Dispelling the "misconception" that India subsidises its exports, Commerce Minister Suresh Prabhu today asserted that the country fully complies with the guidelines of the WTO, which itself is "under threat". Dispelling the “misconception” that India subsidises its exports, Commerce Minister Suresh Prabhu today asserted that the country fully complies with the guidelines of the WTO, which itself is “under threat”. Batting for the global trade body, Prabhu said all countries will face problems if there is no WTO. He said the government was merely trying to mitigate the adversities of exporters, which did not tantamount to subsidising of exports from India. “It is a misconception that we subsidise our exports. We are fully WTO compliant and not at all violating those,” Prabhu said at an event here. The minister, at a separate event, said that the “very existence the World Trade Organization (WTO) is now under threat”, but India strongly supports its need for regulating trade norms. “But, if there is no WTO, all countries will face problems. There will be chaos,” Prabhu said. He said India strongly feels that WTO is a must as it guarantees rules and regulations of world trade but admitted that reforms within the global trade body were also needed. “There is need to keep the WTO alive and strong for which an initiative was taken to arrange a mini-ministerial meeting in Delhi, after the failure of ministerial talks at Buenos Aires (Argentina),” he said. India is also trying to forge a number of bilateral trading agreements with Latin America, Africa, ASEAN, Europe, the UK, central Asia, GCC, Far East and China, Prabhu said. On the trade dispute with the US, he said India is trying to resolve the matter. With China, India is making efforts to reduce the huge trade deficit, the minister said. The Commerce Ministry, in association with exporters’ bodies, is in the process of preparing a product-market matrix for realisation of additional exports to the tune of USD 100 billion in the next few years. He also pitched for granting priority sector status to exports to facilitate financing. “We also must have agencies like Japan’s Jetro, Australia’s Austrade, and are working on those lines,” the minister said. Elaborating on the issue of export subsidies, Prabhu said that the Organisation for Economic Cooperation and Development (OECD) countries were giving more subsidies to their farmers, particularly in the export of agriculture products. The minister said it was important to provide market access to the farmers for which the highest standard of safety was needed to overcome the non-tariff barriers (NTBs). The government is already working on a draft agriculture policy to double farmers’ income, he said. “The commerce department is already working on the development of standards. The standard in the Western countries is very high.” Regarding GST refund to exporters, he said the issue has been addressed to a great extent. Prabhu, who, is also the civil aviation minister, said that the ministry is preparing separate plans for the manufacturing of drones and planes in the country. On West Bengal, he said that the Commerce Ministry will work closely with the government of the state, which has a “great potential” to become an economic hub in future. “We want the state to achieve progress. We will work together to ensure that,” the minister added.
Source: The Financial Express
A Group of States’ Finance Ministers on Sunday reached a consensus on putting off a GST discount on digital payments for the time being. It also decided to suggest empowering the GST Council to finalise goods for applicability of the Reverse Charge Mechanism (RCM). “In principle, we support a GST discount in digital payment. However, considering the current revenue situation, it would be better to wait for some more time. Accordingly, we have proposed to defer this proposal,” Sushil Kumar Modi, Chairman of the State Finance Ministers’ Group and Deputy Chief Minister of Bihar, told reporters here. The proposal could be considered after one more year of revenue collection under GST, he added. Modi said one important reason for deferring the proposal is revenue implication of ₹14,000-15,000 crore. These two recommendations deferment of the GST discount on digital payment and RCM will be placed before the 28th meeting of the GST Council, scheduled for July 21. The proposal for a GST discount on digital payment envisages providing “a concession of 2 per cent in the GST rate on B2C (Business to Consumer) supplies, for which payment is made through digital mode [1 per cent each from the applicable CGST and SGST rates, if the applicable GST rate is 3 per cent or more] subject to a ceiling of ₹100 per transaction.” The scheme, however, will not be available to registered persons paying tax under the composition scheme. With the incentive, the consumer will be offered two prices: one with normal GST rates for purchases made through cash payment and the other with a rate 2 per cent lower for digital payments. As a result, the consumer will see visible benefits of making payments through the digital mode. For example, if the GST rate applicable to supply particular goods/services is 18 per cent, and if payment is made through digital means, then the applicable GST rate will be 16 per cent.
Reverse charge mechanism
Earlier in the day, the Group finalised deleting sub-section (4) of section 9 of the CGST Act, 2017, and sub-section (4) of section 5 of the IGST Act, 2017, which prescribe a Reverse Charge Mechanism. “We have recommended omitting the present Section 9(4) and introducing a new Section 9(4), which will permit the government, on the recommendations of the GST Council, to notify a specific class of registered persons and goods who would be covered under the RCM provision,” Modi said, adding that the conditions and the date for levying of RCM will be decided by the council. RCM is a mechanism where the buyer of the goods or service will have to pay GST, which is otherwise paid by the seller. The charge is applicable on a registered dealer, if he buys goods from a dealer not registered under GST. However, the receiver of the goods is eligible for input tax credit, while the unregistered dealer is not. Since introduction of GST, this scheme has generated a lot of debate because of which it was decided in the 22nd meeting of the GST Council, held on October 6, to defer it till March 31, 2018. It was also decided that the scheme would be reviewed by a committee of experts. The date for suspension has been extended twice and the new date that has now been fixed is September 30, 2018.
Source: The Hindu Business Line
SAARC Development Fund (SDF), the cross-border umbrella financing institution for SAARC member states, is in the process of developing an e-commerce platform to enable seamless trade of goods and services across SAARC member states, a top official said. It would also fund start-ups, giving a boost to budding entrepreneurs in the region, said Sunil Motiwal, Chief Executive Officer, SDF. “A proposal to develop a cross-border e-commerce platform, along with a SAARC money card for the common people across the region, is under finalisation,” said Motiwal. The plastic SAARC money card can have denominations of all the currencies in the region. Summarising the outcome of the recent two-day SAARC Development Fund Partnership Conclave, Motiwal said that the common e-commerce platform has a great potential for enhancing intra-SAARC trade and services. For instance, consumers of Bangladesh textile – located anywhere in the region – can place orders on the e-commerce platform. Likewise, a range of commodities, including fruits and vegetables grown in Bhutan, Pakistan and India, can be sold and bought online, which will immensely help the producers and consumers, he said. Currently, only 4 per cent of the total trade of SAARC member states takes place within the region. This can be increased significantly by initiatives such as e-commerce, a booming business across the world, according to Motiwal. Motiwal said initiatives such as the e-commerce platform, along with the funding of start-ups, found instant support among the international funding organisations.
Source: The Hindu BusinessLine
Minister for Handlooms and Textiles O.S. Manian reviewed the implementation of the new handloom support programme with handloom weavers and representatives of handloom associations at the Collectorate here on Tuesday. At present, there are 3.19 lakh handloom weavers involved in weaving in the State. About 1,139 handloom weavers cooperative society are there under which 2.44 lakh handlooms are functioning.
Profit
As many as 1,053 cotton handloom weavers’ cooperative societies and 86 silk handloom weavers’ cooperative societies are functioning in the State and 959 weavers’ cooperative societies are functioning in profit. In 2017-18, about 790.35 lakh metre handloom clothes worth Rs. 695.50 crore were produced and materials were sold for Rs. 852.93 crore. At a meeting held at the Collectorate, the Minister reviewed the implementation of the programme in the districts of Erode, Coimbatore, Tirupur, Salem, Namakkal and Karur and also sought the opinion from the stakeholders.
Source: The Hindu
Union Commerce and Industry Minister Suresh Prabhu on Saturday said the focus of the new industrial policy would be on modernising existing businesses and developing new industries. He said objective of the new industrial policy would be to align with the future trends of global industry. "We want to ensure 20 per cent of the $5 trillion GDP size (expected by 2025) to come from manufacturing. But to reach there, we are working on few strategies," he said. "The focus would be on developing new industries and it does not mean that we will ignore old industry. We will look to modernise existing businesses," he said. The government has appointed a parallel committee to review all regulations, he said at an event organised by Indian Chamber of Commerce. "Idea is to review all regulatory policy; we are removing undue regulations in a big way," Prabhu said. According to him, the focus should be on both macro and micro development in order to increase the country's GDP. With this in mind, the government has undertaken a pilot in six districts across five states to push development. "We want to see how we can increase the GDP of these districts by 3 percent and we have taken the state governments on board. While ease of doing business is being improved nationally unless we do it at the district level, it will not serve the purpose," he added.
Source: Business Standard
Union Commerce and Industries Minister Suresh Prabhu and South Korean Trade Minister Kim Hyun-Chong on Monday signed agreements on trade and commerce. "Trade and commerce will play their own roles in taking bilateral relations between both the countries forward. We are going to take this relationship to a new level. We had a fruitful and forward looking discussion, some ideas have come to forward while some will work in progress," Prabhu told media here. Earlier today, both the ministers began their meeting with breakfast, after which the agreements were discussed and signed. Meanwhile, Hyun-Chong highlighted on the Samsung plant in Noida and said that the site would produce almost 10 million units of mobile phones in the coming years. "Keeping with Prime Minister Narendra Modi's 'Make in India' policy, the first step was taken today, both the leaders (South Korean President and Prime Minister Modi) will visit Samsung's manufacturing site which will be producing 10 million units of mobile phones per month by 2020," Hyun-Chong told media here. On a related note, South Korean President Moon Jae-in and Prime Minister Narendra Modi will visit a Samsung plant in Noida, Uttar Pradesh later today. Prime Minister Modi, meanwhile, will also hold official talks with the South Korean President at Hyderabad House later in the day.
Source: Business Standard
The commerce ministry has approved a proposal of HCL Technologies to set up a new IT special economic zone (SEZ) in Vijayawada, Andhra Pradesh, with a proposed investment of Rs 408.48 crore. The commerce ministry has approved a proposal of HCL Technologies to set up a new IT special economic zone (SEZ) in Vijayawada, Andhra Pradesh, with a proposed investment of Rs 408.48 crore. The company’s proposal was considered by an inter-ministerial Board of Approval, headed by Commerce Secretary Rita Teaotia, at its meeting on June 19. “The board after deliberations approved the proposal for setting up of the SEZ over an area of 10.43 hectares,” according to minutes of the meeting. The board also approved the cancellation of formal approval given to OSE Infrastructure as the developer has not made any significant progress on the project. The company was developing an IT special economic zone in Noida. SEZs are developed as export hubs and they contribute about 25 per cent in the country’s total exports. Units and developers of these zones enjoy tax and non-fiscal benefits besides clearance from a single window mechanism. There are 223 operational SEZs with 5,146 units from various sectors such as IT, pharma, textile, food processing, leather, biotechnology and diamond polishing. Most of these zones are operational in states, including Tamil Nadu, Telangana, Karnataka and Maharashtra. The ministry has recently constituted a group, headed by Bharat Forge Chairman Baba Kalyani, to study the SEZ policy.
Source: Financial Express
The Process Plant and Machinery Association of India which represents the Capital goods and Process Equipment manufacturing and exporting industry in the country has urged the Union Ministry of Steel and Department of Heavy Industries to immediately put the imports of capital equipment’s and machinery in negative list of Free Trade Agreement's and ban import of second hand plant and machinery into India for new investments. Ministry of Commerce must stop concessions on imports duties being extended against Free Trade Agreement and Comprehensive Economic Partnership Agreement to several countries. Mr Yatinder Pal Singh Suri chairman , The Process Plant and Machinery Association of India said that “Every ministry in the country including Ministry of Finance, Ministry of Commerce and Industry and Department of Heavy Industries is aware that the capital goods sector in the country is languishing and growth is negative for past several years due to low economic growth. The sector needs support through ban of second hand plant and equipment imports as well as concession being extended to various countries under FTA and CEPA.” Mr Suri said that “Recently department of Commerce, Under Union Ministry of Commerce has requested duty reduction under India Korea CEPA for various capital equipment under various codes , such concessions under FTA and CEPA are hurting the domestic Capital goods industry in a big way as well as the ‘Make in India’ Drive of Prime Minister Narendra Modi.” He added that “Capital Goods refer to products that are used in the production of other products. These include machine tools, industrial machinery, process plant equipment, construction & mining equipment, electrical equipment, textile machinery, printing & packaging machinery . The Capital Goods industry is the “mother” of all manufacturing activity and is of strategic importance to the National prosperity through and economic growth and independence.” Mr Suri said that “PPMAI has proposed to steel ministry to mandate that for all new investments related to 170 million tonne expansion in steelmaking capacity in India, all steel equipment needed for steel making process from ore to finished steel, materials handling equipment, Plant sheds etc must be fabricated in India. This will ensure that local Capital Goods sector can generate demand and preference for domestic steel in procurement. Steel Ministry should immediately ban all non standard stainless steel currently being used for consumer ware. Such non standard grades also end up in usage by small fabricators for critical smaller equipment for use in industrial applications which are a potential for failures/accidents/fatalities.” Mr Suri said that “PPMAI has requested to steel ministry to engage with the Capital Goods industry to find out products which are not made in India currently , so that our new plant investments are designed to manufacture them to make India self reliant by 2030. To achieve this, R&D collaborations with the best in the steel segment globally must be concluded expeditiously.” Mr Suri added that “It is in the interest of the User Sectors that the Capital Goods industry should be strengthened since it is a known fact that the presence of a strong domestic engineering industry increases competition to reduce the capital cost of the project. Most importantly, the maintenance of plant and machinery can be done economically by easy availability of spares from domestic industry. The imported plants come at low cost due to concessions or second hand equipment but the nation pays through the nose through the high priced maintenance contracts & imported spares.” Mr Suri said that “ Various Union Government Ministries including Commerce and Industry, Heavy Industries, And Steel should be advised to cross check with Capital Goods Industry so that all capital equipment needed for expansion , manufacturing by various industries are sourced within India from the domestic industry. This will help in reviving the national capital goods industry employing lakhs of workers as well as give boost to exports of capital goods from the country.” Mr Suri said that “ Capital Goods Industry needs full support of DHI and Ministry of Commerce in reversing the fortunes of Capital Goods sector like Steel Ministry did with support from Ministry of Commerce to rescue Steel industry by introducing pathbreaking initiatives like QC Order, Safeguard duties as well as pushing for domestic steel usage in infrastructure projects in line with Make in India campaign.”
Source: Steelguru
CCEA has found that JCI and other cooperatives have procured under 4% of the jute produced in the country in the past five years. The Union government is seemingly peeved with the Jute Corporation of India (JCI) for its low scale of MSP (Minimum Support Price) operations of raw jute in the past five years. Recently, the Cabinet Committee on Economic Affairs (CCEA) has found that JCI and other cooperatives have procured less than four per cent of the jute produced in the country in the past five years. Between 2012-13 (July-June) and 2017-18 (July to January), JCI has procured 3.4, 1.5, 0.2, zero, 2.5 and 3.1 per cent of the jute produced in the country. On an average around 8.5-9.3 million bales of jute is produced in each crop year. The findings have been unravelled at a time when the government is confronting difficulties in implementing the revised MSP rates. At a recent meeting of the central food ministry, the Office of the Jute Commissioner dodged responsibility on overseeing MSP jute operations, stating it is in the eminent domain of JCI. In contrast to these claims, many sections in the Jute and Jute Textile Control Order of 2016 empower the Jute Commissioner's office to launch action to control and manage operations of raw jute. JCI is understood to have convened a meeting on Monday (July 9) to take stock of the situation. KVR Murthy, chairman cum managing director at JCI did not respond to calls or text message on his number. An industry source said JCI is constrained to carry out large scale MSP operations as it is crippled by lack of efficient and professional manpower. In 2017-18 crop year, JCI was able to manage only 77 of its 141 direct jute purchase centres. Only 13 co-operatives took part in procurement operations. JCI conducts MSP operations through its 16 regional offices. JCI’s present storage capacity is also inadequate. The MSP for raw jute has been fixed at Rs 37,000 per tonne for 2018-19, Rs 200 higher than the previous fiscal. However, the landed price of raw jute comes to Rs 40,000 a tonne in the Kolkata market. Presently, raw jute is selling at Rs 36,000 per tonne. Due to appallingly low level of intervention from the JCI, the jute farmers are forced to go for distress sale of the crop. Around 0.4 million farmers are engaged in raising jute crop. CCEA has noticed a substantial gulf between potential yield and actual yield of raw jute at the farm level. Production of poor quality of raw jute is a vexing issue since it does not contribute towards manufacture of high quality diversified jute products. As per industry estimates, 70 per cent of the raw jute output belongs to the inferior grade which is only suitable for producing coarser materials like sacks. The jute industry and Jute Balers' Association do not foresee any shortage of raw jute in this fiscal.
Source: Business Standard
To iron out issues concerning implementation of the goods and services tax (GST), the Centre on Monday proposed several pro-business amendments to GST laws. To iron out issues concerning implementation of the goods and services tax (GST), the Centre on Monday proposed several pro-business amendments to GST laws such as restricting GST liability under reverse charge basis on procurements from unregistered vendors to specified class of registered persons to be notified by the GST Council and allowing businesses to have separate registration for each place of business in a state. Also, the input tax credit entitlement on vehicles will be relaxed to cover the passenger vehicles having seating capacity of not more than thirteen persons, in case these are used for specific (rather than personal) purposes. So ITC will now be available for dumpers, work-trucks, fork-lift trucks and other special purpose vehicles. While the changes are termed business-friendly and supportive of ease of doing business, sections of the industry could be affected by the provisions relating to restriction on transfer of credit balance of education cess, secondary and higher education cess, Krishi Kalyan cess, additional duties of excise (textile and textile articles) etc. “Specific denial of transition of credit of cesses like education cess etc would be against the tax position that some tax payers had taken.” said Abhishek Jain, tax partner, EY India. Pratik Jain, partner and leader, Indirect Tax, PwC, said: It is a welcome step to invite public comments for the proposed amendments in the GST law. The amendments such as amendment in definition of supply, widening of credits on vehicles and restricting reverse charge liability for procurements from unregistered vendors to specified set of persons are welcome.” He, however, added that the proposed amendments do not cover some of the amendments which were already highlighted to the GST Council such as the tax liability on services deemed to be provided by the branch offices to foreign offices/parents. “It would be interesting to see which provisions are proposed to be given retrospective effect and which are given effect prospectively, Jain said. In all, the Centre’s draft proposals to amend GST laws contains 46 amendments on which the public could give their suggestions till July 15. Significantly, an option is proposed to be given to every person to obtain separate registration for each place of business in a state. Previously, a single registration is required to be obtained for all the places of business in a state, except when they were operating as a separate business vertical. Further, the provisions for individual registration of multiple SEZ units have also been proposed to be introduced. In a tax-payer friendly amendment, it is now proposed to allow ITC in respect of food and beverages, health services and travel benefits to employees, which are obligatory for an employer to provide to its employees under law. Merchant sale transactions where the goods do not enter India, sale of goods stored in customs bonded warehouse and high sea sales transactions are specified as transactions which do not amount to supply of goods as well as services, resolving the ambiguity of treatment of such transactions. As reported by FE recently, a group of ministers (GoM) led by Bihar deputy chief minister Sushil Modi is set to recommend to the GST Council that a section in the GST Act concerning the reverse charge mechanism be scrapped as “it discriminates against unregistered dealers while not adding much to the revenue.” Under the RCM rule, registered dealers are now required to make tax payments in case they procure goods from unregistered ones. This has been resisted by the registered small businesses as they find it cumbersome to comply when goods are purchased from dealers outside the GST ambit. Since the GST’s rollout in July last year, RCM has remained suspended and has recently been further deferred till September 30. The amendments also seek to give effect to some of the decisions taken by the GST Council in the past like raising the turnover threshold for availing composition scheme increased from Rs 1 crore to Rs 1.5 crore. In the suggested amendments, definition of supply is proposed to be amended to remove specific inclusion of activities referred to in schedule II to remove an anomaly that in some cases, even though the activity specifically mentioned in schedule II did not amount to supply, due to deemed inclusion of such activities in definition of supply, it attracted tax.
Source: Financial Express
Erode: State textiles minister O S Manian said the government had allotted Rs 40 crore for ‘Support Handloom’ project this year to help handloom weavers improve as well as to protect their livelihood. Manian chaired a meeting at the Erode collectorate on Tuesday with various handloom association officebarriers, handloom weavers and management people from several textile companies from Salem, Erode, Tirupur, Coimbatore, Namakkal and Karur districts. The minister said chief minister Edappadi K Palaniswami announced a new project, ‘Support Handloom’, to save the handloom sector and weavers. “The chief minister has allotted Rs 40 crore in this financial year for the project,” he said. According to the minister, there are 3.19 lakh handloom weavers in the state. There are 2.44 lakh handlooms functioning through 1,139 cooperative handloom weavers’ associations across the state. “Of 1,139 associations, 86 are silk handloom weaving associations and the rest are cotton handloom weavers associations,” he said. The minister said 959 weavers’ associations were functioning profitably. In 2017-18 financial year, they had produced 790.35 lakh meter cloths for Rs 696 crore and had sold them for Rs 853 crore. He also hinted that the CM will announce ‘New Textile Psolicy’ shortly. The new policy will be comprising new projects to save handloom sector in the state. “We are also taking steps to set up handloom storing station in the state and reduce GST for textile industry,” he said.
Source: Times News Network
The Korea Trade Investment and Promotion Agency (Kotra) will open an office in Ahmedabad to facilitate trade and economic cooperation between Gujarat and South Korea, a senior government official said today. Talking to PTI on phone today, Manoj Kumar Das, principal secretary industries and mines, Gujarat government, said, "This will strengthen trade and industrial relations." Das informed that an MoU was signed between the Gujarat government's industries and mines department and the Kotra today in New Delhi. The priority sectors in focus under the MoU include chemical, petrochemical and pharmaceuticals; new and renewable energy; startup ecosystem; textiles and apparels; urban infrastructure; food processing and agro related industries; skill training and development; automobile, etc. This office in Ahmedabad is in addition to Kotra's existing offices in New Delhi, Mumbai, Chennai, Kolkata and Bengaluru. Kotra, the national trade and investment promotion organisation operated by the government of the Republic of Korea, will also take part in Vibrant Gujarat Global Summit 2019, to be held from January 18 to 20, 2019.
Source: Business Standard
LUDHIANA: A state level textile conclave might be hung on July 13 at Ludhiana. Businessmen associated with attire and textile trade from all the state will take part within the event. State trade minister Sundar Sham Arora would be the leader guest of this system which is going to be held for the first time in Punjab. On Monday, a press conference was organised via state govt at a city resort which was presided over via director of industries and trade, DPS Kharbanda. General supervisor of district industries centre Mahesh Khanna and different officers of the trade related departments were also present on the instance. Giving more information about this system Kharbanda mentioned, “We are going to organise a conclave for textile and attire trade for the first time in Punjab. Under this initiative we can make industrialists aware concerning the schemes being run via central and state govt for the welfare of the trade and as well as we can also communicate to businessmen and concentrate to their problems as smartly. The program might be presided over via the trade and trade minister Punjab and all of the senior officers of several departments too will stay found in this system which will even characteristic nationwide level audio system as smartly.” Kharbanda also added, “We are anticipating participation of with reference to 400 businessmen from different portions of the state and invitation has been extended to the businessmen and trade associations as smartly. We have already initiated the process for making NIIFT Mohali and Ludhiana as universities and this subject might be mentioned within the conclave as smartly.”
Source: Ideal news
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1327.47 |
USD/Ton |
0% |
7/10/2018 |
|
VSF |
2235.10 |
USD/Ton |
-0.13% |
7/10/2018 |
|
ASF |
3095.91 |
USD/Ton |
0% |
7/10/2018 |
|
Polyester POY |
1407.51 |
USD/Ton |
0.32% |
7/10/2018 |
|
Nylon FDY |
3518.77 |
USD/Ton |
0% |
7/10/2018 |
|
40D Spandex |
5285.70 |
USD/Ton |
0% |
7/10/2018 |
|
Nylon POY |
1615.91 |
USD/Ton |
0% |
7/10/2018 |
|
Acrylic Top 3D |
3601.83 |
USD/Ton |
0% |
7/10/2018 |
|
Polyester FDY |
5701.01 |
USD/Ton |
0% |
7/10/2018 |
|
Nylon DTY |
1638.57 |
USD/Ton |
0% |
7/10/2018 |
|
Viscose Long Filament |
3163.87 |
USD/Ton |
0% |
7/10/2018 |
|
Polyester DTY |
3201.62 |
USD/Ton |
0% |
7/10/2018 |
|
30S Spun Rayon Yarn |
2967.54 |
USD/Ton |
0% |
7/10/2018 |
|
32S Polyester Yarn |
2126.36 |
USD/Ton |
0% |
7/10/2018 |
|
45S T/C Yarn |
2959.99 |
USD/Ton |
0% |
7/10/2018 |
|
40S Rayon Yarn |
2265.30 |
USD/Ton |
0% |
7/10/2018 |
|
T/R Yarn 65/35 32S |
2522.03 |
USD/Ton |
0% |
7/10/2018 |
|
45S Polyester Yarn |
3126.11 |
USD/Ton |
0% |
7/10/2018 |
|
T/C Yarn 65/35 32S |
2642.85 |
USD/Ton |
0% |
7/10/2018 |
|
10S Denim Fabric |
1.41 |
USD/Meter |
0% |
7/10/2018 |
|
32S Twill Fabric |
0.87 |
USD/Meter |
0% |
7/10/2018 |
|
40S Combed Poplin |
1.21 |
USD/Meter |
0% |
7/10/2018 |
|
30S Rayon Fabric |
0.69 |
USD/Meter |
0% |
7/10/2018 |
|
45S T/C Fabric |
0.72 |
USD/Meter |
0% |
7/10/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.15102 USD dtd. 10/7/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Hanoi (VNA) - Vietnam has made it onto the list of the world’s five biggest textile exporters and producers, with textile and garment export turnover hitting 16 billion USD in the first half of 2018, up more than 14 percent year-on-year. Experts said Vietnam has many opportunities to expand its markets in the field thanks to free trade agreements signed by the country with partners. The signing of the European Union - Vietnam Free Trade Agreement (EVFTA) in 2018 is hoped to help Vietnam's textile and garment industry make deeper inroads into this market. BESIDES, the US is likely to increase import tariffs on textiles and garments from China, and this will create favourable conditions for Vietnamese enterprises to expand and increase their export market share to the US - a key market for Vietnam’s textile products. According to Vu Duc Giang, President of the Vietnam Textile and Apparel Association (VITAS), thanks to the world economy in 2018 is expected to achieve higher growth than 2017, and the national macro economy remains stable, the textile industry reported positive results in the last two quarters. In the period, the production of fabrics from natural yarn was estimated to reach 274.6 million sq.m, a year-on-year rise of 9.7 percent, while the production of synthetic fabrics and clothing were estimated at 525.9 million sq.m, and 2,305 million of clothing units, up 21.1 and 10.4 percent, respectively, over the same period last year, Giang said. Exports to key markets such as the US, member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU, the Republic of Korea (RoK), China and ASEAN posted stronger growth than the Jan-June period of 2017. However, Giang said the sector will still face many difficulties in the rest of 2018 and the next few years amid stagnant consumption demand and fierce competition in the global textile market. Global textile and garment demand is forecast to increase only 1 - 2 percent, he noted. Another difficulty is that the US and the EU still levy 17.5 percent and 9.6 percent duties on Vietnamese textile products, respectively, while those for other developing countries such Cambodia and Myanmar are zero percent. Giang said to help textile and garment enterprises boost their exports, VITAS will continue to implement trade promotion programmes and introduce measures to take advantages of opportunities provided by the CPTPP and the EVFTA. It will coordinate with the Ministry of Industry and Trade to hold training courses on how to respond to the 4th industrial revolution, helping enterprises devise plans to promote sustainable development, Giang added. Enterprises should focus on training human resources to meet the digitalisation requirements of some stages in production, he noted. Besides the main export markets such as the US, EU, Japan, and the RoK, Vietnamese textile and garment firms are also focusing on exploiting other markets like China and ASEAN. In 2017, the garment-textile sector raked in 31.2 billion USD from exports, a year-on-year rise of 10.23 percent. In the year, Vietnam’s garment-textile exports to major markets like the US, the EU, Japan, the RoK and Russia increased by 7.2 percent, 9.23 percent, 6.1 percent, 11.8 percent and 56 percent, respectively.
Source: Vietnam News
KARACHI: The All Pakistan Textile Mills Association (APTMA) Senior Vice Chairman, Zahid Mazhar, while commenting on the issuance of SRO 847(I)/2018 dated 4 July 2018 rescinding the exemption of Customs Duty, Additional Customs Duty and Sales Tax granted by SRO 48(I)/2018 dated January 8, 2018 at 3 per cent, 1 per cent and 5 per cent respectively, and the re-imposing of customs duty and additional customs duty at 3 per cent and 2 per cent on the import of cotton with effect from July 15, 2018 said that this is the last nail in the coffin for the ailing textile industry. Zahid Mazhar said that as per the final statistics of cotton arrival released by the Pakistan Cotton Ginners Association on 1 May 2018, only 11.58 million bales of 155 kg cotton were produced in the year 2017-18. He further said that 10.73 million bales and 9.79 million bales of 155 kgs of cotton were produced in 2016-17, and 2015-16 respectively. So three seasons in a row cotton crop has been below the target. This contradicts the claim of the cotton Commissioner that Pakistan produces 13 million bales of cotton annually on the basis of which the government has re-imposed custom duty and additional customs duty on the import of cotton. He said that firstly, the area under cotton cultivation has witnessed a decline over the last few years since a high percentage of cotton growers have shifted to sugar cane. Secondly, the crop of cotton has declined due to the lowest yield of cotton farming achieved specially in Punjab which needs to be addressed on an urgent basis. Moreover, as per Pakistan Central Cotton Committee’s report this year, about 48 per cent of the area where cotton was to be cultivated in Sindh was missed due to scarcity and poor management of water, he added. He reminded that four years ago, the country had achieved the highest cotton crop of 14.87 million bales. He further said that due to the imposition of customs duty and sales tax on import of raw cotton, import of finished cotton yarn has witnessed a 500 per cent increase in 2016-17 as compared to 2011-12. So this policy, instead of supporting manufacturing of cotton yarns in Pakistan is rather helping the yarn manufacturing industry of other countries competing with us. He said that due to the high cost of doing business and inadequate supply of raw cotton almost 140 textile mills have already closed their operations resulting in a loss of one million jobs. Furthermore, around 75 to 80 mills are on the verge of closure which will add another 0.5 million to the unemployment figure. He pointed out that due to the closure of about 140 mills and the mills operating below capacity, Pakistan’s textile export is suffering a loss of more than $4 billion per annum which could have been a vital contribution in addressing the problem of the high trade deficit. Zahid Mazhar said that the trade deficit for the fiscal year 2017-18 is an all-time high at $36 billion, imports at $60 billion while exports at around $23.5 billion. He further said that the current account deficit for the year 2017-18 is at an all-time high at $18 billion. In addition to the above, the government has to pay $38.224 billion and Rs15.883 trillion against external and domestic public debt respectively including principal amount and interest in the next seven years. He added that the cotton crop of the country is far behind the consumption requirement of 15 million bales, for the third consecutive year, as a result, the industry is compelled to import cotton from other countries to meet its annual consumption requirements. He demanded the caretaker government save the export oriented textile industry and the economy of Pakistan from disaster by immediately withdrawing the imposition of customs duty and additional customs duty on the import of cotton. He further demanded the government to make serious efforts in increasing the size of the annual cotton crop to 20 million bales following the example of India. This on the one hand will boost the income of the farmers, and on the other hand, reduce the input costs of all the segments of the textile economy which will facilitate high growth of exports.
Source: Pakistan Today
Textile manufacturers have said that the government’s decision to scrap value added tax (VAT) rebate facility on textiles is an anti-business move and will have a negative impact on the textile industry of the country. Amid Nepali textile products already facing a hard time to compete with foreign textiles, cancelling VAT rebate system in the sector will further deteriorate the competitiveness of Nepali textiles in both domestic as well as foreign markets, according to Nepal Textile Industries Association (NTIA). Though textile manufacturers have been getting 70 per cent VAT rebate so far, the government has cancelled this provision in the textile industry through the budget for fiscal year 2018-19. “This decision of the government will directly increase production cost of textiles, which is already high in Nepal, by almost 13 per cent. Following increased production cost, Nepali textiles will not be able to compete with those imported from India, legally or illegally,” said Jitendra Kumar Lohiya, vice president of NTIA. Citing that Nepali textile companies use more than 90 per cent of local raw materials, Lohiya said that scrapping the VAT rebate system on textiles is contrary to the government’s plan to promote local raw materials-based industries. Textile manufacturers also said that the increasing illegal import of textiles from India has become a great threat to Nepali manufacturers. “Due to the open border, textiles worth millions enter Nepal illegally because of which domestic textiles are failing to compete in the market. The government should focus on controlling the illegal flow of textiles in the country,” added Lohiya. Citing the urgent need to curb illegal import of textiles, NTIA officials said that domestic industries are capable of producing desired volume of textiles to meet the domestic demand. According to them, existing textile factories are operating at only 50 per cent of their actual production capacity due to lack of a business friendly policy of the government. Due to lack of proper government policies, dozens of textile factories have stopped operations in the past few decades. Besides the need for proper policies, the government should also encourage consumption of Nepali textiles over others to promote the domestic textile industry, as per NTIA. As per available statistics, a Nepali uses almost 80 metres of cloth on an average (40 metres for outfits and 40 metres for other purposes) annually. There are more than 200 small- and large-scale textile producing factories in Nepal.
Source: Himalyan Times
SIALKOT: There is a dire need to make efforts to upgrade the textile industry on modern lines and promote value-addition in the sector. This was stated by caretaker Provincial Minister for Industry and Commerce, Punjab, Mian Anjum Nisar and caretaker Provincial Minister for Labour and Transport, Punjab, Mian Nouman Kabir, while addressing participants of an interaction session held at the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) house on Monday. PRGMEA Central Chairman Ejaz A Khokhar presided over the event. Addressing the participants, Nisar highly hailed the pivotal role of Sialkot exporters in strengthening the national exports by earning foreign exchange of $2 billion a year. He said the government is actively considering several proposals to give maximum relief to the textile sector in the country to upgrade it on modern lines by motivating exporters through the promotion of value-addition. Speaking on the occasion, Kabir hailed the services of Sialkot exporters for providing better health, education and residential facilities to more than 40,000 registered industrial workers and their dependents, saying that the Social Security Department is spending Rs700 million a year for providing advanced medical and health facilities to registered industrial workers and their dependents (total 175,000) in Sialkot. The PRGMEA central chairman said proper government patronage for the textile sector is also needed to help the sector flourish, elaborating that unnecessary taxes need to be abolished.
Source: The Express Tribune
Circular design is trending among the 2020 commitment signatories, with nearly 2/3rd of them setting 84 circular design targets, making it the action point with the most targets, says a report. Collection and recycling are also high on signatories' mind. Nearly 49 per cent have set 50 targets to increase the volume of used garments and footwear collected. By June 2018, 94 companies had committed and submitted 206 targets spread across four action points, with most targets set on circular design (58%), followed by garment collection (49%) and recycling (46%), and the fewest set on reuse (24%), according to the first annual 2020 Circular Fashion System Commitment status report by the Global Fashion Agenda, a leadership forum with the mission to make sustainability fashionable. Representing a broad range of market segments and price points, the report has highlighted the central role that design and development plays in creating products that can be looped back into the fashion system and that this area needs further exploration, both at company and industry level. The circular design targets show four general tendencies: Training in circular design, integrating circularity in design briefs, sourcing of monofibres and promoting customer care and repair. Increasing the use of recycled post-consumer textiles fibres is also a priority, with 46 per cent having set 47 recycling targets. The recycling targets show two primary tendencies: Sourcing of recycled fibres and investing in technology, the report stated. "Throughout the first year of the 2020 commitment we've gained unique insights into some of the challenges the industry faces in creating a circular fashion system. The three barriers to change that signatories mentioned the most are lack of industry tools and standards for circular design, supportive and incentivising regulatory frameworks and sorting and recycling technology available for scale. To tackle these barriers and to support the signatories in reaching their targets in the coming years, we'll address the following four main elements in our continued work with the 2020 Commitment: Taking action, knowledge sharing, policy engagement and industry alignment," according to the report.
Source: Fibre2Fashion
Saeed Sarkar, the Secretary-General of the Iran Nanotechnology Initiative Council (INIC), says the country is currently exporting its nano-products to a number of developed countries including the UK, Germany, Spain, Italy, Australia, Japan and South Korea. According to Sarkar, currently some 420 certified nanotechnology products are being produced by 170 firms inside Iran. “So we are now focused on the export of our nano-products. We intend to increase our share from global markets, and fortunately we are currently exporting them to over 45 countries now,” he said in an exclusive interview with the Iran Front Page. Iran is now exporting its nano-products to such developed states as South Korea, China, Australia, the UK, Germany, Spain, Italy, and Russia, he noted. He also expressed the hope that the country would be able to increase the quantity of its exports in coming years even though it has had considerable progress in the development of its markets. “As of 2013, we have witnessed a 100% growth in the development of our markets each year. By March 2017, we managed to export IRR 7,000 billion worth of nanotechnology products,” he added. Sarkar says the country aims to increase the value of its nano exports to IRR 30,000 billion by March 2020. In the first part of his interview with the Iran Front Page, Sarkar was quoted as saying that after the establishment of the INIC in 2003, a 10-year strategic document was developed for the emerging technology. “In that 10-year document, the focus was mostly on the promotion and training of human resources in the field of nanotechnology,” he said. However, he says, once the first 10-year document was over in 2015, a second 10-year document was developed, in which the focus was on further industrialization of nanotechnology as well as the development of market and export. “Today, if a nanotechnology meeting is to be held between the world’s top ten countries, Iran is definitely a major part of that meeting,” he noted. How Iran Turned into Exporter of Nanotechnology Sarkar says the Islamic Republic’s achievements in the field of nanotechnology are globally unique. “Wherever we talk about them, people are surprised to find how Iran managed to reach such a level of progress.” He referred to the anti-Iran sanctions as one of the main barriers that could hinder the development of nanotechnology in Iran. “We needed advanced laboratory equipment for our research and training, but whenever we tried to buy them, they said they couldn’t sell them to Iran because of sanctions,” he added. Therefore, he said, Iran had no choice but to repair and renovate the old equipment it had and to design and build the equipment inside the country. “We first found and collected all the equipment existing in our universities and research centres across the country. The broken ones were all repaired in cooperation with the INIC. We trained technicians for it and created a network to support all the labs that were members of the INIC,” he said. “So we renovated the equipment and made them available to all nanotechnology experts across the country.” “As the next step, we also managed to design and build 150 of these advanced pieces of equipment,” he said. “These days, universities and research centres in Iran are using home-grown equipment, and even many of them are being exported to other countries as they are totally competitive in terms of price and quality,” he added. “Iranian companies have turned into the rivals of foreign firms, which had boycotted Iran during the time of sanctions. This was a great step,” Sarkar noted. He further divided nanotechnology into three phases. “The first phase is that we can synthesize and produce nano-material. Fortunately, we can say we have the knowhow of designing and making 90% of the nano-material currently available.” “The country is currently mass producing those materials which have industrial uses,” he added. “The second phase is that nanotechnology can be used to improve the efficiency and quality of existing products. We are trying to prepare the grounds for industrialists to use this capacity.” “If they don’t pay attention to this issue and use nanotechnology in their industries today, their products will lose their competitiveness and markets in the near future,” he warned. “Fortunately today we have managed to introduce nanotechnology to over ten industrial fields including pharmacy, health, textile production, construction, oil and petro-chemistry, agriculture, and auto manufacturing,” he added. “The third phase is smart nanotechnology. In this phase, smart textiles, smart materials, and smart pharmaceuticals are released in the market with a very huge added value.” “Therefore, we should not focus on the first two phases very much and forget the third phase. We have now focused on the third phase, and have already gained very good accomplishments which will soon be declared to the public,” he went on to say.
Source: Iran Front Page
MAKATI CITY - The Philippine Board of Investments (BOI), the country’s lead industry development arm and primary investments promotion agency, met with Taytay-based garments and textile manufacturers and stakeholders for a roundtable discussion to gather insights on how the agency can assist in scaling up the garments industry in the area and make them more competitive. Trade Undersecretary for Industry Development and Trade Policy Group and BOI Managing Ceferino Rodolfo led the discussion with the officers and members of the Baclaran Garment Producers, Inc. (BAGPI) and I Love Taytay Garments Producers, Inc. (IGPAI)—the two major garments manufacturer groups in Taytay, Rizal. Officials and representatives from the Philippine Chamber of Commerce–Taytay Chapter, the Taytay Municipal Government, the Department of Trade & Industry – Rizal Provincial Office, and the Department of Tourism – Rizal Provincial Office were also present in the meeting. “Our garments industry used to be one of the top performing sectors both locally and internationally. But with the challenges brought by the end of the Multi-Fiber Agreement (MFA) which grants preferential tariffs to PH exports of garments and textiles, we saw a decline in the sector’s general performance,” said Undersecretary Rodolfo. “We however observed that while this is the overall state of the sector, the garments industry here in Taytay is thriving despite challenges, and we hope to replicate this successful model to other parts of the country,” he said. In the roundtable discussion, the garment manufacturer groups informed BOI of the scarcity of laborers, particularly sewers. “Dress-making is no longer part of in the schools’ curriculum. Thus, we are having difficulties in serving the market demand,” said BAGPI President Manuel Cruz. As most garment manufacturers in Taytay are still small scale and likely family-owned businesses passed on through generations, the group also explained branding have not been fully explored as this entails additional costs. “Most of the garment manufacturers here sell their items in bulk to retailers and online resellers. These retailers and resellers are often the ones putting the brand names to these items,” said a representative from IGPAI. Garments manufacturing is one of the “silong” industries in Taytay with about 190 registered garment manufacturers, 52 remnant cloths sellers, 29 registered ready-to-wear (RTW) retailers, and 4,000 surveyed flea market sellers, according to a report by the Taytay Business License Processing Office. The garments and textile industry in Taytay can be traced back from 1950s to 1960s when remnant textiles (aged textiles) from New York were imported through the efforts of the then Municipal Mayor who had easy access to suppliers and knowledge on customs procedure. Sewers were mostly located in the ground floor of their houses to lessen overhead costs as well as permits and licensing requirements. With increasing labor costs in the country, most of the garments manufacturers have moved to other ASEAN countries. The local industry continues to struggle in competing with second-hand clothes from developed countries (ukay-ukay) and Chinese-made garments and textiles. Factories in Taytay and in nearby areas like ITM, Gentex, UTEX, and Knit Joy ceased operations. Garment manufacturers in Taytay is now relying heavily on imported remnants from China. Undersecretary Rodolfo said the DTI and BOI can help in the possible sourcing of textiles from nontraditional sources such as Vietnam, Pakistan, and Turkey, upgrading their capabilities and expanding their markets. After the meeting, Undersecretary Rodolfo and team made rounds at the ongoing Taytay Tiangge Night Market to witness the actual operations of industry players in the area. Flocked by thousands of buyers and resellers, about nine associations of garments producers and traders operate in the Taytay Tiangge namely BAGPI (400-1,000 stalls), Municipal Tiangge (800 stalls), Octagon (150), IGPAI (300-400), Maswerte (250), My Seoul (100-200), Freedom (200), Club Manila East (600-700), and Eugene (30). “The information gathered from the roundtable discussion is very important to us. As we go around the country and conduct similar focused-group discussions with garments and textile industry players and stakeholders, these collected information will serve as substantive inputs to the Garments and Textile Industry Roadmap that we envision for the industry,” said Undersecretary Rodolfo. The BOI, through the Manufacturing Resurgence Program–Industry Roadmapping Project, is currently formulating the Garments and Textile Industry Roadmap. The roadmapping exercise involves defining the industry’s objectives, assessing it state and economic performance, identifying the binding constraints to its growth, and recommending strategies to achieve industry growth and competitiveness. The project involves the conduct of focused group discussions with stakeholders from the industry, government, and other relevant sectors and already, five discussions were conducted from December 2017 with various garments and textile stakeholders in some parts of the country. The discussion with Taytay garment stakeholders is sixth among these meetings.
Source: Philippines Information Agency
HCM City (VNA) – Vietnam and the Republic of Korea (RoK) have secured successful outcomes in the textiles sector based on their establishment of a cooperative system that supplements one another with technology and human resources. According to Ahn Seong Ho, Trade Counsellor at the RoK’s Consulate General in Ho Chi Minh City, the two countries have enjoyed fruitful economic cooperation over the years, with two-way trade growing by more than 20 percent annually to reach 64 billion USD in 2017. The Vietnam-Korea Free Trade Agreement (VKFTA) will be soon coming into effect, opening up more opportunities for bilateral trade. The RoK holds strengths in the field of technology, while Vietnam has an abundant supply of labourers – a supplementary factor in the bilateral partnership, he said. In 2017, RoK firms invested in 44 textile projects in Vietnam, with a combined registered capital of 178.16 million USD. These projects use modern technologies and have a particular design focus. Statistics from the Korea International Trade Association showed that in the first three months of 2018, Vietnamese textile products made up 34.05 percent of the Korean market in terms of value, an annual increase of 2.33 percent. These figures helped Vietnam rise to the top in terms of textile imports, surpassing China. Vu Duc Giang, President of the Vietnam Textiles and Apparel Association (VITAS), said the RoK is among several countries with the most foreign direct investment in Vietnam, particularly in the textile sector. According to him, in a bid to enhance the Vietnam-RoK collaboration in the textile industry, VITAS and the Korea Institute of Industrial Technology (KITECH) have jointly organised a host of activities on trade promotion, technological transfer, and personnel training over the past three years. Giang said VITAS and KITECH have planned to step up their collaboration in the future. Nam Seung Il, Director of Fashion Sales Research at the Korean-based E-Land Group, advised Vietnamese firms who wish to acquire more share in the RoK market to pay special attention to apparel materials and functions. He suggested that garments should be made wrinkle-resistant, dry fast, and comfortable, adding that Korean consumers prefer items with feathers to boost warmth. Experts have explained how fashion is shifting from seasonal trends to periodical trends, with trend lifecycles spanning from four to five weeks. As a result, automatic technologies in textile production are needed to to cut manufacturing times so items can be shelf-ready quickly
Source: Vietnam News Association
AATCC is set to host its textile finishing symposium on September 11 and 12, 2018, in Durham, US. The conference will introduce attendees to latest finishing technologies to achieve comfort, safety, and protection. AATCC association serves textile professionals with test method development, quality control materials, and professional networking for members. Finishing of yarns, fabrics, and garments has rapidly advanced from the days of ‘feels good’ and ‘doesn’t shrink’ to providing the wearer greater functionality and performance. The more active generation looks for comfort, performance, flexibility, and durability in their garments—and these characteristics are achieved with environmentally safe and sustainable technology. Confirmed topics and speakers from chemicals industry include Moisture Management for Cooling and Comfort—Timothy Skedzuhn, HeiQ; Leveraging Cosmetic Technology to Achieve Wash-Durable Cooling Effects on Textiles—Tastex Cool on Demand—René Hermse, Tanatex Chemicals BV; ZDHC Conformance for Gateway Entry—Chemical Module—Malinda Salter, Hohenstein; Product Chemical Integrity in the Advent of Radical Transparency—Kevin Myette, bluesign technologies ag. Topics and speakers from fabrics industry include Testing Fabric Moisture Management Aspects to Enhance Comfort—Emiel DenHartog, North Carolina State University; Lowering and Eliminating Formaldehyde in the Crosslinking of Cotton Fabrics—Matt Farrell, Cotton Incorporated; Flame Retardant Coatings and Chemistries for Fabrics—Alex Morgan, University of Dayton; Total Odour Control: Controlling Permastink in Polyester Fabrics—Darrell Burnette, Sanitized. Some of the speakers and topics from textile industry include Performance and Comfort: A Brand’s Perspective—Mike Abbott, HanesBrands Inc.; An Overview of Flame Resistant Testing for Protective Clothing—Alex Hummel, UL LLC; Approaches to Offering Comfortable and Protective Outerwear—Mustafa Arifoglu, W. L. Gore & Associates, Inc.; Plasma Treatment and Plasma Applications for Textiles—Carrie Cornelius, APJeT Inc.; Adding Value and Performance via Garment Finishing—Mike Tyndall, Tyndall Textile Consulting, LLC; and Mechanical Surface Finishing—Len Farias, Dye Rite LLC. (GK)
Source: Fibre2fashion
German companies and the Uztuqimachiliksanoat (Uzbekistan Textile Industry) Association recently signed agreements and export contracts worth $6.5 million in the presence of German ambassador to Uzbekistan Gunter Overfeld. Developing a technical assistance program and knowledge transfer in textile production, dyeing, finishing and design were discussed. Both sides also discussed issues of increasing export of finished textile products to the European market through certification collaborating with European scientific research institutes, according to a Uzbek news agency report. The agreements included a $4 million investment pact, three framework agreements and six export contracts worth $2.5 million. Uztuqimachiliksanoat Association and the Uzstandard Agency are working with the Hohenstein Institute in Germany on a project to create scientific laboratories in Uzbekistan after an agreement to that effect was signed by the two sides on May 17. (DS)
Source : Fibre2fashion
