced a slew of sops, including capital subsidy, to boost the textiles and apparels sector in the state. The sops are part of the Telangana Textile and Apparel Incentive Scheme 2017 announced by the TRS government with an aim to attract investments and generate job opportunities for the local population. According to a government order (GO) issued last night, the capital and operational incentives for the textiles and apparels industry will be applicable for both new as well as existing units for the next five years. "The incentives proposed here under shall be operative for a period of five years from the date of notification and will cover all new and existing units. "While the government is keen to encourage industry with the primary objective of attracting investments and generating employment opportunities for the local population, it is hereby clarified that it expects the industry to provide a fair and decent wage to the workforce," the GO said. The government said units not adequately compensating the workers will face action. "If it is brought to the notice of the government that the workers are not being adequately compensated, or are exploited, then it shall have the right to terminate the approvals granted and recover the monetary value of the incentives accorded till then," the GO said. It said VAT/CST/SGST reimbursement is available for tax collected on end product/intermediates within the entire value chain (from cotton to garment and made ups) to the extent of 100 per cent for a period of seven years from the date of commencement of commercial production. Or up to realisation of 100 per cent fixed capital investment the eligible fixed capital investment, whichever is earlier. Existing units which undergo expansion/modernisation/ diversification will be entitled to get similar benefits under this clause, it added. A capital subsidy of 25 per cent will be provided for conventional textile units and 35 per cent for technical ones involved in production of medical textiles, geotextiles, agrotextiles and protective clothing, among others. For units established with an investment of Rs 200 crore or above or providing more than 1,000 jobs, the incentives will further be customised, the GO said.
Source: moneycontrol.com
Srinagar : The Industries and Commerce Department aims to revive and boost the textile sector and have pitched for several initiatives and investments, spokesman said Sunday evening. Employees at Rajbagh Silk Factory say there were lot many women working but now their number has reduced to quite a few. The important project being undertaken is the modernization of the once famed Silk Factory at Raj Bagh in Srinagar. The factory officials said is being upgraded with replacement of 44 looms, commissioning of finishing plant, boiler and other machinery besides execution of civil works at a total cost of ₹23.54 crore. The target has been set for two years. This would have significant effect on the silk production. “On completion of the project, the silk production at the factory is projected to increase from the current 50 thousand meters to 5 lac meters annually, taking the total silk production of the state from 2.80 lac meters to 6.80 lac meters per annum,” spokesman said and added that the addition of 4 lac meters will be of high-end fabric, which will increase the value from ₹5 crore to ₹32 crore. Besides production of silk, the modernization project is also expected to benefit some 20 thousand cocoon growers and other ancillary workers in the Valley. “Most of the cocoon produced locally would be bought here, thereby stabilizing the cocoon prices and also raising the demand for more cocoon production in the state,” spokesman said. The department has has also had the upgradation of the Bemina Woolen Mills approved by the World Bank. The Mill is being upgraded with installation of a high-speed plant, a carding machine, a boiler and rapier looms along with the execution of civil works at a total cost of ₹11.74 crore. “The wool production of the state is projected to increase from 5 lac meters to 9 lac meters per annum after its revival, with the addition of 4 lac meters of the high-end fabric projected to increase the value from₹2.50 crore to ₹34 crore,” spokesman said. Chief Minister Mehbooba Mufti recently laid the foundations of the two modernization projects approved by the World Bank under the Jhelum-Tawi Flood Recovery Project. The Department has also had the export-oriented Handloom Development Project of the Handloom Development Corporation approved at Samba in Jammu. The work on the project has been started. For the promotion of pashmina, the Union Ministry of Textiles has agreed to provide an amount of ₹50 crore for undertaking the Pashmina Promotion Programme under the Prime Minister’s Reconstruction Plan. “Whereas to boost the carpet-weaving industry in the state, the department has nearly completed the distribution of some 8000 modern carpet looms to the carpet weavers of the state. Besides, the Union Ministry of Textiles has agreed to sanction an additional lot of 6000 modern carpet looms, involving a Central share of ₹24 crore,” he said. Regarding the uplifment of artists, spokesman said the government has provided ₹46.79 crore as 10% Interest Subvention for the cases sanctioned under the Artisan Credit Card Scheme against which ₹15.20 crore was provided for the purpose during 2015-16 and ₹31.59 crore was provided during 2016-17 to clear the previous dues on account of Interest Subvention. Some 4,748 beneficiaries have benefited under the scheme so far. In addition, a scheme for rehabilitation of Fur artisans has also been formulated and is being implemented from the current fiscal.
Source: Kashmir Life
MUMBAI: Cotton output is expected to increase 4 per cent to 34.5 million bales (of 170 kg each) in the cotton year ending September on the back of sharp rise in yield. However, the acreage under cotton has dropped 11 per cent to 10.84 million hectares (12.29 million hectares). The yield per hectare is expected to increase to 541 kg from 459 kg, according to the second advanced estimate released after the Cotton Advisory Board met here on Friday.
Export to decline
Kavita Gupta, Textile Commissioner and Chairperson of CAB, said cotton export is expected to decline to 6 million bales this year from 6.9 million bales last year with concern over availability of cotton in domestic markets. Exports to Pakistan have fallen drastically while Bangladesh accounted for 40 per cent of total exports from India till May. “There are reports of pink ballworm attacks in Gujarat, Maharashtra, and Madhya Pradesh, and whitefly attack in Punjab and Haryana. But better crop management and efficient protection mechanism would reduce the impact on the productivity in the coming season,” she added.
Next Season
The area under cotton crop is expected to bounce back to 11.9 million hectares the next season and the output is set to grow in double digits, Gupta said. “We are expecting the area under cotton to increase as the monsoon was on time and farmers got a better price for their crop. So, some area under pulses was diverted to cotton,” she added. Data compiled by the Ministry of Agriculture till mid-August show 18 per cent increase in cotton acreage for the crop year 2017-18 (October–September). The use of home-grown cotton variety developed by the Central Institute for Cotton Research, Nagpur, has increased this year as there were reports of pest attack in Bt cotton variety, Gupta said. The Indian Council of Agricultural Research has also come up with more native varieties, which are good in yield. Once they are commercialised in 2017-18, the area under the indigenous variety will increase further," she added.
Source: Business line
Monte Carlo Fashions, known mostly as a winter-wear brand, is looking to expand the product range to be recognised as an all-season apparel brand and increase footprint across the country. The company in an investor presentation to analysts said it will "focus on a comprehensive range of cotton and cotton- blended products which cater to all seasons in order to expand our all-season product range and strengthen our pan-India operations". In the previous fiscal, 58.1 per cent of Monte Carlo Fashions' total revenue of Rs 534.3 crore came from cotton segment. Home furnishings, kids and winter products accounted for 9.1 per cent, 4.78 per cent and 28.1 per cent sales, respectively. "The company is expanding presence in western and southern markets as well as expanding its product offerings in home furnishing and kids segments in order to reduce the overall seasonality impact," it added. The company said it plans to diversify its pan-India presence by penetrating into the southern and western regions. At present, 46 per cent of the revenue comes from North region and 30 per cent from East. Sales from Central, South and West India regions together account for 24 per cent of the total revenue. The company operates 231 exclusive brand outlets across the country and sells products through over 2,300 multi-brand outlets such as Shoppers Stop. It will also focus on online sales through its own portal as well as tie-ups with e-commerce portals such as Flipkart, Jabong, Snapdeal and India
Source : Business Standard
The Indian Textile Accessories and Machinery Manufacturers’ Association (ITAMMA) and Andhra Pradesh Spinning Mills’ Association (APSMA) are jointly organising a 17th Product-cum-Catalogue Show at Haailand near Mangalagiri from 3 p.m. on August 19, according to a press release by ITAMMA President Kishore Khaitan and APSMA Chairman D. Prasad. Mr. Khaitan observed that the installation of latest textile machinery created a demand for quality textile spares and retrofitting assemblies which help the users in achieving their targets of cost effectiveness and quality production. The APSMA Chairman said the Government of India’s Make in India initiative would give a further boost to the adoption of latest technologies.
Source: The Hans
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1198.8 |
USD/Ton |
0% |
8/20/2017 |
|
VSF |
2397.6 |
USD/Ton |
0% |
8/20/2017 |
|
ASF |
2217.78 |
USD/Ton |
0% |
8/20/2017 |
|
Polyester POY |
1217.53125 |
USD/Ton |
0% |
8/20/2017 |
|
Nylon FDY |
3161.835 |
USD/Ton |
0% |
8/20/2017 |
|
40D Spandex |
5169.825 |
USD/Ton |
0% |
8/20/2017 |
|
Polyester DTY |
3281.715 |
USD/Ton |
0% |
8/20/2017 |
|
Nylon POY |
5664.33 |
USD/Ton |
0% |
8/20/2017 |
|
Acrylic Top 3D |
1427.32125 |
USD/Ton |
0% |
8/20/2017 |
|
Polyester FDY |
2877.12 |
USD/Ton |
0% |
8/20/2017 |
|
Nylon DTY |
2397.6 |
USD/Ton |
0% |
8/20/2017 |
|
Viscose Long Filament |
1513.485 |
USD/Ton |
0% |
8/20/2017 |
|
30S Spun Rayon Yarn |
2997 |
USD/Ton |
0% |
8/20/2017 |
|
32S Polyester Yarn |
1828.17 |
USD/Ton |
1.24% |
8/20/2017 |
|
45S T/C Yarn |
2772.225 |
USD/Ton |
0% |
8/20/2017 |
|
40S Rayon Yarn |
1933.065 |
USD/Ton |
0% |
8/20/2017 |
|
T/R Yarn 65/35 32S |
2322.675 |
USD/Ton |
0% |
8/20/2017 |
|
45S Polyester Yarn |
3161.835 |
USD/Ton |
0% |
8/20/2017 |
|
T/C Yarn 65/35 32S |
2307.69 |
USD/Ton |
0% |
8/20/2017 |
|
10S Denim Fabric |
1.3921065 |
USD/Meter |
0% |
8/20/2017 |
|
32S Twill Fabric |
0.854145 |
USD/Meter |
0% |
8/20/2017 |
|
40S Combed Poplin |
1.1943045 |
USD/Meter |
0% |
8/20/2017 |
|
30S Rayon Fabric |
0.674325 |
USD/Meter |
0% |
8/20/2017 |
|
45S T/C Fabric |
0.698301 |
USD/Meter |
0% |
8/20/2017 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14985 USD dtd. 20/08/2017). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Turkey to apply temporary measures on VN yarn, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news Turkey said the temporary measure stems from a significant increase in the imports of these products in the period 2010 - 2016. The plaintiff is Korteks Mensucat ve Sanayi Anonim Şirketi. Under the notice, POY products imported from Viet Nam will be taxed at a rate of 36.28 per cent. Turkey is one of Viet Nam’s largest trade partners in West Asia. Last year, bilateral trade between two countries reached US$1.5 billion: Viet Nam exported over $1.33 billion worth of goods and imported approximately $170 million worth of commodities.
Source: VNS
Dinh Vu Polyester Fibre Plant to restart production, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news The Vietnam National Oil and Gas Group (PetroVietnam), holding 75 percent of the capital at the 325-million USD plant, held a meeting recently with the Vietnam National Textile and Garment Group (Vinatex) to discuss a fibre consumption solution for the plant. Vinatex Chairman Tran Quang Nghi said that the fibre consumption of the plant was not only a matter of cooperation, but also of responsibility. Vinatex has always affirmed its support for the plant by consuming its fibre products. Vinatex general director Le Tien Truong said that the demand for the polyester fibre of Vietnamese enterprises had been growing 10 percent to 15 percent annually. It had a consistent steady growth rate in the past few years. Depending on the cotton prices in the world market, the demand for polyester for spinning may increase or decrease, but the percentage of demand between cotton and polyester is stable at about 60/40, respectively. Currently, Vietnam needs to import some 700,000 tonnes of cotton per year and about 400,000 tonnes of polyester fibre. In 2015 and 2016, with the steady investment by foreign companies in the domestic yarn industry, the country had about 7 million spindles, double the numbers in 2015. On the other hand, fibre prices have ranged from 1,100 USD to 1,120 USD per tonne, 200 USD higher than the fibre prices in 2015. Meanwhile, the cost of material for producing polyester fibre was also lower than the price of material in 2015. "These are important considerations in determining the time for recovering operations at the Dinh Vu Polyester Fibre Plant," Truong said. He also affirmed that Vinatex would increase the volume of polyester fibre products bought from the plant to 100 percent from the current level, or at least by 50 percent according to its commitment in the past, if the plant ensures quality and stability, and fulfils the commitments on payment and delivery as in 2014 and 2015. Vinatex and the Vietnam Textile and Garment Institute will continue to support the plant to control the quality of its products and design units to test the fibre at the weaving and dyeing stages. PetroVietnam’s General Director Nguyen Vu Truong Son also pledged to restart operations of the plant as soon as possible and ensure the stability of polyester fibre supply to local enterprises. PetroVietnam has proposed to the Prime Minister the possible measures to recover the production of the plant. Meanwhile, Vinatex will provide information about consumption for PetroVietnam to determine the best plan for re-operation of the plant.The plant is one of the 12 projects that suffered losses in the industry and trade sector, and PetroVietnam is determined to restart production at this plant soon.
Source: VNA
Faisalabad : State Minister for Commerce and Textile Haji Muhammad Akram Ansari said on Saturday that short and long-term remedial strategies would be evolved Addressing a function at Faisalabad Chamber of Commerce and Industry (FCCI) here, he asked all stakeholders to submit their proposals within a week. to improve the textile sector. He said that few years ago, the textile sector was facing problems like high mark-up, power and gas load-shedding, etc. However, he added, now most of these issues have been resolved, but new types of problems have surfaced including high cost of doing business. He said that being an elected member of the National Assembly, he had been advocating for the textile sector but now the responsibility to redress their genuine grievances had directly been entrusted to him and he sincerely intended to resolve those issues as soon as possible. and delay in payment of refund claims etc. He requested President FCCI Engineer Mohammad Saeed Sheikh to form a committee of all stakeholders to give their proposals, which would be presented before Prime Minister Shahid Khaqan Abbasi Regarding refund of sales tax, customs and income tax etc, he said that there was no second opinion that that was the right of exporters and they must get them as soon as possible. He said that cabinet meeting is scheduled to be held on Tuesday in which he would try to talk to the PM regarding Rs 180 billion Textile Package and issuance of notification He said that he would also request him to provide the relief without any condition of 10 per cent increase in existing export of the claimants. for the release of remaining Rs 120 billion for the period from July 1, 2017 to June 30, 2018. He also promised to take up the issue of difference in gas prices for Punjab and Sindh with the ministries concerned. He said that he belonged to this city and hence he was duty bound to resolve the issues facing the local business community. Earlier, President FCCI Engineer Mohammad Saeed Sheikh, in his welcome address, congratulated Haji Akram Ansari on assuming the office of the textile ministry. He also explained in detail the problems being faced by the textile sector and requested President FCCI to constitute a 9-member committee, headed by him . Later, the FCCI president presented a shield to the state minister. Vice President Engineer Ahmad Hasan also presented a study report on CPEC to the state minister.—APP Farooq (PTEA) and Haji Talib Hussain (Sizing). This committee will have daily meetings to finalise its final proposals within a week.
Source: Pakistan Observer
Baba Berthe is the President, African Cotton Association (ACA), as well as the Chief Executive Officer (CEO) of Malian Company for the Development of Textiles. In this interview, he speaks about the difficulties of cotton production in Africa and the preparations of ACA to host its annual conference in Nigeria next year. Excerpts: Baba Berthe There are challenges with the economy and neglect of agriculture for other resources. So how is cotton contributing to the development of African countries? I was born in Mali where cotton is contributing to a large extent to the economy. When I went to Kenya last year to chair the ACA congress, I and my team travelled by the economy class. We noticed that many of those who bought our cotton came with private jets. It showed that we have something very important economically that we don’t exploit or know its importance. We produce cotton for others who benefit more. Cotton is a very important commodity but African countries have not mastered the price. We don’t know its value. So the relegation of cotton production in many African countries is much. Yes, it is. However, in Mali and Burkina Faso, cotton is the main cash crop. They produce and earn foreign exchange. After the governments of these countries remove their profit, the balance is shared among the farmers. Gold is also mined in Mali and sold, but the money is not distributed to the miners but is used in some other ways. So cotton is the commodity that can be used in the fight against poverty. Also, in the 2016/2017 harvesting session, cotton production earned $330m for Malian farmers. But the amount is even little because there was value addition in the process. Besides, shirts that are produced with cotton are very expensive, and so many other things. We sell one kilogramme of cotton at $1.7cents but those who buy it, process it and resell to us at $25 to $30 depending on the value-addition. So when a shirt is made of cotton, it could be sold at $100. The difference is much. This goes to show that cotton represents a high-level commodity which can greatly improve the economy of many African countries. The power of cotton to a country’s economy cannot be over-emphasised and that is why we are urging the Nigerian government to resuscitate the cotton industry so that other countries can follow her example. What is African Cotton Association’s mission to Nigeria? Since the organisation was established, congress is being held and rotated yearly from one country to another. The March 2015 edition was held in Chad, the 2016 edition in Kenya and at that conference, Nigeria was chosen for the 2018 edition to hold in March. As such, it is important that before the event, the African Cotton Association should visit the next host country and meet with critical stakeholders on how to go about organising the event. We are here to discuss with the National Cotton Association of Nigeria (NACOTAN), stakeholders and the government on how to start preparations for the conference. What is the anticipated number of people the sector would employ if fully developed? The number will be difficult to evaluate, but we have to note that one company can employ hundreds of people in different capacities and sections of the production chain. And don’t forget, we have direct and indirect employments that can be derived. To show how cotton is very important is by looking at the oil extracted from it. In Mali, for instance, there are 80 cotton oil-producing mills with about 2.5 million litres combined capacity production. Each also has about 500 workers. The multiplier effect is huge. What is ACA doing to boost technical expertise on production as most farmers still use manual means? ACA is a very organised association. We do not have funds for companies or member countries for technological development. However, we have seed cotton production, classification, transportation, trading and ginning commissions where experts teach countries on these specialties. Recently, we organised a workshop in Garoua, Cameroon, on some technical issues that will lead to the promotion of cotton production: these are some of the things we do. In Mali and Burkina Faso, many cotton farmers are mechanised but more needs to be done. With this scenario, how do you see cotton farming and production in the next few years? The concern of ACA is to provide a link with governments of African countries. Every year we hold a meeting in one country or another. The 16th meeting will be in Nigeria in March next year. We are in Nigeria to prepare grounds for the meeting. We met with ECOWAS and they assured us that they are working on a regional strategy for the promotion of cotton from now to 2025. This is in collaboration with the African Development Bank (ADB) and the Federal Ministry of Agriculture. We also met with the Nigerian Institute of Social and Economic Research (NISER) but could not meet with state governments, as we would have wished. So, it is a strategy to meet high level organisations as a way forward. It is expected that after meeting with ECOWAS’ Department of Agriculture, they will make a report to the president of the commission who will in turn forward it to all member heads of state. By that, we are pushing our strategy.
Source: Daily Trust
Intertextile Shanghai Home Textiles, Asia’s leading platform to meet quality suppliers from 30 countries and regions, is opening on August 23. The four-day event will attract global industry players to Shanghai to capture the sought-after opportunities in the Chinese and Asian home textiles markets. Over 1,200 suppliers will display their latest products.Wendy Wen, senior general manager of Messe Frankfurt (HK) expressed confidence towards the fair’s outcome. “The Chinese economy is getting back on track recently, with the home textiles industry in particular regaining momentum with increasing exports to the US, European Union and Japanese markets. As the domestic industry continues to upgrade and offer more quality and competitive home textile products, we believe tha this edition will prove to be a fruitful one for all involved.” Intertextile Shanghai Home Textiles is widely regarded as the leading trade event in Asia for the home textiles industry, where the full spectrum of home textiles and accessories is on offer under one roof. This year, over 1,200 suppliers from 30 countries and regions are ready to demonstrate the finest and latest products across featured product zones throughout six halls. A number of industry elites including Alhambra, CASAMANCE and Designers Guild, will gather in the Editors Zone to parade a series of branded upholstery fabrics. What’s more, worldwide upholstery fabrics suppliers like Aico Home, Culp and D Décor can also be found. Other fine products at the fair include bedding and towelling and carpets and rugs, with visitors able to meet with international brands such as Advansa, Harlequin Morris & Co. and Sanderson by Mirtos, together with machine-made and handmade carpet producers from Afghanistan, China, India and Pakistan. To cater to the entire supply chain throughout the home textiles industry, the fair will also feature original textile design studios and digital printing solutions. While domestic suppliers account for a large proportion of the exhibition, overseas exhibitors are also eager to tap into the strong potential in the Chinese and Asian markets, with seven country and region pavilions including Belgium, India, Korea, Morocco, Pakistan, Taiwan and Turkey featuring with their specialties. Four leading home textiles production regions in China –Haining, Shaoxing, Tongxiang and Yuhang – will also form pavilions to present their specialised products. Intertextile Shanghai is far more than a business platform between exhibitors and visitors. The show aims to provide inspiration for the industry via a series of concurrent events. For the first time, the Andrew Martin International Interior Design Summit will be held throughout the first two show days, allowing experts from the interior design, architecture and art sectors to share and discuss their views on the transformation of design in the new information era. Visitors can also get to know more about these experts’ perspectives on new home living styles through the Home Furnishing Crossover Exhibition. The show also serves as an indicator of home textiles trends in China, as participants can find the latest styles from exhibitors’ products displayed in the Trend Area under four trend themes for 2018/19. In addition, the Digital Printing Micro Factory will demonstrate the digital printing production line, and a series of seminars will feature industry leaders discussing the current market situation, technology development and applications of digital printing.
Source: Fibre2Fashion
