The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 19 NOV, 2019

NATIONAL

INTERNATIONAL

 

India not facing 5% slowdown, we are the fastest growing economy: Govt

The Union minister of state for finance said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said in Lok Sabha on Monday. During Question Hour, Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. "There is no 5 per cent slump. Where did you get the figure. Show us," he countered when Aam Aadmi Party MP Bhagwant Mann said the country is facing slump in the economy. The Union minister of state for finance said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. "By 2025, India will be a five trillion dollars economy," he said. Highlighting series of steps taken by the government to strengthen the economy, Thakur said tax concessions have been given to industries, foreign direct investments and MSME sector. The minister said several banks have been merged with bigger banks and ultimate aim of the government is to keep four strong banks with solid footing and ensure increased economic activities. He said strong actions have been taken against blackmoney and number of tax payers has been doubled due to demonetisation and implementation of the GST regime. Thakur said as per the National Statistical Office (NSO), the GDP growth on average was 7.5 per cent in 2014-19, which is the highest amongst G-20 countries. He said the World Economic Outlook (WEO) of October 2019, projects a significant slowdown in world output and trade in 2019. "Yet India, despite some recent deceleration of GDP growth, is still projected by WEO to grow at the fastest rate in 2019-20 among G-20 countries," he said. The minister said the government has been taking several measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and a modest export performance, with a view to increasing the GDP growth of the country. Thakur said in the last five years, the government implemented major reforms to build the investment climate in the country for becoming a US 5 trillion-dollar economy. He said introduction of Insolvency and Bankruptcy Code (IBC) in 2016 is a significant step towards cleaning and strengthening of the financial system of the country. Implementation of Goods and Services Tax in 2017 stands out as the most important measure for improving ease of doing business in the country and Make-in-India programme is a major initiative towards increasing the indigenous capacity of the country to produce world class goods and services, he said. Thakur said continuous liberalisation has resulted in record and unprecedented inflows of foreign direct investment into the country and all along the government has kept inflation low, fiscal spending disciplined and current account deficit manageable to ensure macroeconomic stability to sustain a healthy investment climate in the country. "More recently government has cut corporate tax rate from 30 per cent to 22 per cent to boost investment activity in the country. In particular, the corporate tax rate has been cut to 15 per cent for new domestic manufacturing companies which is amongst the lowest in the world," he said. Thakur said one of the objectives of GST is to make India a common market with a view to sustaining a high level of GDP growth in the country. Further, in the World Bank's Ease of Doing Business 2020 Report, India's ranking improved by 14 positions to 63 in 2019 from 77 in 2018 after GST was implemented in 2017, he said.

Source: Business Standard

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Textile sector demands uniform power tariff across country

Surat: Leaders from the textile sector in Surat have demanded ‘one-nation-one-power tariff’ formula to be implemented in the country for providing level-playing filed to the entrepreneurs. The suggestion was made before the union textile minister, Smriti Irani who had summoned industry leaders in New Delhi for suggestions and inputs for the National Textile Policy (NTP) on Monday. Representatives from the Southern Gujarat Chamber of Commerce and Industry (SGCCI), Synthetic and Rayon Textile Export Promotion Council (SRTEPC), South Gujarat Textile Processors Association (SGTPA), Federation of Indian Art Silk Weaving Industry (FIASWI) and other textile associations from Maharashtra and Southern India were present at the meeting. Sources said that the issue of power tariff is crucial when it comes to the competitiveness of the textile products manufactured in Surat. While the power tariff rates are in the range of Rs 3.50 per unit in the neighbouring Maharashtra, the textile entrepreneurs are paying Rs 7.50 per unit in Gujarat including Surat. Chairman of FIASWI, Bharat Gandhi said, “Like the one-nation-one-tax, we demand one power tariff for the textile sector. This will allow the textile entrepreneurs from Gujarat to compete with other states. At present, the products manufactured by the units in Surat have a higher price range due to the increase in the production cost.” Apart from power tariff, the textile industry leaders strongly represented the non-payment of the Input Tax Credit (ITC) under the GST to the textile unit owners by the Government, simplification of the process under the Technology Upgradation Fund (TUF) scheme, policy changes for the textile park scheme, providing subsidy for the Emission Trading Scheme (ETS) for environment protection to the textile mills etc. Ashish Gujarati, powerloom industry leader said, “A slew of issues were discussed at the meeting. Our main demand was on the power tariff and the release of the ITC refund to the textile unit owner. Aboout Rs 1,350 crore worth of ITC is yet to be refunded by the government.”

Source:  Times of India

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India continues to be fastest growing economy; will be $5 trillion economy by 2025, says Union Minister Anurag Thakur

The Union minister of state for finance said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. trillion economy, Anurag Thakur, Lok Sabha, Bhagwant Mann, india fastest growing economy, MSME sector, economic slowdown, foreign direct investments Thakur said in the last five years, the government implemented major reforms to build the investment climate in the country for becoming a US 5 trillion-dollar economy. India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said in Lok Sabha on Monday. During Question Hour, Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. “There is no 5 per cent slump. Where did you get the figure. Show us,” he countered when Aam Aadmi Party MP Bhagwant Mann said the country is facing slump in the economy. The Union minister of state for finance said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. “By 2025, India will be a five trillion dollars economy,” he said. Highlighting series of steps taken by the government to strengthen the economy, Thakur said tax concessions have been given to industries, foreign direct investments and MSME sector. The minister said several banks have been merged with bigger banks and ultimate aim of the government is to keep four strong banks with solid footing and ensure increased economic activities. He said strong actions have been taken against blackmoney and number of tax payers has been doubled due to demonetisation and implementation of the GST regime. Thakur said as per the National Statistical Office (NSO), the GDP growth on average was 7.5 per cent in 2014-19, which is the highest amongst G-20 countries. He said the World Economic Outlook (WEO) of October 2019, projects a significant slowdown in world output and trade in 2019. “Yet India, despite some recent deceleration of GDP growth, is still projected by WEO to grow at the fastest rate in 2019-20 among G-20 countries,” he said. The minister said the government has been taking several measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and a modest export performance, with a view to increasing the GDP growth of the country. Thakur said in the last five years, the government implemented major reforms to build the investment climate in the country for becoming a US 5 trillion-dollar economy. He said introduction of Insolvency and Bankruptcy Code (IBC) in 2016 is a significant step towards cleaning and strengthening of the financial system of the country. Implementation of Goods and Services Tax in 2017 stands out as the most important measure for improving ease of doing business in the country and Make-in-India programme is a major initiative towards increasing the indigenous capacity of the country to produce world class goods and services, he said. Thakur said continuous liberalisation has resulted in record and unprecedented inflows of foreign direct investment into the country and all along the government has kept inflation low, fiscal spending disciplined and current account deficit manageable to ensure macroeconomic stability to sustain a healthy investment climate in the country. “More recently government has cut corporate tax rate from 30 per cent to 22 per cent to boost investment activity in the country. In particular, the corporate tax rate has been cut to 15 per cent for new domestic manufacturing companies which is amongst the lowest in the world,” he said. Thakur said one of the objectives of GST is to make India a common market with a view to sustaining a high level of GDP growth in the country. Further, in the World Bank’s Ease of Doing Business 2020 Report, India’s ranking improved by 14 positions to 63 in 2019 from 77 in 2018 after GST was implemented in 2017, he said. Do you know What is Receipt Budget, Securities Transaction Tax, Revenue Deficit, Centrally Sponsored Scheme, Non Tax Revenue? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Source: Financial Express

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India SME Forum to showcase export prospects for SMEs

At present, the number of SMEs participating in exports is 1.27 lakh and the government proposes to increase the number to five lakh and double their export output, said Vinod Kumar, president, India SME Forum. In spite of the government’s focus on SMEs and exports, less than 0.01 per cent of 65 million SMEs in the country currently participate in global trade, Kumar said. India SME Forum has decided to train around four lakh SMEs for exports in the next four years, he added. Speaking at Accelerating Business Xpo, the first of its kind initiative in Kochi, Kumar said SMEs contribute 11 per cent of the GDP, 45 per cent of total manufacturing output and more than 100 million jobs. They also play a crucial role in supporting large enterprises as ancillary units and even help in promoting industry in rural and backward areas. A vibrant and financially inclusive India needs a vibrant SME sector, he added. However, the barriers are many such as lack of reliable data on overseas markets, inability to contact potential overseas customers, unfamiliarity with export rules, procedures and documentation, lack of trained export staff for trade facilitation, difficulty in identifying foreign business opportunities, insufficient access to export finance etc. Some of the barriers are about perception, and some related to lack of knowledge and information. Holistic and end-to-end global trade solution for SMEs is also lacking, he added. Formed in May 2011 with the objective of propelling a small and medium business movement across the country, India SME Forum has over 76,000 members, including 7,000 women entrepreneurs.

Source: Business Line

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RCEP remains distant dream; India’s return to this free trade agreement not imminent

Senior government functionaries, including commerce and industry minister Piyush Goyal, have indicated post-Bangkok meet that India might reconsider its pullout from the Regional Comprehensive Partnership (RCEP) agreement if its “concerns are adequately addressed”, but that will be a hard act to follow by potential partners. It is learnt that India’s differences with others like China are too wide to be bridged soon, especially on the rules of origin (ROO) of imported products. While New Delhi has pitched for “sufficient value addition” of at least 35% in the country of exports for a product to be eligible for its tariff concession under the RCEP, others want to settle for just minimal value addition. India strongly feels that in the absence of strict rules of origin, its different tariff concessions for different countries (the offers are least ambitious for China) and safeguard/anti-dumping tools against any irrational spike in imports will be rendered meaningless and exporters from certain countries can easily violate the spirit of the agreement. For instance, a mobile phone that is excluded from the list of Chinese products eligible for duty concession in India can still land up here through Vietnam at a lower duty because the item is part of New Delhi’s offer list for Hanoi. This is despite the fact that the entire mobile phone is made in China but gets exported to India from Vietnam after the supplier adds, say, just tampered glass to it. “India’s condition for rules of origin would be among the most difficult proposals for countries like China to accede,” said one of the sources. RCEP, distant dream, India, free trade agreement, ROO, Regional Comprehensive Partnership, economy news, Piyush Goyal, RCEP countries, RCEP india, RCEP members, RCEP news. In fact, to prevent such circumference, India’s existing free trade agreements (FTAs) with Asean, Japan and South Korea already link duty concession to a 35% value addition, according to analysts. “Upon India’s insistence on the 35% value addition clause in the RCEP agreement, other partners wanted to limit the list of tariff lines where such a level of value addition would be mandatory to just 100. India rejected such a short list. The main worry is about circumference of such exports from China,” said a source. Safeguards for domestic industry, particularly, remain a crucial part of India’s negotiations at RCEP and New Delhi feels its efforts towards credible deterrence against “irrational spike in undesirable imports” can be easily thwarted by vested interests without tough rules of origin, said the source. A day after India decided to pull out of the 16-nation Regional Comprehensive Economic Partnership (RCEP) talks, commerce and industry minister Piyush Goyal on November 5 indicated that New Delhi might get back at the negotiating table only if its demands — including extra safeguard mechanism to curb irrational spike in imports and tougher rules on the origin of imported products — were adequately addressed. However, for now, the country had decided against joining the RCEP, he asserted. Although the 15 other nations went ahead with the pact in November, they showed willingness to accommodate India’s concerns. A joint statement of RCEP nations after the November 4 summit in Bangkok, where Prime Minister Narendra Modi attended, was also silent on India’s decision to pull out. It merely said: “India has significant outstanding issues, which remain unresolved. All RCEP participating countries will work together to resolve these outstanding issues in a mutually satisfactory way. India’s final decision will depend on satisfactory resolution of these issues. “This was a clear indication that others were keeping the doors open for India to join back should it so decide. After the pullout, Goyal said India was unwilling to budge on its core demands on an “auto-trigger” mechanism for safeguarding domestic industry from dumping, despite pressure from partners. Also, it was steadfast in demanding credible steps to address India’s $105-billion trade deficit with RCEP members, a more balanced deal on services, strict rules of origins of products to check the abuse of tariff concessions and change in the base year to implement the tariff abolition from 2014 to 2019. Moreover, it almost wanted its agriculture and dairy sector out of the RCEP negotiations. Most members wanted to conclude the negotiations in 2019 so that a deal can be formally signed in 2020. A source had earlier said that India was planning to employ an “auto-trigger” safeguard mechanism for imports from not just China but also Australia and New Zealand to better protect domestic players from irrational spike in imports. However, the move was resisted. To protect its industry, India had decided to trim or remove tariffs on Chinese goods only in phases over a period of 20-25 years. Similarly, its tariff concessions was to be the least ambitious for China—it offered to reduce or abolish import duties on a total of 80% of imports from China, against 86% from New Zealand and Australia, and 90% from Asean, Japan and South Korea. Even without RCEP, India’s merchandise trade deficit with China stood at $53.6 billion in FY19, or nearly a third of its total deficit. Its deficit with potential RCEP members (including China) was as much as $105 billion in FY19.

Source: Financial Express

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Rupee pares morning gains; settles 6 paise down at 71.84 vs USD

The rupee pared early morning gains to settle down by 6 paise at 71.84 against the US currency on Monday due to continued forex outflows and gains in the dollar in global markets. Forex traders said investor traded cautiously after domestic equity market also shed its morning gains and witnessed selling pressure during the day. The 30-share index, which opened on a firm note, turned negative in the afternoon session before ending 72.50 points, or 0.18 per cent, down at 40,284.19. Similarly, the broader NSE Nifty slipped 10.95 points, or 0.09 per cent, to end at 11,884.50. At the interbank foreign exchange market, the rupee had opened at 71.67 against the US dollar. Later, the local unit lost ground and fell to the day's low of 71.86. The domestic unit finally settled at 71.84, lower by 6 paise over the previous closing price. On Friday the rupee had settled at 71.78 against the American currency. "Rupee rose in the first half of the session but was weighed down in the latter half following some recovery in the dollar against its major crosses," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private Ltd. Somaiyaa further noted that pound continued to rally after UK Prime Minister Boris Johnson said that all Conservative Party candidates in the upcoming election have pledged to back his Brexit deal. "We expect that the momentum could continue on the upside for the next couple of sessions but any escalation on Brexit uncertainty could keep gains capped for the currency," he said. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 270.66 crore on Monday, exchange data showed. Brent futures, the global oil benchmark, fell 0.35 per cent to USD 63.08 per barrel. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 97.90. The 10-year government bond yield was at 6.48 per cent on Monday. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.7109 and for rupee/euro at 79.04. The reference rate for rupee/British pound was fixed at 92.36 and for rupee/100 Japanese yen at 66.04. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

Source: Financial Express

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Global Textile Raw Material Price 18-11-2019

Item

Price

Unit

Fluctuation

Date

PSF

949.47

USD/Ton

-0.75%

11/18/2019

VSF

1455.23

USD/Ton

-2.67%

11/18/2019

ASF

2189.27

USD/Ton

0%

11/18/2019

Polyester    POY

987.99

USD/Ton

1.09%

11/18/2019

Nylon    FDY

2197.12

USD/Ton

-0.65%

11/18/2019

40D    Spandex

4094.63

USD/Ton

-0.35%

11/18/2019

Nylon    POY

2325.52

USD/Ton

0%

11/18/2019

Acrylic    Top 3D

1077.16

USD/Ton

0%

11/18/2019

Polyester    FDY

2432.52

USD/Ton

-0.87%

11/18/2019

Nylon    DTY

5392.93

USD/Ton

0%

11/18/2019

Viscose    Long Filament

1219.83

USD/Ton

0%

11/18/2019

Polyester    DTY

2040.18

USD/Ton

-0.69%

11/18/2019

30S    Spun Rayon Yarn

2075.85

USD/Ton

-0.14%

11/18/2019

32S    Polyester Yarn

1569.37

USD/Ton

0%

11/18/2019

45S    T/C Yarn

2411.12

USD/Ton

0%

11/18/2019

40S    Rayon Yarn

1754.84

USD/Ton

-0.81%

11/18/2019

T/R    Yarn 65/35 32S

2296.99

USD/Ton

0%

11/18/2019

45S    Polyester Yarn

2354.06

USD/Ton

0%

11/18/2019

T/C    Yarn 65/35 32S

1933.18

USD/Ton

-0.37%

11/18/2019

10S    Denim Fabric

1.26

USD/Meter

0%

11/18/2019

32S    Twill Fabric

0.69

USD/Meter

0%

11/18/2019

40S    Combed Poplin

0.96

USD/Meter

0%

11/18/2019

30S    Rayon Fabric

0.55

USD/Meter

-0.26%

11/18/2019

45S    T/C Fabric

0.67

USD/Meter

0%

11/18/2019

Source: Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.14267 USD dtd. 18/11/2019). The prices given above are as quoted from Global Textiles.com.  SRTEPC is not responsible for the correctness of the same.

 

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Global trade likely to be below par in fourth quarter: WTO

The global trade in goods is expected to be below par in the fourth quarter of 2019 due to increasing trade tensions and tariffs in key sectors but there has been a slight improvement since August, according to the latest projections by the World Trade Organization’s Goods Trade Barometer. “The indicator’s reading of 96.6 marks, a slight improvement compared to the 95.7 registered in August, remains well below the index’s baseline value of 100, signalling below average growth,” an official release said. For Indian exporters, who have been suffering a drop in exports over the last three months (August 2019-October 2019), the projected lacklustre performance in world trade in the last quarter spells more trouble. This would mean that the revival they have been hoping for on the back of a rebound in world demand may take longer. The Goods Trade Barometer, which comes up with quarterly projections, provides “real time” information on the trajectory of world merchandise trade volumes relative to recent trends.

Trade war blues

One of the main reasons for the continued gloom in the trade outlook is the trade tension prevailing around the world, as per the report. Although the report does not elaborate on this, the on-going trade war between China and the US, which is not showing any signs of dissipating, has affected global trade substantially. Moreover, increased protectionism by countries through tariff and non-tariff measures to curb imports is also taking a toll. On the positive side, the indices for export orders, automotive products, and container shipping have improved.

Further weakening

However, the indices for international air freight, electronic components and raw materials have all deteriorated further, says the report. Electronic components trade was the weakest of all, possibly reflecting recent tariff hikes affecting the sector, it added. The projections of the Goods Trade Barometer is in alignment with data on trade growth expectations, the release said. “Official data confirm the loss of momentum in goods trade foreseen by the Goods Trade Barometer earlier this year. According to the latest WTO quarterly trade volume statistics, merchandise trade rose by only 0.2 per cent year-on-year in the second quarter of 2019, compared with 3.5 per cent in the same quarter of last year,” it said. In September, WTO economists brought down trade growth expectations for 2019 to 1.2 per cent from the 2.6 per cent level projected in April.

Source: Business Standard

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Malaysian govt onto its first textile manufacturing hub

The government is facilitating a plan to establish Malaysia’s first textile manufacturing hub as part of an effort to revitalize the industry. International Trade and Industry Minister Datuk Darell Leiking (picture) said the proposal for the hub is currently being drafted by a team from the ministry, Malaysian Investment Development Authority (Mida) and the recently launched Federation of Malaysian Fashion, Textiles, and Apparels (FMFTA). “We are re-industrializing Malaysia’s textile sector. I have to put the parties together first. This is something that the government fully supports because we believe the domestic investors are fully capable to develop this,” he said at the launch of FMFTA in Kuala Lumpur yesterday. FMFTA pro-tem committee chairman Datuk Seri Tan Thian Poh said the federation has suggested that 600ha to 1,000ha should be provisioned for the development of the textile hub. “We have urged the government to set up a fashion, textile and apparel hub in Malaysia, equipped with shared research and development (R&D) capabilities, common waste treatment and design center, among others. “What we have in mind is that we are not looking at a small business, but rather a massive land between 600ha and 1,000ha to develop this initiative. “The foreign direct investment would be invited to participate along with state governments…because if the price of our land is too expensive, the investors will go to other countries,” he said. Tan added that the federation has also proposed for the hub to be established at the least-developed state which has connected logistics services. The project would, in turn, enhance the economic development of the chosen state. “We have been developing the richer states, but I feel like there are a lot of resources in the poorer states that have not been tapped. “Although the employment rate is low, the rural areas have to be looked into. We have to industrialize those rural areas to bring up the standard of living and eradicate poverty,” he said. While it may be difficult to get local players to move their existing operations, Tan said the firms could be compensated by sufficient incentives. “This hub could be managed by FMFTA or industry players through a public-private partnership with the government. “We are aware that not many businesses are ready to uproot their operations to rural places but given the right support such as availability of land and assistance for the respective state government, we believe this is attainable,” he said. The textile and apparel industry is Malaysia’s eleventh largest manufacturing sector, employing over 155,000 people with an export target of RM24 billion to be achieved by 2020. On the downstream and upstream segments, a total of 1,195 textile and apparel projects worth RM12.6 billion combined were implemented as of December 2018. For the first half of 2019, Mida has approved an additional investment of RM94.4 million for five projects, with RM120 million still in the pipeline. “On investment, we have an additional RM120 million that is still in the pipeline to be disbursed and it is all just for manufacturing projects. “For the designers, we know that they could leverage on other programs and financial assistance that they can expose themselves to. “The government understands that moving up the value chain would require financial resources that may not be readily accessible to many local stakeholders,” Mida CEO Datuk Azman Mahmud said.

Source: Yarns and Fibers

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China, Vietnam to tap great potentials in trade cooperation

HANOI- A seminar about trade and investment cooperation between China and Vietnam was held here on Monday, attracting nearly 100 officials and entrepreneurs to study potentials of the Vietnamese market and seek cooperation opportunities. The China-Vietnam Trade and Investment Promotion Seminar, co-organized by China's Council for Promoting South-South Cooperation (CPSSC) and Vietnam Chamber of Commerce and Industry (VCCI), was attended by a delegation of more than 20 Chinese enterprises in such fields as textile industry, transportation, business management consulting, big data, and internet applications. In recent years, the economic and trade cooperation between China and Vietnam has developed steadily and yielded fruitful results with bright prospects, said CPSSC chairman Lv Xinhua. "The CPSSC is committed to building a platform for Chinese enterprises to understand the investment environment in developing countries, and we hope that this event will enable them to get to know local business partners as well as find cooperation opportunities," he said, adding that in the context of growing protectionism and unilateralism, the Vietnamese side deserves admiration for actively participating in regional cooperation and safeguarding the multilateral trade system. Speaking at the event, Xiong Bo, the Chinese ambassador to Vietnam, said that there is great potentials and space for the two countries to deepen the economic, trade and investment cooperation. "Next year marks the 70th anniversary of the establishment of diplomatic relations between China and Vietnam, bringing new opportunities for relationship between the two countries," he said, adding that the Chinese side is willing to strengthen coordination and communication with Vietnam to continuously unleash the potential of cooperation in various fields. Doan Duy Khuong, vice president of VCCI said, at the seminar that in recent years, the economic and trade relations between Vietnam and China have developed in a comprehensive way, bringing benefits for enterprises and peoples of the two countries. He hoped that the two sides will make further achievements in economic and trade cooperation in the future and contribute more to the sustained and stable development of the two economies. As Vietnam will assume the rotating chair of the ASEAN next year, China is welcome to actively participate in related business summits in order to discuss and work out programs and strategies to promote regional economic integration, he said.

Source: Xinhuanet

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Yarn Expo Spring 2020 to take place in March next year

Yarn Expo Spring will take place from March 11-13, 2020, at National Exhibition and Convention Center, Shanghai, China, occupying an exhibition area of 26,000 sqm. As one of the most important industry events for sourcing fibres and yarns, the expo serves as a fast-developing springboard for exhibitors to reach and attract Chinese and international buyers. Four concurrent fairs including Intertextile Shanghai Apparel Fabrics and Intertextile Shanghai Home Textiles will also be held at the same venue as the Yarn Expo Spring. In 2019, Yarn Expo Spring attracted 28,302 buyers from 87 countries and regions, a 9 per cent increase compared to 2018, as well as 468 exhibitors from 12 countries and regions. According to the World Trade Organization, global textile trade in the past year saw record growth since 2012, and China was within the top three largest exporters and importers of textiles. As a result, suppliers are striving to meet robust demand with innovation and eco-friendly solutions. Yarn Expo Spring presents the ideal sourcing platform for the industry by attracting worldwide suppliers with the potential to explore new partnerships and markets in China and globally, while offering buyers strong product diversity and updated market information. “From cotton and wool to recycled polyester, there’s something for every visitor throughout the supply chain at Yarn Expo Spring alongside the four concurrent fairs,” said Wendy Wen, senior general manager of Messe Frankfurt (HK) Ltd. “Besides product diversity, we also have a large variety of visitors from different backgrounds, countries and regions, promising access to new markets for exhibitors at Yarn Expo Spring on top of the opportunity to tap the huge potential in China’s market.” Eco-friendly solutions and innovations across all product categories are expected to continue to be a major trend at Yarn Expo Spring 2020, with highlighted domestic zones including natural cotton, quality wool, green linen, chemical fibre and specialty yarn. In particular, the Fancy and Specialty Yarn Zone will feature the Fancy Yarn Vision display area, which was first introduced at Yarn Expo Autumn 2019. Meanwhile, international pavilions and zones showcasing an increasing number of strong suppliers include the India Pavilion and the Pakistan Zone. “The visitors to Yarn Expo are very professional and match our exhibitors’ expectations. Some large Chinese importers visited our booths, and I’ve noticed this edition there are a lot of new importers who haven’t bought from India before,” said Ravindranathan Narayanasamy, director of the Cotton Textiles Export Promotion Council (TEXPROCIL), organisers of the India Pavilion. “In addition to the local market, we have seen a lot more overseas buyers, from Korea, Japan, the US, a lot from Europe and some from Russia. We’re really happy with our participation in the fair as this is a global meeting point. This is definitely the best fair in China, and one of the best in the world.” A frequent visitor of Yarn Expo, Sebastián Jaramilo of Alltex from Colombia shared how he visited suppliers from China, India, Vietnam, Indonesia, Thailand, Uzbekistan and the US: “I am especially looking for eco-friendly products. I’m happy to see many companies here committed to environment-friendly policies. The quality of suppliers here is good and has everything I need in one place. I can meet new connections here, and also place onsite orders with my existing suppliers,” said Jaramilo. Yarn Expo Spring and the four concurrent fairs – Intertextile Shanghai Apparel Fabrics – Spring Edition, Intertextile Shanghai Home Textiles – Spring Edition, PH Value and the China International Fashion Fair (CHIC) – bring the whole textile supply chain to one fairground for exhibitors and visitors to strengthen their business contacts and discover new opportunities in the industry together. The product groups being featured at the fair are natural fibres (cotton, wool, silk & flax / ramie), man-made fibres (regenerated & synthetic), specialty fibres, natural & blended yarns (cotton, wool, silk & linen / ramie), man-made & blended yarns (regenerated & synthetic), elastic yarns, fancy yarns, specialty yarns.

Source: Fibre2fashion

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