India has emerged as one of the world’s fastest-growing fashion markets over the past few years. It is projected to grow at 15 per cent CAGR till 2022 and become a $102 billion market for apparel, as per a recent report. Mobile platforms are expected to influence more than two-thirds of both apparel and fashion accessories purchases by 2022. The growing penetration of the internet, social media and e-commerce is now providing the consumers in tier 2 and below cities increased access to brands and products, says the ‘Eliminating Friction in Fashion Path to Purchase’ report by Facebook, KPMG and Nielsen. New operating models such as omnichannel and assisted e-commerce could further fuel growth and adoption of online commerce. The report aims to understand the reasons that lead to dropouts in the path to purchase of apparel and fashion accessories, referred to as ‘friction’, which may lead to potential loss of revenue for the brands. With reduced attention span, increased connectivity and acceptance of new technology, consumers are demanding everything with limited effort at a click of a button and any change in the expectation can cause them to abandon the purchase journey. The research indicates that in the apparel category, 19 per cent of consumers drop out due to friction, and more than two-thirds of this friction is caused by the media. Facebook is expected to influence more than half of mobile-influenced purchases for both apparel and fashion accessories by 2022. Additionally, mobile-enabled purchase journeys of apparel are 14 per cent shorter than offline journeys, while that of fashion accessories are 25 per cent shorter than offline, notes the report. Mobile could help apparel brands to tap into potential sales opportunity of nearly $5 billion by reducing media friction. A random listing study was conducted by Nielsen India on 3,000 respondents to understand the path to purchase and friction at different stages of the purchase journey, and the proportion of the population that falls at each stage of the journey. A further deep-dive study was also conducted among 1,025 respondents in the fashion category across varied demographic and socio-economic groups. KPMG in India also interacted with industry experts to obtain their perspective on the possible solutions to eliminate friction and improve conversion rates. (KD)
Source: Fibre2Fashion
The company has been dealing in yarn manufacturing and home textiles for a long time. Currently, GHCL has two textile units in Tamil Nadu and Gujarat. Indian chemical manufacturing company GHCL Limited is looking to sell its textile arm and has appointed Motilal Oswal as the lead investment banker, according to sources. The company has been dealing in yarn manufacturing and home textiles for a long time. The decision comes after the textile division witnessed a dip in revenues for the past few quarters. In the last quarter, the revenue was down by 15 percent at Rs 265 crore. Currently, GHCL has two textile units in Tamil Nadu and Gujarat. The firm is now looking to focus on it's soda ash business and is on track with its expansion plans in the segment, said the sources. However, when asked, the company categorically denied any such developments saying "any conjecture with regards to the future of the textiles business is speculative and any inference is hypothetical".The company said that it has been consistently communicating with its stakeholders through announcements on material developments, in line with regulatory requirements and best disclosure practices.
Source: CNBC TV18
Commerce and industry minister Suresh Prabhu has asked traders to develop strategies to double exports by 2025 to help create jobs, bring in foreign exchange and validate India’s international competitiveness. At a meeting with officials and export promotion councils on Monday, the minister is said to have told them to prepare strategies in the next one week aimed at increasing export growth to 20% this year. “Exports have grown 15% till now and the government wants to increase the pace of growth in the remaining year,” said an official who was present at the meeting. Exports rose 9.78% to $302.84 billion in 2017-18. During April-July of 2018-19, exports rose 14.23%. Commerce secretary Anup Wadhawan will assess the strategies in a week and Prabhu is likely to review them after a fortnight. “We were told in the meeting that these are directions from the Prime Minister’s Office,” said a representative from one of the councils who participated in the meeting. Another council representative said: “These are challenging targets with strict deadlines.”
Source: Economic Times
Q. We have installed capital goods imported under the EPCG scheme in our Unit-1, the address of which is mentioned in the authorisation and bill of entry. Now, we want to shift it to our Unit-2 in a different location. Can we do it?
Yes. As per Para 5.04 (b) of HBP, “Authorisation holder shall produce, within six months from date of completion of import, to the concerned RA, a certificate from the jurisdictional Customs authority or an independent Chartered Engineer, at the option of the authorisation holder, confirming installation of capital goods at factory/premises of authorisation holder or his supporting manufacturer(s). The RA may allow one time extension of the said period for producing the certificate by a maximum period of 12 months with a composition fee of Rs 5,000. Where the authorisation holder opts for independent Chartered Engineer’s certificate, he shall send a copy of the certificate to the jurisdictional Customs Authority for intimation/record. The authorisation holder shall be permitted to shift capital goods during this period to other units mentioned in the IEC and RCMC of the authorisation holder subject to production of fresh installation certificate.”
Q. I refer to your reply regarding bank charges in SME Chatroom (Business Standard, August 14, 2018). In case there is no prior notice or agreement for levying penal charges, is it still open to the bank to debit the customer's account with penal charges? What can we do if the charges debited are unacceptably high?
When you give your bill for negotiation or collection to a bank, it is deemed that you have accepted the charges that banks would levy, as customary or as per their standard rates, which may include penal charges in certain situations. You can ask the bank to clarify the charges they have debited and if you find them unacceptable, you can take it up with the bank's higher authorities or ombudsman, or move the consumer courts.
Q. We export to some foreign buyers on a C&F basis. We understand that in a C&F contract, we are required to pay only the ocean freight and not the terminal handling charges that the shipping companies charge and show in the bill of lading. Can we claim such charges from the buyers?
First, please avoid the usage “C&F”. The correct usage is CFR. Now, in a CFR contract, the seller delivers by placing the goods on board the vessel at the named port of shipment or by procuring the goods so delivered on the agreed date or within the agreed period, in the manner customary at the port. The seller must bear all costs relating to the goods till they have been so delivered, the costs of loading, freight up to destination including any charges for unloading that are for seller’s account under the contract of carriage, and the cost of obtaining the transport document and sending it to the buyer. So, as a seller, you cannot claim the terminal handling charges from the buyer.
Source : Business Standard
The National Anti-profiteering Authority (NAA) has started a helpline to encourage consumers to file complaints against the companies that are not passing GST rate cut benefits. The helpline number 011-21400643 will guide the consumers to register their complaints, provide information and resolve queries related to profiteering under the Goods and Services Tax (GST) law. Consumers can call the helpline number between 9:30 am-1 pm and 1:30pm - 6pm on all working days, as per the latest post on the NAA website. "NAA has started a helpline to resolve all the queries related to the registration of complaints against profiteering," it said. Since the rollout of GST on July 1, 2017, the GST Council has cut tax rates on several occasions on a number of items. The highest slab of 28 per cent was also rationalised to benefit consumers. Not enough GST profiteering complaints with merit have been filed so far, and hence NAA has decided to launch a helpline to encourage consumers to file complaints. Consumers can file a profiteering complaint on the NAA website along with pre and post GST rate cut MRP of the goods or services purchased.
Source: Money Control
India can capture the Chinese commodity market vacated by US exports following the trade war between the world’s two biggest economies, a commerce department study has found. The study has analysed and identified at least a 100 products where India can replace US exports to China by benefiting from the higher import duty Beijing has imposed on products originating in the US. India can, in particular, grab a bigger share of the Chinese market for cotton, corn, almonds, wheat and sorghum, according to the study. “These retaliatory tariffs provide awindow of opportunity for enhancing India’s exports to China. The purpose of analysis is to identify such lines,” the commerce department said in the study, seen by ET. Fresh grapes, cotton linters, fluecured tobacco, lubricants and certain chemicals, including benzene, are a few lines where the US’ exports to China are above $10 million. India too has been exporting these items to China. “There is scope to increase our exports in these products because of the tariff differential and the substantial demand in China,” said an official in the know. While China has imposed tariffs of 15-25% on these goods coming from the US, other countries are subject to only 5-10% duty (most favoured nation or MFN rate). Moreover, India has been granted additional 6-35% duty concessions on the MFN under the Asia Pacific Trade Agreement, making its exports more competitive. However, there are two categories of products that India is not exporting to China at present but to other countries and the government sees scope to enter. Oranges, almonds, walnuts, durum wheat, corn and grain sorghum are some products that India exports to the rest of the world except China, and the US exports to the country are in excess of $10 million. India, as per the study, does not have access at present in the Chinese market. Corn is of specific interest as India exported $143.6 million worth of the commodity to the world in 2017-18. China imported $600 million worth of corn during this period. While American corn is subject to 25% duty, APTA countries can get up to 100% concessions on corn exports to China.
Source: Economic Times
Foreign direct investment in India grew by 23 per cent to $12.75 billion during the April-June quarter of 2018-19, according to official data. The foreign fund inflows in April-June 2017-18 stood at $10.4 billion, the Department of Industrial Policy and Promotion data showed. Key sectors that received maximum foreign investment during the first quarter of the fiscal include services ($2.43 billion), trading ($1.62 billion), telecommunications ($1.59 billion), computer software and hardware ($1.4 billion), and power ($969 million). Singapore was the largest source of FDI during April-June 2018-19 with $6.52 billion, followed by Mauritius ($1.5 billion), Japan ($874 million), the Netherlands ($836 million), the UK ($648 million), and the US ($348 million). A growth in foreign investment assumes significance against the backdrop of widening current account deficit and trade deficit. The country's current account deficit (CAD) is likely to touch 2.8 per cent of GDP in 2018-19 on surge in crude oil prices, a report by SBI Research projected. FPI and FDI inflows are expected to finance a major part of the CAD, the report noted. FDI had increased at a five-year low growth of 3 per cent at $44.85 billion in 2017-18. An UNCTAD report, too, had stated that the foreign direct investment in India decreased to $40 billion in 2017 from $44 billion in 2016 fiscal. A decline in foreign inflows could put pressure on the country's balance of payments and may also impact the value of the rupee.
Source: Business Standard
The Indian rupee is continuing to oscillate around the psychological 70 mark. Surprisingly, the rupee failed to gain ground in the past week despite a weak dollar. The US dollar index fell sharply over a per cent last week from around 96.4 to 95. The index is continuing to hover at lower levels at 95. Though the Indian rupee managed to recover above 70, it failed to sustain higher. The currency made a high of 69.7 on Monday, and reversed sharply lowers to close at 70.16, down 0.48 per cent for the week. The Indian rupee’s inability to gain on the back of weak dollar reflects the inherent weakness in the currency. As such, any new trigger will see the rupee tumbling to new lows again, going forward. Two major data releases, one domestic and the other from the US, are key to watch this week. The US GDP data will be released on Wednesday. A strong growth number will increase the talks in the market for a faster pace of rate increase by the US Federal Reserve. The dollar may gain momentum in such a scenario, which, in turn, may leave the Indian rupee under pressure. This will be followed by the domestic GDP numbers which will be out on Friday. The Reserve Bank of India seems to be in the market consistently to curtail any abnormal move in the Indian rupee. This is evident from the forex reserves data. India’s forex reserves have been coming down consistently since April. The country’s total reserves touched a high of $426 billion in mid-April, and has been declining since then. The reserves are down 6 per cent since then, and it currently stands at $400.85 billion as on August 17. Foreign currency reserves (major component of the total reserve) are down 6 per cent from around $400 billion to $326 billion over the same period. So, in the absence of any fresh triggers, the rupee may continue to oscillate around 70 or weaken at a slower pace on the back of the RBI’s intervention.
Dollar outlook
The US dollar index is hovering around a key support level of 95. If it manages to sustain above this support and gain momentum, an up move to 96.5 or even 97 is possible in the near term. Such a move will drag the rupee further lower going forward. On the other hand, if the dollar index declines below 95 decisively, a fall to 94 is possible. Such a fall can limit the downside in rupee in the short term.
Rupee outlook
The rupee may remain broadly range-bound between 69.4 and 70.4 in the near term. However, the bias will continue to remain bearish. The upside is expected to be limited to 69 even if it manages to break above 69.4. The region between 69.1 and 69 is a strong resistance, which is likely to cap the strength in the rupee. A strong break and a decisive close below 70.2 will be the first sign of fresh weakness emerging in the currency. It will increase the likelihood of the rupee breaking below 70.4 thereafter. A strong break below 70.4 will see the rupee weakening to 71 or even 71.5 thereafter.
Source: Business Line
Notwithstanding external headwinds such as high crude oil prices and a spillover impact of a global trade war, the government is looking at achieving economic growth higher than predicted by many in the current financial year and India could become the fifth largest economy (surpassing the UK) next year, finance minister Arun Jaitley said on Monday. India’s GDP grew 6.7% in 2017-18, down from 7.1% in 2016-17, as private investments and consumption remained subdued. The economy, however, grew at a seven-quarter high of 7.7% in the final quarter of last fiscal, helped by higher government spending and investment. India last fiscal became the world’s sixth largest economy, surpassing France, according to a World Bank report. Addressing from here the annual general meeting of the Indian Banks’ Association held in Mumbai via video conference, the minister said “sacrificing the fundamentals for temporary spurt in growth is not desirable”, emphasising on “growth with fiscal prudence”. He said the ability of the government to spend on infrastructure has improved, due to increase in the assessee base as well as tax collections. The finance minister, who recently resumed office after a three-month break (he had undergone a kidney transplant in May) highlighted the reasonable credit growth in recent months as a sign of heightened economic activity. Non-food credit growth went up to 11.8% in Q1FY19 from 6.8% in Q1 FY18. “When there is 31% or 28% growth in credit offtake, history will record it as indiscriminate lending, and its impact will be recorded in future,” Jaitley said, referring to the credit boom periods of UPA between 2004 and 2013. Non-food credit growth went up to 11.8% in Q1FY19 from 6.8% in Q1 FY18. Given the kind of economic activity happening in India, he said that the role of the banking industry “is going to be vital in strengthening the economy itself”. He said that the sector should do this by upholding professionalism, credibility and expansion. He said that the industry needs to use the occasion of AGMs to introspect and prepare a blueprint for the long term. Jaitley is back in the saddle when the economy is facing renewed challenges, despite its inherent strength to absorb shocks. A spurt in the trade deficit and the depreciation of the rupee that would inflate costs of imports and could worsen the current account deficit (CAD) in the current fiscal. Forecasts of CAD vary between 2.5% and 2.7% for the current fiscal, up from 1.9% a year earlier. Although the Centre has reiterated its commitment to the fiscal consolidation path and meeting this year’s deficit target of 3.3% of GDP (last year it allowed a slippage from the original target of 3.2% and settled for a higher 3.5%), it seems a daunting challenge. While the Centre’s goods and services tax (GST) revenues have been below the target by a quarter and disinvestment receipts have been sluggish, the continued reliance on public expenditure to spur growth and a likely uptick in welfare spending around the 2019 general elections are threatening to upset the budget numbers.The International Monetary Fund last month trimmed India’s growth projection to 7.3% for 2018-19 and 7.5% for 2019-20, reducing its earlier forecasts for these years by margins of 0.1% and 0.3% point, respectively.
Source: Financial Express
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1637.49 |
USD/Ton |
0.45% |
8/27/2018 |
|
VSF |
2136.81 |
USD/Ton |
1.18% |
8/27/2018 |
|
ASF |
3054.69 |
USD/Ton |
0% |
8/27/2018 |
|
Polyester POY |
1718.26 |
USD/Ton |
0% |
8/27/2018 |
|
Nylon FDY |
3421.84 |
USD/Ton |
0% |
8/27/2018 |
|
40D Spandex |
5066.67 |
USD/Ton |
0% |
8/27/2018 |
|
Nylon POY |
3230.92 |
USD/Ton |
0% |
8/27/2018 |
|
Acrylic Top 3D |
1916.52 |
USD/Ton |
0% |
8/27/2018 |
|
Polyester FDY |
3568.70 |
USD/Ton |
0% |
8/27/2018 |
|
Nylon DTY |
5543.97 |
USD/Ton |
0% |
8/27/2018 |
|
Viscose Long Filament |
1923.87 |
USD/Ton |
0% |
8/27/2018 |
|
Polyester DTY |
3142.80 |
USD/Ton |
0% |
8/27/2018 |
|
30S Spun Rayon Yarn |
2790.34 |
USD/Ton |
0.26% |
8/27/2018 |
|
32S Polyester Yarn |
2386.48 |
USD/Ton |
0% |
8/27/2018 |
|
45S T/C Yarn |
3054.69 |
USD/Ton |
0.48% |
8/27/2018 |
|
40S Rayon Yarn |
2951.89 |
USD/Ton |
0.50% |
8/27/2018 |
|
T/R Yarn 65/35 32S |
2555.36 |
USD/Ton |
0% |
8/27/2018 |
|
45S Polyester Yarn |
2555.36 |
USD/Ton |
0.58% |
8/27/2018 |
|
T/C Yarn 65/35 32S |
2599.42 |
USD/Ton |
0.57% |
8/27/2018 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
8/27/2018 |
|
32S Twill Fabric |
0.84 |
USD/Meter |
0% |
8/27/2018 |
|
40S Combed Poplin |
1.18 |
USD/Meter |
0% |
8/27/2018 |
|
30S Rayon Fabric |
0.66 |
USD/Meter |
0% |
8/27/2018 |
|
45S T/C Fabric |
0.71 |
USD/Meter |
0% |
8/27/2018 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14686 USD dtd. 27/8/2018). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
LAHORE - Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), welcoming Prime Minister Imran Khan’s pledge of economic reforms and his vision to boost exports, has asked him to declare ‘export emergency’ in the country to control the decline in the export sector. PRGMEA senior vice chairman Sheikh Luqman Amin said Pakistan’s current account deficit surged by more than 40 percent in fiscal year 2018-19 to $18 billion. Presently, there is only a desire to revive the economy, but an actual agenda backed by pragmatic analysis and research is missing, as the monstrous debt, and huge fiscal and current account deficits are symptoms of an ailing economy. He said that low export is a major reason for the growing trade deficit, with the prime ministers forming just committees to address the deficiency. He said that a committee was also formed by former prime minister Shahid Khaqan Abbasi. The current economic team is good and they need to increase exports by any means, as low export levels are a major reason for the growing trade deficit. He said that the value-added textile exporters want the federal government to formulate separate policies for various sub-sectors of the textile industry in order to resolve their sector-specific issues and problems. Sheikh Luqman Amin said the different sub-sectors of the country’s large textile industry could not be treated at par because of their different and varying needs and requirements. Hence, he said, the new government and textile ministry should formulate separate policies for the value-added and other sub-sectors of the industry in order to facilitate improved production and export. He said that PRGMEA is the main stakeholder of the apparel sector. And apparel industry is playing a pivotal role in foreign exchange earnings and generating large employment in the whole textile chain and exporting up to $5 billion textile products. The PRGMEA senior vice chairman hoped that the new government would initiate the process of dialogue with the representatives of all the sectors of the textile industry to get their input for the formulation of a new policy. He said the value-added textile exporters were facing a severe problem in meeting the export orders due to multiple reasons, seeking the attention of the government on the issues of ease of doing business; cost of doing business, one window operation, minimum interference of bureaucracy and formulation of a counsel of all stakeholders to resolve the issues of exporters. Sheikh Luqman stressed the need of early clearance of outstanding refund cases. He urged the new government to take immediate steps for clearance of outstanding refund cases to protect the industry from total collapse. High cost of doing business, issues of market access and exchange rate are hindering the Pakistan exports growth and the government will have to work on it in consultation with the stakeholders to resolve the problems. We are hopeful that country will progress rapidly in changed political culture and will put the country on the path of progress and prosperity, he added. Sheikh Luqman said the PRGMEA wants economic progress and prosperity of the country and for this purpose, just right directions are needed to be set in consultation with the stakeholders. “We need to work together to overcome trade deficit and take steps to increase industrial and economic growth.”
Source: The Nation
Despite many Vietnamese garment firms facing significant hardships around a year ago because of orders being shifted to countries with low labour costs and tariffs, such as Cambodia and Bangladesh, the sector has bounced back after investing in technology and adjusting costs and inappropriate policies. A lot of large orders are now returning to the country. Bilateral and multilateral free trade agreements (FTAs) that the country has signed or is about to sign have also contributed to the trend, a news agency report said. Vietnam is at present involved in 16 FTAs. Business partners have returned to Vietnam after discovering that product quality and delivery times were not always ensured in other countries, according to the Vietnam Textile and Apparel Association (VITAS). Japan’s Itochu Group recently bought an additional 10 per cent of shares in the Vietnam National Textile and Garment Group (VINATEX) by spending $47 million. The purchase raised Itochu’s stake in Vinatex to 15 percent, making it the second largest stakeholder behind the ministry of industry and trade. The Binh Duong province granted an investment licence worth $25 million in March to a garment and textile project by Taiwan’s Apparel Far Eastern Co. Singapore’s Herberton Ltd. also recently carried out the Nam Dinh Ramatex Textile and Garment Factory project worth $80 million in the Nam Dinh province. The factory is likely turn operational next year with a capacity of 25,000 tonnes of fabric of various kinds and 15 million clothing items a year, creating jobs for around 3,000. Vietnam is among the world’s five biggest garment-textile exporters and producers. (DS)
Source: Fibre2Fashion
WASHINGTON — President Trump said on Monday that the United States and Mexico had reached an accord to revise key portions of the North American Free Trade Agreement and would finalize it within days, suggesting he was ready to jettison Canada from the trilateral trade pact if the country did not get on board quickly. Speaking from the Oval Office, Mr. Trump promoted the preliminary agreement with Mexico as a deal that could replace Nafta and threatened to hit Canada with auto tariffs if it did not “negotiate fairly.” “They used to call it Nafta,” Mr. Trump said. “We’re going to call it the United States-Mexico Trade Agreement,” adding that the term Nafta — which he has called the “worst” trade deal in history — had “a bad connotation” for the United States. Yet while Mr. Trump may try to change the name, the agreement reached with Mexico is simply a revised Nafta, with updates to provisions surrounding the digital economy, automobiles, agriculture and labor unions. The core of the trade pact — which allows American companies to operate in Mexico and Canada without tariffs — remains intact. Now, the question becomes whether a trilateral pact becomes a bilateral deal — or Mr. Trump’s threats pressure Canada to return to the negotiating table and accede to many of the United States’ demands. The president’s apparent willingness to move on without Canada prompted confusion and concern among lawmakers — who said it may not be legally permissible, let alone smart — and businesses whose supply chains depend on a deal encompassing all three countries. “Because of the massive amount of movement of goods between the three countries and the integration of operations which make manufacturing in our country more competitive, it is imperative that a trilateral agreement be inked,” Jay Timmons, the president and chief executive of the National Association of Manufacturers, said in a statement. Mexican officials said on Monday that they wanted to have Canada back in the process and were working toward a trilateral deal by the end of the week. President Enrique Peña Nieto of Mexico, who joined the White House announcement via phone, said, “It is our wish, Mr. President, that now Canada will also be able to be incorporated in all this.” But later in the day, Luis Videgaray Caso, Mexico’s foreign minister, signaled that Mexico might be willing to move forward without Canada. “There are things that we don’t control, particularly the political relationship between Canada and the U.S., and we definitely don’t want to expose Mexico to the uncertainty of not having a deal,” Mr. Videgaray said in an interview. “Not having a trade agreement with the U.S., that’s a substantial risk to the Mexican economy. Literally millions of jobs in Mexico depend on access to the U.S. market.” Both the Mexicans and the Americans have been eager to reach a fully revised deal by the end of August, a date that would give the Trump administration enough time to notify Congress that a deal had been finalized and still have that deal be signed by the outgoing Mexican administration of Mr. Peña Nieto. “Ideally we’ll have the Canadians involved,” said Robert Lighthizer, the United States trade representative, adding that the administration planned to officially inform Congress by Friday of its intent to sign a new deal, a step required before Congress votes on a trade pact. “If we don’t have Canada involved, we will notify that we have a bilateral agreement that Canada is welcome to join.” Chrystia Freeland, the Canadian foreign minister, will travel to Washington on Tuesday to continue negotiations, said her spokesman, Adam Austen, on Monday. “We will only sign a new Nafta that is good for Canada and good for the middle class,” Mr. Austen added. “Canada’s signature is required.” The revised deal with Mexico makes significant alterations to rules governing automobile manufacturing, in an effort to bring more car production back to the United States from Mexico. Those changes are being watched carefully by the United States auto industry, which has built its global supply chain around Nafta and expressed concern that the Trump administration’s efforts to rewrite it could raise prices of American-made cars and trucks. Automakers like General Motors and Ford have set up plants in Canada and Mexico, and American automakers routinely import car parts from other countries. Under the changes agreed to by Mexico and the United States, car companies would be required to manufacture at least 75 percent of an automobile’s value in North America under the new rules, up from 62.5 percent, to qualify for Nafta’s zero tariffs. They will also be required to use more local steel, aluminum and auto parts, and have 40 to 45 percent of the car made by workers earning at least $16 an hour, a boon to both the United States and Canada and a win for labor unions, which have been among Nafta’s biggest critics. “Automakers urge the U.S. and Mexico to quickly re-engage with Canada to continue to build on this progress,” the Alliance of Auto Manufacturers, which represents most carmakers that sell vehicles in the United States, said in a statement. “The industry is hopeful that any changes to Nafta auto rules of origin continue to strike the right balance by incentivizing production and investment in North America while keeping new vehicles affordable for more Americans.” In a briefing Monday, administration officials said the United States and Mexico had also reached an agreement over a “sunset clause,” proposed by the Trump administration, that would cause Nafta to automatically expire unless the three countries voted to extend it. The two countries agreed to a review of the trade pact every six years that would extend its lifetime for 16 more years, officials said. That longer time horizon would give lawmakers a chance to review the pact’s progress, while giving businesses certainty for the near future. The countries also agreed to limit the kinds of legal challenges that investors can make against foreign governments under Nafta. The oil and gas, infrastructure, energy generation and telecom industries are exempted from these more restrictive rules, and will operate under the previous terms, Mr. Lighthizer said — a win for those industries. One contentious issue that remains unresolved is whether the administration will exempt Mexico from its steel and aluminum tariffs. Mr. Trump hit Mexico, along with Canada, the European Union and other nations, with 25 percent tariffs on steel and 10 percent tariffs on aluminum, in part to force concessions on other trade issues. Mexican officials said they expected the tariffs to be addressed down the road. “I don’t think it was necessary to address them now,” Mr. Videgaray said. “We’d like those to be addressed alongside Canada. It would be great if we could have a trilateral agreement on lifting those and our retaliatory tariffs on U.S. goods.” It is unclear how eager Canada will be to sign on to the revised deal. Relations between the United States and Canada have been strained for months and Mr. Trump has personally berated Prime Minister Justin Trudeau of Canada as “very dishonest and weak” and accused him of “false statements” after a tense meeting of global leaders in June. Any agreement that does not involve Canada is likely to face legal challenges and intense opposition from Congress, which had granted the Trump administration authority to renegotiate Nafta as a trilateral deal. “Nafta is a trilateral agreement. It requires legislation and a change to Nafta requires legislation,” said Senator Patrick J. Toomey, Republican of Pennsylvania. “I’ve told them any change has to go through Congress. There is not necessarily complete agreement about that.” Senator Lamar Alexander, Republican of Tennessee, said no one “is envisioning” a revised Nafta that does not include Canada. “Modernizing it is a good thing, but I hope the president takes whatever agreement he has with Mexico and gets one properly with Canada and we get back to business,” Mr. Alexander said. Industry groups also said a final agreement must include Canada. “Coming to terms with Mexico is an encouraging sign, but threatening to pull out of the existing agreement is not,” said Matthew Shay, the chief executive of the National Retail Federation. “The administration must bring Canada, an essential trading partner, back to the bargaining table and deliver a trilateral deal.” The president, flanked by advisers including Mr. Lighthizer and Jared Kushner, hailed the preliminary agreement as “a big day for our country,” adding that “many people” had thought that no one could make a deal with Mexico. Mr. Peña Nieto, who has at times exchanged harsh words with Mr. Trump as the two countries have squabbled over Mr. Trump’s proposed wall along their border, added a moment of praise on Monday. “I recognize your political will,” Mr. Peña Nieto said, “and your participation in this.”
Source : Business Standard
A total 86% of women have said that male supervisors were the main perpetrators of violence or harassment in factories, according to a study on gender-based violence in the garments industry. Shojag (Awaken), a coalition of BLAST, BRAC, Christian Aid, Naripokkho and SNV, conducted the baseline study, titled “An initiative to end gender-based violence in the garments industry,” with the support of Global Fund for Women. The project aims to reduce gender-based violence by raising awareness to protect the rights and legal entitlements of female workers. Shojag organized an event to disseminate the major findings of the baseline study, at AS Mahmud seminar hall of The Daily Star Centre, Dhaka yesterday. Naripokkho team leader Maheen Sultan, Renaissance Group Corporate Head of HR Syeda Shaila Ashraf, and BLAST Executive Director Sara Hossain where present at the event. Begum Morsheda Hai, assistant secretary of the Law Division at the Ministry of Labour and Employment, was also in attendance as chief guest. SNV Netherlands Development Organization Bangladesh Country Director Jason Belanger said: “Any type of violence, mental, verbal or psychological, is a crime and is unacceptable.” Shojag performed the baseline study between March and June 2018, with 382 female garment workers from the Savar, Ashulia, and Gazipur areas. The respondents to the survey said they had observed various experiences of violence in their workplaces. Incidents of corporal punishment, such as beating and slapping, were experienced by 25% of the respondents. Major findings of the study include: 11% women reported feeling insecure in the workplace. 22% reported that they themselves had faced physical, psychological, or sexual harassment in the garment industry or on the way to or from their workplace. 83% of respondents reported that other women in their area had experienced behavior such as verbal abuse, groping during factory security checks, unwanted touching by male colleagues; intimidation for attempted sexual relations at workplace; corporal punishment in the workplace; sexual harassment in public; rape, and attempted rape. 67% reported that violence and harassment outside the factory were committed by stalkers, fellow workers and even transport-workers. A number of women who faced such incidents reported that they did not seek out support. A total 67% said they did not do so due to a low level of trust in prevention bodies, and 22% said they did not report the incidents out of fear of dismissal from their jobs. Around 43% of the women workers said they had complained in the past, but never got justice. Guest of honor Deputy Inspector General Motiur Rahman said: “Almost all factories grant maternity leave with pay for 16 weeks, but do not provide unpaid leave. This results in workers resigning and a shortage of employees.” While almost 97% of the women said they have access to separate bathrooms, 64% reported that they do not have access to proper facilities such as day-care centres for their children. Christian Aid Bangladesh Country Director Shakeb Nabi, and Naripokkho Project Director Rowshon Ara were also present during the event.
Source: Dhaka Tribune
New York- Move on athleisure, plus-size fashion is here to stay and has already conquered the hearts and budgets of many in the apparel industry. Spending on this niche is on the rise and so are the opportunities for retailers wanting to tap on the 46 dollars billion opportunity. Over the past months the industry has witnessed a non-stop drip of retailers launching their own plus-size labels or growing their large size fashion ranges. If Nordstrom Inc. began selling plus sizes from circa 100 brands online and in 30 selected stores in May, other highlighted fashion players decided to launch their own specialized labels. That was the case of J. Crew Group Inc.’s which announced in July it was adding a size-inclusive collection. Meanwhile, non-apparel centric retailers have also spotted the opportunity and started to invest in their inclusive-sizing. Amazon has included plus sizes in its new private fashion labels, while Walmart also in 2018 introduced its Terra & Sky plus-size brand. Demand for plus-size fashion ranges fromaffordable clothing to luxury labels. Until today, many retailers—especially those that sell luxury apparel and accessories—have failed to recognize the opportunity offered by the plus-size apparel market, said in an interview with ‘Digital Commerce 360’ Patrick Herning, CEO of e-retailer 11 Honoré. The plus-size retailer raised 8 million dollars in a Series A funding round in earlier this year, adding to a total 12 million funding since its launch in 2017. “Our customers want the same options and are demanding the same level of luxury as women in other size categories—but it wasn’t available,” Herning said to the digital publication. “If you do find a size 12 or 14, the styles are limited.” Herning’s insight is backed by a study published in the ‘International Journal of Fashion Design, Technology and Education’ that revealed that the average American woman wears a misses size 16-18, which corresponds to a plus-size 20W. According to The NPD Group’s latest data, U.S. retailers sold 21.4 billion dollars’ worth of women’s plus-size clothing in 2016, while Coresight Research estimates that plus-size sales represented around 17.5 percent of all women’s clothing sales that year. Looking ahead, NPD forecasts that the US women’s plus-size apparel market will grow at an average of 4 percent annually from 2015 to 2020, from 20 billion dollars to 24 billion dollars.
Source: FashionUnited UK
Singapore's Indorama Corporation will invest $ 335 million in the creation of modern cotton and textile production in Uzbekistan. The government of Uzbekistan issued a resolution “On measures to create modern cotton-textile production by Indorama (Singapore) in the Republic of Uzbekistan.” According to the document, the company in 2019-2023 will send $ 225 million of direct investment in the cultivation of raw cotton, corn, or another crop on the basis of crop rotation. Another $ 115 million will be invested in the organization of deep processing of raw cotton and the production of cotton yarn during the implementation of the second phase of the project. According to the resolution, the company will receive 50,000 hectares of land in the Kashkadarya and Syrdarya regions. In the second stage, the company will receive land in the Fergana and Jizzakh regions. Indorama Corporation is one of Asia’s leading chemical holding companies. Today based in Singapore, its origins trace back to 1975 with the start of Indo-Rama Synthetics in Indonesia. Indo-Rama Synthetics started as a yarn spinning company and manufactured cotton yarns in its early days. During the 1990s, the company diversified into the production of synthetic spun yarns and polyester fibers. Currently, Uzbekistan is the world’s sixth-largest cotton producer among 90 cotton-growing countries. In Uzbekistan, about 3.5 million tons of raw cotton are produced annually. The country produces about 1.1-1.2 million tons of cotton fiber annually, which accounts for about 6 percent of global cotton production. About 50 percent of the cotton fiber produced is shipped for export. One of the policy priorities of Uzbekistan is further development of its textile industry. Uzbekistan takes consistent steps to increase the volume of cotton fiber processing. In the period 2010-2014, the textile industry of Uzbekistan received and spent foreign investments worth $785 million while 147 new textile enterprises with participation of investors from Germany, Switzerland, Japan, South Korea, the USA, Turkey and other countries were commissioned. Export potential of these enterprises amounted to $670 millions.
Source: Azer News
