India Thursday called upon all the members of RCEP, a proposed mega trade deal, to work towards early conclusion of the agreement to boost economic ties. The Regional Comprehensive Economic Partnership (RCEP) is a mega trade agreement being negotiated by 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade pact partners - India, China, Japan, South Korea, Australia and New Zealand. Commerce and Industry Minister Suresh Prabhu said a successful conclusion of RCEP will help deal with the challenges of global trade in terms of increasing trade tensions and protectionism. "India is constructively engaged in RCEP negotiations and the country believes that ASEAN will remain central to the economic integration of the Indo-Pacific region through RCEP," he said. "As negotiations are intensifying, members are now engaged in bilateral pairing to achieve mutually satisfactory and balanced outcome keeping in view each other's sensitivities and aspirations," the minister said. The minister was speaking at the inauguration of the fourth India-ASEAN Export and Summit 2019 here. He said that as directed by the leaders of the 16 countries, "we should all work towards early conclusion of RCEP and create a win-win situation for better prosperity of the people of the region".Negotiations for the mega-trade deal RCEP need more rounds of talks to sort out issues pertaining to goods and services, Prabhu had said Tuesday. The agreement aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights. The talks are stretched as the member countries have yet to agree on major issues including finalising the number of goods on which duties would be eliminated. Speaking at the event, Indonesian Trade Minister Enggartiasto Lukita said all the members need to work together to conclude the negotiations this year. Sharing similar views, Cambodian Commerce Minister Pan Sorasak also said the agreement is important and "I hope to see this concluding this year".Further, Prabhu urged the ASEAN members to engage in the review of free trade agreement with India to resolve implementation issues being faced by business of either side. The bilateral trade between India and ASEAN increased from USD 65 billion in 2015-16 to USD 81.33 billion in 2017-18.
Source: Business Standard
As of end-2018, trade between the two countries stood at $30 billion. Junior commerce and industry ministry CR Chaudhary has set an ambitious $50 billion target for bilateral trade between India and Russia over the next seven years. As of end-2018, trade between the two countries stood at $30 billion. "Our two-way trade have already crossed the $30- billion mark, which we had set for 2025. We, therefore, propose that we enhance this to $50 billion by 2025," Chaudhary said at the Indo-Russian forum organised by the industry lobby CII here Thursday. He also said both the countries are confident of achieving the target. The minister said by 2030, the country is expected to become the third largest economy in the world with a huge middleclass. But to reach that position, we need more and better infrastructure, access to energy, more goods and services and a modern agriculture sector, he added. "Russia is well placed to meet our needs in these areas as well as others, he said, adding beside businesses, there is a need for collaboration between the two countries on the education sector as well. Addressing the forum, Russian industry and trade minister Denis Manturov said small and medium enterprises are the foundation of the economy of any modern country. "Nearly 22 percent of Russian GDP is coming from SMEs and the target is to take this to 40 percent. The Indo-Russian collaboration will play a major role in achieving this," Manturov said. He said Russia is willing to share its expertise in defence and artificial intelligence with India. Chaudhary said both the nations need to make concerted efforts to reinvigorate their economic cooperation and integrate it with market forces. Our economy is expected to emerge as one of the leading world economies and is likely to become a $5- trillion economy by 2025, he said. There is a need to curate a digital bridge between the two economies so that SMEs can benefit from it and to create awareness about the two nations to promote more technology and capital transfers, he said. Additional secretary at the Union MSME ministry and development commissioner Ram Mohan Mishra said there are humongous opportunities for both the nations to collaborate and partner in various sector. Logistics and infrastructure is another area where both the countries can collaborate, Mishra added.
Source: Business Standard
Consignments stuck at Attari border had mostly been paid for by importers here before duties were increased. The sharp increase in import duties on all goods from Pakistan last week by India in response to the Pulwama terror attack has claimed an unintended victim — the Indian importer. Truck loads of cement, dates and some other items from Pakistan are languishing at the Attari border since February 16 when import duties increased to 200 per cent by India. Indian importers have paid for these goods mostly, but they find it impossible to take delivery because of the duty hike. “The ban is a welcome step and in the interest of the nation. But importers should not be made to suffer. The consignments that are already in India belong here. At least the ones where the bills-of-entry have been filed should be released without imposition of 200 per cent duty,” said Suneed Kochhar, Chairman, Assocham, Punjab. The 70 trucks that are parked at Attari, with goods estimated at ₹25 crore, have already been paid for by importers. The exporters are not willing to take back the goods and at 200 per cent duty it is not possible for traders to claim it.
Vendors move SC
“If customs officials do not sort out the matter, the Supreme Court will have to decide on it. The local vendors have filed a case,” Kochhar said. The vendors want all goods that are at Attari and have been paid for to be cleared at the older rates of duties without imposition of the additional duties. The Federation of Indian Export Organisations (FIEO) has also raised the matter with the Land Port Authority. “In case of many of the consignments, the bill-of-entry was filed before customs duty was raised. So, ideally the higher customs duties should not be imposed on it. FIEO has raised the matter with the authorities and hopefully it should be sorted out soon,” Ajay Sahai, Director General, FIEO, told BusinessLine. India withdrew the Most Favoured Nation (MFN) status from Pakistan last week under which it is obligated to treat all member countries of the World Trade Organization (WTO) alike and impose the same customs duty on all. Following MFN withdrawal, it imposed the higher import duties on goods from Pakistan as an economic sanction on the country for supporting terror activities against India. Kochhar pointed out that while there was a crackdown at Attari, two barter trade routes operated between Pak-Occupied-Kashmir and J&K were operational. “About 32 trucks of dry dates have crossed over to India in two days via trade routes of J&K. While the import duty on such a truck via ICP Attari is about ₹25 lakh, via the trade route it is nil. These barter routes should be immediately stopped,” he added. Pakistan exports goods worth $500 million to India every year against $2 billion exported by India. “We haven’t yet got any notification by Pakistan on restrictions on India’s exports to the country,” a government official said.
Source: The Hindu Business Line
India, along with China, South Africa and Venezuela, has insisted on continuing with the special and differential (S&D) treatment for developing countries at the World Trade Organization (WTO), countering efforts of the US, which is seeking equal treatment for all members at the multilateral trade body. In a paper submitted to the WTO on Monday, the four countries said self-declaration of developing member status had been a long-standing practice and best serves the WTO objectives. The paper said the persistence of the enormous development divide between the developing and developed members of the WTO is reflected on a wide range of indicators such as levels of economic development, GDP per capita, poverty levels, levels of under-nourishment, production and employment in the agriculture sector, among others. “Against this background, recent attempts by some members to selectively employ certain economic and trade data to deny the persistence of the divide between developing and developed members, and to demand the former to abide by absolute “reciprocity" in the interest of “fairness" are profoundly disingenuous," it added. Under the S&D provisions, developing countries get longer time periods for implementing WTO agreements and commitments. At the mini-ministerial of trade ministers, on the sidelines of the World Economic Forum at Davos in January, India’s commerce secretary Anup Wadhawan made a strong case for continuing with the S&D measures for developing countries. “The (WTO) reform process must fully take into account the reality that despite some significant success stories in developing countries, on the average, they continue to lag far behind developed countries. Consequently, developing countries should not be expected to take the same obligations as the developed countries." In his speech at the WTO Ministerial in Buenos Aires in December 2017, United States Trade Representative (USTR) Robert Lighthizer had criticized the S&D treatment enjoyed by large developing countries like India. “We cannot sustain a situation in which new rules can only apply to the few, and that others will be given a pass in the name of self-proclaimed development status. There is something wrong, in our view, when five of the six richest countries in the world presently claim developing country status," he added. However, India’s trade minister Suresh Prabhu had retorted that the discourse on development at the WTO is sought to be deflected by specious arguments based on aggregate GDP figures. “While in India we are proud of our GDP and growth rates in recent years, propelled by innovative economic policies of my government, we cannot ignore that India is home to more than 600 million poor people," he said. “Therefore, we are legitimate demanders for special and differential treatment for developing countries. It is also noteworthy that many developed countries of today have benefitted from long periods of derogation from GATT (General Agreement on Tariffs and Trade) rules in the area of agriculture and textiles," he added.
Source: Live Mint
Micro and small enterprises (MSEs) are becoming more optimistic about their business prospects, shows the latest round of the CriSidEx survey. The CriSidEx index rose to 128 in Q3FY19, the highest score since its inception. In comparison, the index was at 107 in Q3FY18. The improvement in the index over the previous quarter was on account of an improvement “in the order book size and employee base for manufacturing MSEs and an increase in profit after tax margin and employee base for services MSEs,” states the report prepared by Crisil and Sidbi. Firms in both manufacturing and services sector indicated an improvement, shows the survey. Among manufacturers, 42 per cent reported a "good quarter"; in the services sector 41 per cent claimed a "good quarter".The granular analysis shows that in manufacturing, firms with an annual turnover between Rs 10 crore and Rs 25 crore were more positive about the business environment, and those the Rs 1 crore-Rs 4.99 crore bracket were the least optimistic. "Export-oriented MSEs fared better than their domestic peers, with 48 per cent reporting an increase in order book as against 41 per cent of domestic peers," says the report. This is the first time in the survey rounds that exporters have reported better quarters than domestic market-oriented units. Firms also appear to be optimistic about their prospects in Q4FY19. “For January-March, both manufacturing and services MSEs were optimistic of good business performance. Over 50 per cent of the respondents each from manufacturing and services expected the positive momentum to continue. In the manufacturing space, pharmaceuticals, gems & jewellery, and chemicals, and in services, professional services, traders, logistics and power & power utilities are the most optimistic," says Mohammad Mustafa, chairman and managing director, Sidbi. In the manufacturing sector, segments like pharmaceuticals, gems and jewellery, textiles and leather had a higher share of respondents reporting a good quarter; more respondents in the food products and auto components segments reported a subdued quarter. In the services sector, power and utilities, professional services and logistics had a higher share of respondents reporting positive performance, while construction, real estate and human resources had a greater share reporting a subdued quarter.
Source: Business Standard
Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, inaugurated the 4th India-ASEAN Expo and Summit 2019 in New Delhi today. Addressing the inaugural session Suresh Prabhu reaffirmed India’s commitment to the path of mutual progress and prosperity and said that terrorism knows no boundaries, it needs to be addressed through collective reaffirment towards promoting regional peace, stability and development. In this fight against terrorism and mindless violence, events like India ASEAN Expo and Summit acquire a unique significance, as it epitomises our faith and commitment towards a path of shared prosperity, progress and peace. The Commerce Minister recalled the participation of ASEAN ministers during the ASEAN-India Business and Investment Meet and Expo 2018, organised on the side-lines of the ASEAN-India Commemorative Summit in New Delhi in January, 2018 and said that it provided us the much needed opportunity to engage on promotion of trade and investment collaborations. He also recalled the informal Mini Ministerial of WTO hosted by India in 2018 which was attended by 52 countries including many ASEAN partners. Suresh Prabhu said that the core idea behind organising this 4th India -ASEAN Expo and Summit is to build upon the success of the previous events and carry forward the momentum of the relationship built up over the years. He said that this Summit is a testimony of India’s dedicated efforts towards Act East policy. India and ASEAN represent fast moving economies. The global headwinds have caused a softening of the global growth from 3.1% in 2018 to 3.0 % in 2019. According to the recently published United Nations’ World Economic Situation and Prospects Report 2019, India and ASEAN are set to outpace the global growth. India continues to be the fastest growing major economy and is expected to grow at 7.2% in 2019 and ASEAN at 5.2%, with many economies within ASEAN with a growth of more than 6%. Cambodia, Laos, Myanmar and Vietnam (CLMV) countries in ASEAN are also on a higher growth trajectory. This is indeed a manifestation of the new emerging world economic order, wherein India and ASEAN have a significant place. The Commerce Minister said trade is a buckle that binds India and ASEAN together and India’s vision of trade is not limited to exchange of goods and services. He asserted that India believes in trade that brings about mutual collaboration, promotes livelihood opportunities, brings in shared prosperity and binds us to a common future and a common destiny. ASEAN has emerged as one of the second largest trade partner of India in 2017-18, with a share of 10.58% in India’s overall trade. Our bilateral trade has grown more than threefold from USD 21 billion in 2005-06 to USD 81.33 billion in 2017-18. Despite escalating trade tensions and tightened credit market conditions, India and ASEAN present an alternative story. In the recent years India’s trade with ASEAN has rebounded from US$ 65.06 billion in 2015-2016 to USD 81.33 billion in 2017-18, posting an annual growth of 13.64%. India’s trade with ASEAN from April 2018 to December 2018 has already touched USD 72.3 billion compared to previous year, which is a growth of over 20.5%, which is an indicator of our strong economic and business connect and holds the key to our future engagements. India currently is working with ASEAN on multiple connectivity projects, through land, water, and air. Our projects like India-Myanmar-Thailand Highway, Kaladan Multinational Transit Transport Project, Project Development Fund for CLMV countries is crucial for our development. Exploring opportunities through connectivity projects will help India to remove physical impediments to trade with ASEAN countries and further integrate the two regions for better economic and trade relations. Increasing the rate of technology adoption and providing financing mechanisms is another challenge to expand growth. The Minister said that India is constructively engaged in RCEP negotiations and believes that ASEAN will remain central to the economic integration of the Indo-Pacific region through RCEP. Substantial progress has been achieved in the negotiations so far with the successful conclusion of 7 out of 16 chapters. As negotiations have intensified, member countries are now engaged in bilateral pairing process to achieve mutually satisfactory and balanced outcomes, keeping in view each other’s sensitivities and aspirations. As directed by our Leaders at the 2nd RCEP Summit in November last year in Singapore, we should all work concertedly towards early conclusion of RCEP and create a win-win situation for the greater prosperity of the people of the region. A successful RCEP will lift the spirits of the global trade, which is facing challenges in terms of trade tensions amidst protectionism and unilateral measures. Reiterating India’s commitment to make endeavours for successful conclusion of RCEP, Suresh Prabhuurged ASEAN colleagues to also engage in the review of ASEAN-India Trade in Goods Agreementto resolve the implementation issues being faced by our businesses on both sides. He also referred to successful accomplishment of 2nd Review of India Singapore CECA and signing of MRA in Nursing with Singapore. This is a proof that we can continue to strengthen our bilateral relations, notwithstanding challenges faced by multilateral trading system. During the last four years, Government of India has introduced several reform measures and initiatives, both through the legislative and executive routes in a wide range of areas including Goods and Services Tax, subsidies, labour, infrastructure, finance, investments as well as governance. Suresh Prabhu said that most of the policy reforms that have been undertaken will bring transparency and enhance efficiency and open up immense opportunities for collaboration and investment. He also mentioned key flagship programmes like Make-in-India, Skill India, Invest India, and Digital India, which have improved the general economic and investment sentiments. Our mission is to bring in infrastructure, policies and practices that compete with best global standards to convert India into a global manufacturing hub. India has recorded a jump of 23 positions in the Ease of Doing Business rankings to be at 77thposition. We are now working towards improving Ease of Doing Business at States and districts within States of India.The government has identified ten ‘Champion Sectors’ under Make in India 2.0 that have the potential to grow at double digits and generate sufficient employment opportunities. These include, auto and auto components, biotechnology, defense & airspace, food processing and pharmaceuticals among others. The government has also announced 12 Champion Services for focused attention to promote their development. India has consistently improved its position in Global Innovation rankings and it now ranks at 57th position. In last three years, the Government has embarked on a comprehensive programme to liberalize Foreign Direct Investments. Most of the sectors are now under automatic approval route. Foreign direct investment is now open for manufacturing in large number of sectors ranging from defence to pharmaceuticals, and several services including airlines, insurance, and single brand retailing. The government has also allowed 100% FDI in railways infrastructure like high-speed train systems, suburban corridors and dedicated freight line projects. FDI policy now also includes start-ups. Start-ups can issue equity, equity linked instruments and debt instruments to foreign venture capital investors in accordance with FEMA rules. We have recently widened the definition of startups and have raised investment limit from Rs.10 crore to Rs.25 crore for availing tax exemptions to improve ease of doing business for startups. In the last four years, we have received FDI worth US$ 263 billion. This is 45 percent of the FDI received in last 18 years. FDI in India is at a record high and India is among the top two emerging markets in the FDI Confidence Index.In the UNCTAD report 2018, India has been placed in the top three of the strongest economies of the future. Several reform measures have been taken in the power sector over the last few years whereby Indian power sector has improved significantly in terms of improved access to electricity, better financial health of DISCOMS and promotion of renewable energy generation. India has turned from a net importer of electricity to net exporter of electricity exporting around 5,798 million units to Nepal, Bangladesh and Myanmar in 2017. From ranking 99th at the global level in 2014 in terms of electricity accessibility ranking (under Ease of Doing Business), India currently ranks 24th on this parameter. One of the Government’s significant initiative for the people is the Medical Assurance Scheme called Ayushman Bharat. This shall benefit about 500 million people and will provide immense investment opportunities in the areas of health infrastructure, medical equipment manufacturing, and healthcare services. India is experiencing rapid urbanization and to cater to this, Government has launched three mega urban schemes - Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Housing for All. Government’s plan to develop 100 smart cities and 500 AMRUT cities over the next five yearsoffer a USD 111 billion opportunity. Leveraging Regional Value Chains (RVCs) is essential to take the India-ASEAN economic partnership to the next level. RVCs in the IT/ITES and apparel sector that already exist are evidence of the indirect benefit to skilling and development. With the introduction of GST in India, GVCs and RVCs will have a conducive environment to grow. The North East region, which is a development priority of the Government of India has great potential for this, in terms of natural resources and skilled labour. Also, India is a global hub for design and engineering R&D, that is critical to any value chain.As the global economy becomes increasingly digitalized, and technology as the great disruptor has the potential to be truly transformative, we have to be cognizant of the challenges and work together in the domain of cyber security and create regulation that is conducive to partnerships. The Commerce Minister invited companies from ASEAN countries to take advantage of these opportunities for boosting trade with India and said there is immense scope for mutual collaboration in Services especially, healthcare, education, tourism, financial services, digital and artificial intelligence based services. India can play a vital role in lowering healthcare costs in ASEAN countries, as India can provide international standard drugs and formulations at very reasonable cost. Mr Pan Sorasak, Minister of Commerce, Kingdom of Cambodia, Mr. EnggartiastoLukita, Minister of Trade, The Republic of Indonesia, Dr. Than Myint, Union Minister, Ministry of Commerce, the Republic of the Union of Myanmar, Ms. ChutimaBunyapraphasara, Deputy Minister of Commerce and Acting Minister of Commerce of Thailand, DatoLokman Hakim Bin Ali, Secretary General MITI, Mr. Lee Chuan Teck , Second Permanent Secretary, Singapore Ministry of Trade and Industry, Mr. DatoPadukaSidek Ali, High Commissioner of Brunei, Mr. BounnemeChouanghom, Ambassador of the Lao People's Democratic Republic, Mr. Pham Sanh Chau, Ambassador of the Socialist Republic of Vietnam, DatoPaduka Lim Jock Hoi, Secretary General of ASEAN and Dr.AnupWadhawan, Secretary, Department of Commerce, Government of India also spoke during the inaugural session.
Source: PIB
Prime Minister Narendra Modi on Thursday said the Indian economy is based on sound fundamentals and will in the near future double in size to $5 trillion, as he hardsold the country as a "land of opportunities" to investors in South Korea. "No other large economy in the world is growing at over 7 per cent year after year," he said at the India-ROK Business Symposium here during his visit to the Republic of Korea. Over 600 Korean companies such as Hyundai, Samsung and LG Electronics are already invested in India and the Prime Minister said "we aspire to welcome many more." "And, (car maker) Kia is soon to join this club," he added. To ease business visits, India since October last year is giving Korean nationals visa on arrival, he said. "The fundamentals of our economy are sound. We are well set to become a 5 trillion dollar economy in the near future," he said. Modi said hard policy decisions such as the introduction of the Goods and Services Tax (GST) and opening up of more sectors has helped India jump 65 places on the World Bank's Ease of Doing Business ranking to the 77th position. "And, we are determined to move into the top 50 next year," he said. "We are one of the most open countries for foreign direct investment today. More than 90 per cent of our sectors are now on automatic route for approval. As a result of this and the confidence in India, we have received FDI worth over USD 250 billion over the past four years." India, the world's sixth largest economy at USD 2.5 trillion, is changing from being agriculture-dominated to an economy led by industry and services and one that is globally inter-linked which rolls out red carpet instead of red tape, the Prime Minister said. "India has emerged as a land of opportunities. While we work for realizing the 'Indian Dream', we seek like-minded partners. And, among them, we see South Korea is truly natural partner," he said. India is among the top 10 trade partners of Korea and India is the 6th largest export destination for Korean goods. Trade between the two nations reached USD 21.5 billion in 2018. "The negotiations to upgrade the Comprehensive Economic Partnership Agreement have been fast-tracked to achieve the bilateral trade target of USD 50 billion by 2030," he said. "Not just trade, in investment terms also we are seeing a positive turn. And Korean investments into India have reached a cumulative figure of almost USD 6 billion." Talking of initiatives taken by his government, the Prime Minister said over 300 million bank accounts have been opened for providing banking to the unbanked. As much as 99 per cent of Indian households now have a bank account. More than USD 12 billion has been deposited in these accounts, microcredit of $90 billion has been extended to 28 million in the last three years, $50 billion of government benefits directly transferred to beneficiaries and huge strides made in rural electrification, he said. "Economic progress is closely tied to world-class infrastructure. Be it transport, power, ports, shipbuilding, housing, and urban infrastructure, there is a huge demand in India while there are strong technological capabilities and capacities in Korea. We estimate the investment requirements in infrastructure at over $700 billion by 2022," he said. Listing projects that need foreign capital, he said the Sagarmala port projects need $10 billion in five years. Recognising the importance of supporting India's infrastructure development, India and South Korea have identified $10 billion under Korea's Economic Development Cooperation Fund and Export Credit to finance such projects. Modi said the role of the government is to provide the support system and a flagship program Start-up India with $1.4 billion fund for four years to create a startup ecosystem in the country has been introduced. "Our vision of India-Korea Startup Centre will provide a hub for Korean startups and Indian talent to freely communicate. South Korean national IT promotion agency has already opened Indian offices in Bengaluru," he added.
Source: Business Line
Mumbai: The rupee skidded by 11 paise to close at 71.24 against the US dollar Thursday as rising oil prices and a strengthening greenback weighed on the market sentiment. At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 71.06 and rose to 70.91. However, it could not hold on to the gains and fell to a low of 71.29 before finally ending at 71.24 -- a fall of 13 paise. The rupee had closed at 71.11 against the US dollar Wednesday. Foreign institutional investors (FIIs), who had been heavy sellers over the past few sessions, net bought equities worth Rs 55 crore Thursday while domestic institutional investors bought shares to the tune of Rs 202 crore, provisional data showed. Global markets were mixed following the release of Federal Reserve minutes which showed that the US central bank would be patient on interest rate hikes. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 96.57. Brent crude futures, the global oil benchmark, was trading 0.09 per cent higher at USD 67.14 per barrel. Domestic equity indices closed higher for the second straight session Thursday, led by metal, pharma and banking stocks. After a choppy start, the 30-share BSE Sensex settled 142.09 points, or 0.40 per cent higher at 35,898.35. The broader NSE Nifty gained 54.40 points, or 0.51 per cent, to 10,789.85. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1540 and for rupee/euro at 80.6203. The reference rate for rupee/British pound was fixed at 92.7213 and for rupee/100 Japanese yen at 64.24.
Source: Economic Times
|
Item |
Price |
Unit |
Fluctuation |
Date |
|
PSF |
1318.35 |
USD/Ton |
0% |
2/21/2019 |
|
VSF |
1999.07 |
USD/Ton |
0% |
2/21/2019 |
|
ASF |
2394.43 |
USD/Ton |
0% |
2/21/2019 |
|
Polyester POY |
1258.90 |
USD/Ton |
0% |
2/21/2019 |
|
Nylon FDY |
2823.97 |
USD/Ton |
0% |
2/21/2019 |
|
40D Spandex |
4756.16 |
USD/Ton |
0% |
2/21/2019 |
|
Nylon POY |
2660.48 |
USD/Ton |
0% |
2/21/2019 |
|
Acrylic Top 3D |
2541.57 |
USD/Ton |
0% |
2/21/2019 |
|
Polyester FDY |
1471.44 |
USD/Ton |
0% |
2/21/2019 |
|
Nylon DTY |
3091.50 |
USD/Ton |
0% |
2/21/2019 |
|
Viscose Long Filament |
5618.21 |
USD/Ton |
0% |
2/21/2019 |
|
Polyester DTY |
1545.75 |
USD/Ton |
0% |
2/21/2019 |
|
30S Spun Rayon Yarn |
2734.79 |
USD/Ton |
0% |
2/21/2019 |
|
32S Polyester Yarn |
2013.94 |
USD/Ton |
0% |
2/21/2019 |
|
45S T/C Yarn |
2868.56 |
USD/Ton |
0% |
2/21/2019 |
|
40S Rayon Yarn |
3032.05 |
USD/Ton |
0% |
2/21/2019 |
|
T/R Yarn 65/35 32S |
2526.71 |
USD/Ton |
0% |
2/21/2019 |
|
45S Polyester Yarn |
2155.14 |
USD/Ton |
0% |
2/21/2019 |
|
T/C Yarn 65/35 32S |
2541.57 |
USD/Ton |
0% |
2/21/2019 |
|
10S Denim Fabric |
1.37 |
USD/Meter |
0% |
2/21/2019 |
|
32S Twill Fabric |
0.83 |
USD/Meter |
0% |
2/21/2019 |
|
40S Combed Poplin |
1.11 |
USD/Meter |
0% |
2/21/2019 |
|
30S Rayon Fabric |
0.65 |
USD/Meter |
0% |
2/21/2019 |
|
45S T/C Fabric |
0.70 |
USD/Meter |
0% |
2/21/2019 |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.14863 USD dtd. 21/02/2019). The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
Advansix, a leading manufacturer of nylon 6, has filed anti-dumping duty petitions covering imports of acetone with the International Trade Commission (ITC) and US department of commerce. The petitions allege that acetone imports from Belgium, South Korea, Saudi Arabia, Singapore, South Africa, and Spain have caused material injury to the domestic industry. The ITC will commence a preliminary investigation, which if upheld will proceed to the US department of commerce to investigate and determine the anti-dumping duty rates of these imports. “Today’s petition filing represents the first step in a process to restore fair competition and reflects our commitment to protecting the domestic acetone industry and its employees,” said Erin Kane, president and CEO of Advansix. Advansix filed the petitions along with other US producers of acetone including Olin Corporation and Altivia Petrochemicals, LLC. It expects the investigation process to be completed over the next 12 to 14 months. Advansix produces acetone at its facility in Frankford, Pennsylvania with annual capacity of 680 million pounds. Nylon 6 is a polymer resin used to produce engineered plastics, fibres, filaments and films that, in turn, are used in such end-products as automotive and electronic components, carpets, sports apparel, fishing nets and food and industrial packaging. (RKS)
Source: Fibre2fashion
WASHINGTON: The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war, according to sources familiar with the negotiations. The world’s two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars of goods, slowing global economic growth, skewing supply chains and disrupting manufacturing. As officials hold high-level talks on Thursday and Friday in Washington, they remain far apart on demands made by US President Donald Trump’s administration for structural changes to China’s economy. But the broad outline of what could make up a deal is beginning to emerge from the talks, the sources said, as the two sides push for an agreement by March 1. That marks the end of a 90-day truce that Trump and Chinese President Xi Jinping agreed to when they met in Argentina late last year.
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Negotiators are drawing up six memorandums of understanding (MoUs) on structural issues: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture, and non-tariff barriers to trade, according to two sources familiar with the progress of the talks. At meetings between US and Chinese officials last week in Beijing the two sides traded texts and worked on outlining obligations on paper, according to one of the sources. The process has become a real trade negotiation, the source said, so much so that at the end of the week the participants considered staying in Beijing to keep working. Instead they agreed to take a few days off and reconvene in Washington. The sources requested anonymity to speak candidly about the talks. Chinese Commerce Ministry spokesman Gao Feng on Thursday declined to comment on the MoUs. US equity index futures initially rallied on the news of progress in the talks, with the S&P 500s e-mini futures contract gaining about 0.4 percent over the following hour during Asian trading. The dollar strengthened and US Treasury security yields rose. US stocks later retreated in Thursdays Wall Street session following a batch of weaker-than-expected economic data, though the dollar and bond yields remained modestly higher. The MoUs cover the most complex issues affecting the trading relationship between the two countries and are meant, from the US perspective, to end the practices that led Trump to start levying duties on Chinese imports in the first place. One source cautioned that the talks could still end in failure. But the work on the MoUs was a significant step in getting China to sign up both to broad principles and to specific commitments on key issues, he said.
Source: Dawn
More than 40 percent listed textile mills' profits declined in the second half of 2018 thanks to the slide in prices of garment items and stockpiling of yarn for invasion of cheaper alternatives from India and China. Of the total 53 listed textile, spinning and garment factories on the Dhaka Stock Exchange (DSE), nine companies logged in losses and 12 registered lower profits than a year earlier. Those who saw their profits rise between the months of July and December last year logged in marginal increases. Investors on the stock market have long been complaining that the textile, spinning mills and garment companies were not paying handsome dividend using the excuse of lower profits or losses -- although the size of those companies is bigger than in other sectors. Take the case of Hossain Chisty Shiplu, who bought some textile and spinning companies' stocks expecting high dividends. “I had thought that the textile, spinning and garment companies would make hefty profit since garment exports are increasing. But I am disappointed,” he added. Some of the companies though are making good profit thanks to expansion of production capacity, installation of modern machinery, improvement in product quality and product diversification, industry insiders said. Envoy Textiles is one such company. The company got listed in December 2012 and began paying cash dividend from 2015, when it gave its shareholders 17 percent cash dividend and 5 percent stock dividend. In 2018 it gave 10 percent cash dividend and 2 percent stock dividend. The previous year, it handed out 7 percent cash dividend and 5 percent stock dividend. “We have taken so many initiatives from product diversification and investment to recruiting new designers for keeping up with the latest market trends,” said Kutubuddin Ahmed, chairman of Envoy Textiles. The company has taken a lot of initiatives to reduce the cost of operations like reducing water consumption, energy and wastage. It is the world's first platinum rated LEED certified company for its green operations. “We have recruited Chinese, Italian and Turkish designers so that we can manufacture different varieties of yarn and denim fabrics,” Ahmed added. A spinning mills owner whose company failed to make any profit between July and December last year said the yarn price has been on the slide in the last few months due to availability of cheap yarn from China and India. The widely consumed 30-carded cotton yarn is now selling for $2.90 to $2.95 a kg, down from $3.05 to $3.10 a kg before November last year. “Besides, the demand for cotton-made yarn is also falling as the demand for man-made fibres is rising worldwide,” the miller said. In Bangladesh, the majority of the spinning mills produce cotton yarn, he added. Jahangir Alamin, former president of the Bangladesh Textile Mills Association, the platform of spinning, weaving and dyeing mills owners, echoed the same. “Various problems are afflicting the primary textile sector,” he added. The exact amount of profits made by a company is not reflected due to faulty audit reports, said the managing director of a spinning mill listed on the DSE upon condition of anonymity to speak candidly on the matter.
Source: The Daily Star
A high powered ‘National Competitive Strategic Action Committee’ under public and private initiative is needed to ensure private sector participation in policy designs conducive for trade and business Abu Sazzad: Leaders of Dhaka Chamber of Commerce and Industry (DCCI) have underscored the need for improving doing business environment in order to develop the private sector and economy of the country. “The economic performance of the country is maintaining a consistent growth. To continue this momentum and achieve upcoming economic visions, DCCI feels some critical avenues of economy are to be addressed for private sector development” said DCCI president Osama Taseer while addressing a press conference on ‘Improving Doing Business Environment’ at its conference room in the city yesterday. In 2006, Bangladesh ranked 65th while Vietnam ranked 99th out of 155 countries. On the other hand, in DBR 2019 Bangladesh ranked 176, made one of the last 15 countries and Vietnam ranked well off 69 out of 189 countries. “The reform initiatives of the government are in place but need to implement. We need to improve faster than other competing countries to achieve better position in doing business index”, said DCCI president. DCCI is always vocal in improving doing business environment and shared our proposals in relevant government ministries and authorities. On first week of January, 2019, DCCI in collaboration with Business Initiative Leading Development (BUILD) organised a seminar on ‘Experiences and Lessons from India’s Business Reforms’. However, the investment as percentage of GDP reached to 31.23 percent in FY 2017-18, of which public and private investments were 7 percent and 23.26 percent respectively, said he adding net FDI inflows reached to USD2.58 billion in last fiscal. In FY 2017-18, highest 22.14 percent of FDI registration was in service industries followed by Textile Industry (20%), Chemicals (17.67%), Engineering Sector (15.04%) and Other Industries (24.63%). According to Bangladesh Bank, net FDI in July to September of FY19 increased by 67.53% and reached USD849.62 million from USD507.15 million in the same period of FY18. Recently, DCCI recommended for attracting investment in Bangladesh. DCCI is prompt in delivering its input regarding various policy comments sought by the government, private sector, donors and foreign consultation offices for new investment. Negotiation with diplomatic core mission, trade associations of relevant countries for attracting relocation of Chinese, Korean and Japanese low cost manufacturing business relocation in Bangladesh, said DCCI president. Engaging Private Sector and stakeholders in policy design to understand the dynamics of the global economic shifts, he added. A high powered ‘National Competitive Strategic Action Committee’ under public and private initiative is needed to ensure private sector participation in policy designs conducive for trade and business. A good number of business leaders also took part on the occasion. Talking to Daily Industry, DCCI president told that the current policies are not sufficient for Bangladesh to achieve the expected economic development. He suggested a greater focus on private sector in reforming the policies. “Currently the policies that are in place will not support this growth, thus it is imperative to facilitate modernised policy support to ensure this growth. Much of the action needs to take place in the private sector. Private sector needs to engage intensively and extensively in reform process,” he said. The government should further incorporate private sector associations and bodies in the decision-making process to further ensure private sector support for the government, he said.
Source: The Daily Industry
A Vietnam-Argentina business forum took place in Hanoi on February 21 with a view to promoting cooperation between the countries’ enterprises. The event, held by the Vietnam Chamber of Commerce and Industry (VCCI), was part of the State visit by Argentine President Mauricio Macri. It attracted representatives of more than 300 businesses of the two sides. Vietnamese Deputy Prime Minister Vu Duc Dam said since their diplomatic ties were set up in 1973, the countries’ cooperation has continually been strengthened in almost all fields, especially economy. Bilateral trade approximated 2.9 billion USD in 2018 with Argentina the second biggest destination of Vietnamese goods in Latin America. They have complementary export structures when Vietnam has strengths in footwear and textile-garment while Argentina’s strong products include plant oil, animal fat, and animal feed. Vietnam has been an important partner of Argentina in Southeast Asia, and it is making efforts to become the most important partner of the Latin America nation, he stressed. The Deputy PM noted Argentina’s investment in Vietnam remains modest with only four projects, adding that the Vietnamese Government highly values these pioneer investors and hopes for more investment projects from the country. Vietnam pledges to create favourable conditions for foreign investors, including those from Argentina, to do long-term business, Dam said. Highlighting Vietnam’s economic development, he said the country is located in a dynamic region and has stable politics and society, young and abundant human resources, and a market of nearly 100 million people. It is also a gateway to the 650 million-strong Association of Southeast Asian Nations (ASEAN). The economy has sustained fast growth for many years, reaching 7.08 percent in 2018. Its total trade revenue topped 482 billion USD last year. At present, 130 countries and territories are investing over 340 billion USD in over 27,000 projects in Vietnam. Each year, the country welcomes over 15 million foreign tourists, while nearly 8 million Vietnamese visit foreign destinations. Dam expressed his belief that with the two governments’ attention and the two business circles’ dynamism, bilateral economic links will develop strongly, thus contributing to the countries’ sustainable relations. The official also asked the Government and businesses of Argentina to provide optimal conditions for Vietnamese firms to invest in their country. At the forum, President Macri said Argentine businesses want to partner with Vietnamese firms to share common interests. Like Vietnam, Argentina has been integrating extensively into the world. In a short period of time, it has won the recognition of the international community as seen in its election as President of the G20. He emphasised that Vietnam is an increasingly important partner of Argentina, congratulating it on the substantial achievements in the change of the economic model and the international integration. Argentina not only wants to export agricultural products to Vietnam but is also looking for ways to cooperate in agricultural technology development, telecommunications, use of atomic energy for peaceful purposes, and football development, the leader added. At the forum, representatives of the countries’ ministries, agencies and businesses discussed the advantages and potential of the two economies, along with measures to boost business-to-business connections. On this occasion, the VCCI inked a cooperation document with the Argentine Chamber of Commerce and Services
Source: Vietnam News Association
Even if a bill is not immediately passed, Canada is signaling its determination to enhance efforts to combat modern slavery and forced labour across the federal government. Canada could become the next major economy to enact supply chain legislation. Currently, the country lacks a comprehensive policy response to modern slavery and forced labour, a point emphasized in an October 2018 report by the Canadian Parliament's House Standing Committee on Foreign Affairs and International Development entitled, "A Call to Action: Ending the Use of all Forms of Child Labour in Supply Chains". Just months before that report was issued, the 2018 Global Slavery Index ranked Canada sixth globally for the value of imported goods at-risk of being produced by slave or forced labour. The government response to the Standing Committee report, issued in a February 8 letter from International Development Minister Marie-Claude Bibeau, indicates Canada is seeking to change that. In her letter, Minister Bibeau announced the government is planning consultations to discuss enacting supply chain legislation aimed at combatting modern slavery and forced labour. Changes to Canada’s procurement regime and import regulations aimed at stopping goods tied to modern slavery and forced labour from entering the country were also announced. On the procurement side, a new apparel initiative requires apparel and textile suppliers to certify that they and their first-tier subcontractors respect eight fundamental human rights. Prohibitions on forced and child labour are included in these rights. Other rights included in the "Ethical procurement certification" include: the right to free association, decent work hours (a maximum of 48 hours per week and 12 hours overtime), freedom from abuse and harassment, freedom from discrimination, occupational safety and health protections, and the right to receive fair wages. Contracts are closed to suppliers who cannot certify respect for these basic rights. Canada also agreed to prohibit the importation of goods produced through forced labour into the country, a prohibition already included in the yet-to-be enacted Canada-US-Mexico trade agreement. That import ban is not restricted to first-tier subcontractors, meaning businesses and importers must ensure this prohibition is respected throughout supply chains. The move towards supply chain legislation comes as a surprise. There has been no suggestion this was on the government's legislative agenda. A private member's bill Modern Slavery Act introduced in December has not received government support. Until Minister Bibeau's letter, all indications were that the government was preoccupied with launching its new Canadian Ombudsperson for Responsible Enterprise (CORE), an office announced over a year ago but still not operational. The CORE is meant to investigate allegations of human rights abuses by Canadian companies abroad. Still, the government's willingness to engage in consultations should be welcomed. Its statement that Canada is “studying the effectiveness of initiatives in other international jurisdictions” suggests a future Canadian bill could overcome shortcomings in other laws. Challenges relating to scope of coverage and enforceability in the UK and Australian Modern Slavery Acts provide examples of challenges an effective Canadian Modern Slavery Act could address. The UK Modern Slavery Act does not currently apply to the public sector or contain penalties for non-compliance. The UK Independent Review of the Modern Slavery Act recommended the government change this. The review also recommended the government clarify the scope of a company’s reporting requirement applies to its entire supply chain. Australia’s Modern Slavery Act does apply to the Commonwealth, however, as with the UK law, it lacks enforcement provisions. How Canada chooses to address these shortcomings will determine the effectiveness of any Canadian Modern Slavery Act. The private member’s bill introduced in December, Bill C-423, does not explicitly extend coverage to the public sector. It does, however, clarify that a company’s supply chain can include entities a company controls directly or indirectly. The bill also includes CAD $250,000 fines for failing to comply with the requirement to file reports or filing false or misleading reports. Moving from consultations over a bill to passing one will be complicated by the fact that Canada’s next federal election is in October 2019. Still, even if a bill is not immediately passed, Canada is signaling its determination to enhance efforts to combat modern slavery and forced labour across the federal government. This is a positive step forward.
Source: Thomas Reuters Foundation
President Mnangagwa and his delegation to the 32nd Ordinary Session of the African Union Assembly headed for Bole Lemi, in Addis Ababa, Ethiopia. At the AU headquarters, the summit of Heads of State and Government was winding up. The President assigned Foreign Affairs and International Trade Minister Dr Sibusiso Moyo to attend in his stead as we wove our way down the road to Bole Lemi Industrial Park. The Ethiopia of yesterday is very dead! Crowding Addis Ababa’s skies are cranes, no matter which direction one looks, a sign of serious economic activity underway catalysed by nothing but victory of economics over politics. Ethiopians have embraced the concept of industrial parks to fast-track industrialisation of an economy long agrarian. The visit to Bole Lemi by President Mnangagwa and his delegation became a practical case study on how others agrarian are leapfrogging their economies. The President and his delegation toured Jay Jay Textiles and Ashton Apparel Manufacturing PLC. As an industrial park, Bole Lemi is a massive complex of textile factories. house foreign investors from countries including India and the United Arab Emirates (UAE) who have brought in state-of-the-art machinery. Jay Jay Textiles employs 4 000 Ethiopians. The majority of them are young women. Busy as bees they go about their daily chores as if choreographed. Management at Jay Jay Textiles briefed President Mnangagwa that the firm exports clothes to top American shops. Three critical aspects emerged from the tour — employment creation, foreign currency generation via exports and technology transfer! This is what Ethiopia is doing and explains why it intends to construct 30 industrial parks across the country by next year. Active in the construction of the industrial parks are giant Chinese companies. Of note is that the industrial parks that Ethiopia is constructing on a massive scale are specialised and export-driven factories. Specialised in that for example while the Bole Lemi industrial Park focuses on textiles, another industrial park in Kilinto produces medicines and high-tech-medical and pharmaceutical products. Ethiopia’s biggest industrial park — Hawassa — employs 10 000 people (the majority of them women) and 60 000 Ethiopians once complete. The largest tenant at Hawassa is PHV, which is the American owner of brands like Calvin Klein and Tommy Hilfiger — in comes again the issue of transfer of latest technologies and production of global brands on African soil. President Mnangagwa’s tour of Bole Lemi brought to light lessons for Zimbabwe, which is in the midst of implementing a cocktail of economic turnaround strategies informed by the need to create employment, generate foreign currency and attract foreign investors who bring latest technologies and impart to locals modern management techniques. What does it take to implement concepts like industrial parks the Ethiopian way? Research points to Government commitment. The United Nations Industrial Development Organisation (UNIDO) in its study of Ethiopia’s industrial parks notes that such concepts are dead without Government commitment and support. This is largely because establishment of industrial parks may not be profitable in the short term and the private sector is hesitant going it alone. “The implication is that Government should take the lead in the development of industrial parks…Government should be proactive and assume a leading role in the development of the industrial parks. The role of government will of course change overtime with greater role at the early stages and lesser role later on as the industry matures…” notes UNIDO in its 2018 report on the study of Ethiopia’s parks. To show its commitment to the establishment of industrial parks, the Ethiopian Government built the Bole Lemi industrial park through its company Industrial Parks Development Corporation (IPDC). In fact, Governments have many roles to play in the establishment of industrial parks from a political and legal perspective. From a political viewpoint, Government may deliberately involve another country which boasts either a financial or technological muscle. In the case of China, it roped in Singapore after measuring its technological superiority. Zimbabwe has an easy starting point — zoning its economy. What resources do we have say in the Midlands Province that can enable establishment of an industrial park there? They stretch from cotton, gold, and chrome, to iron ore. This must inform Government on what kind of industrial parks to establish there. The same applies to Manicaland Province — which boasts diamonds, timber, coffee, macadamia nuts plantations. Ministers of State for Provincial Affairs can play a key role by identifying opportunities in their respective areas. Resource availability defines the nature of the industrial parks. Look at the potential of Gokwe as a cotton-growing hub. There is great potential for the establishment of textile related industrial parks in the same way our tobacco growing region could be beneficiate the product in situ (province of origin). Implementation of such concepts help in the fulfilment of the Zanu-PF administration’s electoral promise — job creation through industrialisation, attraction of foreign investors and foreign currency, among other socio-economic fundamentals. President Mnangagwa is in agreement with creation of such models as industrial parks as captured in his remarks after touring Jay Jay Textiles at the Bole Lemi Industrial Park on February 11, 2019. “The history is that the Government of the Federal Republic of Ethiopia built these factory shells and then invited companies in the textile sector from India to come and do business here. This entity alone (Jay Jay Textiles) employs in excess of 4 000 workers but they have other places where they have similar factories having 45 000 employees in the past five years working in these shells built by the Government. “This is the way to go. They have created employment for the youths and particularly women. You can see inside there that the young girls and women are working. The market, we have been briefed, are top end market in the USA. It creates employment. It brings technology. It brings you skills into the country. This is the way to go,” he said.
Source: Zimbabwe
