The Synthetic & Rayon Textiles Export Promotion Council

MARKET WATCH 13 AUGUST, 2020

NATIONAL

INTERNATIONAL

PM Modi to launch Transparent Taxation on Thursday to ease compliance, benefit taxpayers

Prime Minister Narendra Modi will launch taxation reforms through -Transparent Taxation - on Thursday, aimed at easing compliance and expediting refunds, benefiting honest taxpayers. The launch of the platform will further carry forward the journey of direct tax reforms, following the several measures that have been taken by the Central Board of Direct Taxes (CBDT) to aid taxpayers. The CBDT has carried out several major ta reforms in direct taxes in the recent years, including the latest being reduction in corporate ta last year to 22% from 30% for existing companies and 15% for new manufacturing units. Dividend distribution tax was also abolished. The focus of the tax reforms has been on reduction in tax rates and on simplification of directs laws. Several initiatives have been taken by the Central Board of Direct Taxes for bringing in efficiency and transparency in the functioning of the IT Department, including Document Identification Number (DIN) and pre-fling of income tax returns to make compliance more convenient. While compliance norms for start-ups have also been simplified, the Direct Tax “Vivad se Vishwas Act, 2020” was brought out for settling disputes, many of which are being led currently. To effectively reduce taxpayer grievances or litigation, the monetary thresholds for ling of departmental appeals in various appellate Courts have been raised.

Source: Economic Times

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Indian MSME ministry to propose lifting PPE export ban

Indian minister of micro, small and medium enterprises (MSME) and road transport and highways Nitin Gadkari recently said he will request Prime Minister Narendra Modi and commerce minister Piyush Goyal to allow the export of personal protective equipment (PPE) to help the industry while creating jobs. He was addressing exporters at a virtual workshop. The webinar on ‘Manufacture and Exports of Textile Based PPE’ was jointly organised by the Apparel Export Promotion Council (AEPC) and the Process and Product Development Centre (PPDC) of the MSME ministry. “We are all with you regarding the export of PPE kits. I am constantly following this. I will talk with Piyush Goyal ji and the Prime Minister for the purpose as this will create more employment while at the same time it is an opportunity for our manufacturers,” Shri Gadkari was quoted as saying by an AEPC press release. “Today, we have surplus production and we are in a position to export more of these quality materials. I will write to the Commerce Ministry and the Prime Minister for giving permission to export PPE kits, masks and sanitizer,” he said. The government is planning a social micro finance institution that will finance up to ₹10 lakh to an individual, he said. “I am confident that this will help create two crore jobs. This is the time to help the poor; socially, economically and educationally backward; living in rural and tribal areas; and 115 aspirational districts,” he added.

Source: Fibre2fashion

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China extends anti-dumping tariff on Indian fibre optic product for 5 years

China is extending an anti-dumping tariff on a fibre optic product made in India, the Ministry of Commerce said on Thursday. The punitive tariff on single-mode optical fibre takes effect from Aug. 14 and lasts for five years, with tariffs ranging between 7.4% and 30.6% depending on the specific Indian manufacturers, the ministry said. China previously slapped an anti-dumping tariff on the same Indian product for five years until mid-August of 2019 and then had a review of the case.

Source: Business Standard

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Exporters reel from financial body blow as MEIS is blocked due to paucity of funds

Scheme blocked

According to a report by IANS, in the absence of any further funds allocation by the Finance Ministry, the online module for the Merchandise Export from India Scheme (MEIS) for exporters has been blocked from last week by the Directorate General of Foreign Trade (DGFT).

Body blow

The blocking of MEIS, due to lack of allocations beyond the sanctioned Rs 9,000 crore, will be a blow to exports and exporters, already reeling under the disruption in global trade due to Covid-19 and the weak economic sentiment

Benefits galore

Under the MEIS, the government provides duty benefits depending on product and country. Rewards under the scheme are payable as a percentage of realised free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.

Ministerial tussle

The commerce department has requested its revenue counterpart to reconsider its decision, and a communication has also been sent by Commerce and Industry Minister Piyush Goyal to Finance Minister Nirmala Sitharaman on July 21.

Source: Business Standard

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Nitin Gadkari calls for global investment in highways, MSME sectors to spur economic growth

 New Delhi: Union minister Nitin Gadkari on Wednesday called for increased investment by international institutions and bodies in the Indian Highways and MSME sectors, the MSME Ministry said.Highlighting road safety measures taken by the country, the minister also said that the objective is to set out to achieve zero road fatalities by 2030. The minister for Road Transport, Highways and MSMEs said automobile and micro, small and medium enterprises are the two growth engines of the country's economy, according to a release by the MSME ministry. Addressing the Indo-Australian Chamber of Commerce and Women Innovator on Trade Investment and collaborations in road infrastructure and MSMEs, the minister said India and Australia are already co-operating in the road safety sector. He said this cooperation has provided better designs for roads and awareness opportunities for the public. The minister stated that under Indian Road Safety Assessment Programme, 21,000 km roads have been assessed and about 3,000 km road length is under technological upgradation. "It is estimated, he added, that these upgradation programmes will bring about 50 per cent reduction in road accidents. Gadkari informed that our objective is to set out to achieve zero road fatalities by 2030," an oicial statement said. Gadkari informed that his ministry has taken lot of initiatives to reduce road accidents. World Bank and ADB have committed Rs 7,000 crore each for this campaign. He said, by social awareness and education, improving emergency services, pressing for medical insurance, providing more hospitals, etc the country is inching closer to achieving its Road safety targets. The minister referred to the MV Act of 2019, which is a comprehensive legislation on all aspects of the transport sector in India. The minister said the government is concentrating on village, agricultural and tribal sectors for providing employment opportunities there. He emphasized that it is the micro, small and medium enterprises (MSME) sector which will drive the Indian economy in the coming years. He said that investment in infra and insurance sectors has been opened up, as there are huge opportunities in insurance, pension and share economies.

Source: Economic Times

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India, Bangladesh traders demand trial run of vessels through protocol route on Gomati river this month

Agartala: Traders of India and Bangladesh have demanded a trial run of vessels on the Gomati river this month to operationalise the Indo-Bangla protocol route between Sonamura in Tripura's Sipahijala district and Daudkandi in the neighbouring country, oicials said. The 93-km long Sonamura-Daudkandi waterway was included in the list of IndoBangla protocol routes in May this year. A high-level team of oicials of the Bangladesh Shipping Ministry surveyed the specied waterway on Gomati river on Tuesday, Sonamura sub-divisional magistrate Subrata Majumder said. But they did not meet Indian oicials during the tour, he said. "Of the 90-km stretch, around 89.5 km is in the neighbouring country. Export-import traders of the two countries proposed a trial run of barges through the protocol route," he said. Indian traders have also discussed the prospects of the waterway with their Bangladeshi counterparts through a video conference. All Tripura Merchant Association's general secretary Sujit Roy said they have interacted with the Bangladeshi businessmen on the issues of exporting and importing goods through the riverine route. "Traders of the two countries believe that the transport cost will come down, if the protocol route is operationalised. We have proposed a trial run to expedite the operationalization process," he said. The Tripura government had launched a boating jetty on the Gomati river as part of the Indo-Bangla international inland waterways connectivity project on July 4 this year.

Source: Economic Times

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Industry needs to become more competitive to make India ‘Atma Nirbhar’, says Suresh Prabhu

Domestic industry must become more competitive and help the country become ‘Atmanirbhar’, former union minister Suresh Prabhu said on Wednesday.Prabhu, who is India’s Sherpa at G20, also said most countries are adopting protectionist policies and India too must become self-reliant. “In the days to come, we have to move with confidence as there is no alternative to Atmanirhbar Bharat,” he said, adding that even votaries of a free market economy like the US are adopting protectionist policies. “There is a need to make our industries more competitive as more competition will result in improving efficiency?of our industries. I believe that only competition will help,” he said at a virtual event organised by PHD Chamber of Commerce. Prabhu said the government has implemented many policies to create employment opportunities as well as double farmers’ income. Prime Minister Narendra Modi has given the slogan of ‘Atmanirbhar Bharat’ to make India more prosperous, he added. Prabhu pointed out that most countries?are adopting protectionist policies and India has to become?’Atmanirhbar’ as there is no other option.

Source: Financial Express

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Post-Covid fillip: GST refunds for longer periods central to UP’s new industrial policy

The policy, which aims to accelerate the pace of industrialisation in these regions, would provide attractive incentives to industrial units for creating growth centres in these areas on a fast-track mode. In a bid to give a fillip to the state’s economy and provide employment to migrant workforce that has returned in the wake of Covid-19 lockdown, the Uttar Pradesh cabinet has announced an accelerated investment promotion policy for the backward regions of Purvanchal (eastern UP), Madhyanchal (central UP) and Bundelkhand. The policy, which aims to accelerate the pace of industrialisation in these regions, would provide attractive incentives to industrial units for creating growth centres in these areas on a fast-track mode. The Centre had, in July last year, refrained from raising the FRP for 2019-20 from Rs 275 per quintal to keep a leash on mills’cane costs.Sugar-coating: Mills to get higher prices to offset hike in cane rates They have pushed some larger suppliers into stopping doing business with UP discoms, industry sources said. Dues pile up: After power producers, machine suppliers say UP discoms owe them Rs 2,000 crore. According to the policy, those setting up industries under this scheme in Madhyanchal would be eligible for 70% reimbursement of net state goods and services tax (SGST) for 12 years subject to 200% of capital investment made during the policy period. Units set up in Purvanchal and Bundelkhand would be eligible for 70% reimbursement of net SGST for 15 years subject to 300% of capital investment made during the policy period. Currently, the industrial investment and employment promotion policy-2017 provides for a net SGST reimbursement of 70% to eligible industrial units for 10 years only. Speaking to FE, Additional chief secretary, infrastructure and industrial development department, Alok Kumar said the policy will be applicable to new investors who apply under it within six months of its notification. “Even existing units can take advantage of this policy, provided they scale up their investment as per provisions of the policy and 80% of their investment is made after the notification date,” he said, adding that industrial undertakings investing in expansion or diversification of existing units will not be eligible. Stating that the objective of the policy was to fast-track industrialisation and investments in the state in the post Covid-19 situation, he said that the eligible mega and mega plus category of industrial undertakings will have to initiate commercial production within 30 months and super mega categories within 42 months from the notification date of this policy. “Generally, mega and mega plus units commence production in 60 months or five years while super-mega units take 7 years or 84 months. We have halved the timeline in this policy,” he said. Acknowledging the fact that the pandemic has caused immense damage to the state’s economy and robbed people of their employment, Kumar said that UP has seen the worst reverse migration, with over 35 lakh people returning back to the state. “This is an opportunity for the state, both to create new growth centres in backward areas, which would have a huge trickle-down effect and also create large-scale employment for the migrants locally,” he said.

Source: Financial Express

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After scrapping five loom boards, Irani-run Ministry of Textiles set to shut down 100-year-old Brish-era PSU

After scrapping five loom boards within 8 days, Smriti Irani-run Ministry of Textiles is all set to shut down two important PSUs in the coming times. Sources told NH that the Ministry has prepared a proposal and a Cabinet note has also been distributed in this regard. According to the sources, the two PSUs that have been identified by the ministry for closure are the British-era British India Corporation (BIC) and Handlooms Exports Corporation of India. Headquartered in Kanpur, the 100-year-old British India Corporation was founded by Alexander Mac Robert in 1920. Famous for producing textile for the armed forces, the company is also known for manufacturing two popular brands of woollen products – Lalimli and Dhariwal. Nationalised in 1981, with nearly two thousand employees, the BIC operates two woollen mills: one in Kanpur and one in Dhariwal, Punjab. According to sources, the ministry is of the view that to implement the idea of “minimum government, maximum governance” it is important to identify loss-making companies and shut them down. Unfortunately, BIC has constantly been running in losses for many years. “Many more PSUs will meet the same fate,” said the source. The other PSU which faces closure by the Ministry run by Irani is the Handlooms Exports Corporation of India. Founded 50 years ago with the aim to promote export of Indian handlooms, handicrafts, jewellery etc, the company failed to register “desired profit”. However, data provided by the company says it has generated a profit of Rs 397 lakh which is nearly Rs 40 crore after tax deduction in 2018-19. When asked to react, an employee of the company said on the condition of anonymity, “In the last few years we have seen an increase in demand for Indian handlooms, ethnic products, decorative items, antiques etc in the international market...I agree that that the company has not made huge profits, but shutting it down is not a solution”. As per records, the company, which is famous for supplying beautiful artefacts to international audiences, has registered negative profit only for five times in 24 years between 1996 to 2020. It is worth recalling here that the Ministry of Textiles scrapped the 28-year-old All India Handloom Board (AIHB) in the last week of July. Then the ministry wound up the All India Handicrafts Board and the Cotton Advisory Board on August 3. The All India Powerloom Board and the Jute Advisory Board were scrapped on August 4.

Source: National Herald

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Andhra govt requests dedicated freight corridor connectivity to its ports

The Andhra Pradesh government has requested the Railways to extend its dedicated freight corridor connectivity to ports in the state so that millions of tonnes of cargoes can be handled in a pollution-free and cost-effective manner. In an indication of how significant the freight-only corridors could become for goods transport, Andhra Pradesh Maritime Board CEO NP Ramakrishna Reddy wrote to the Dedicated Freight Corporation of India Limited (DFCCIL), requesting its support in the state's upcoming port development projects. He said the DFC connectivity will act as a catalyst for the overall development of the ports and bring in effective and pollution-free transportation of the cargo, besides being cost-effective. For this purpose, an MoU may be entered into to ensure better coordinated efforts, he said in the letter, dated August 10. The DFCCIL is presently working on two corridors -- Western Corridor and the Eastern Corridor. Four other corridors are proposed. Talking about the areas the proposed DFC will touch in Andhra Pradesh, an official said as of now, it is planned till Vijayawada. "From there, the freight trains will operate on feeder routes of the Indian Railways, which means it will not be a dedicated freight corridor, with both passenger and mail express running on them. Once a MoU is signed, the corridor can connect different ports in the state specifically," he said. In his letter, AP Maritime Board CEO Reddy told the DFCCIL that handling of cargoes at all the non-major ports -- already developed or under development in the state is to be done either by road or rail. He said the existing ports have rail links, but a DFC connectivity will catalyse the overall development of the ports. Therefore, I request you to please support the port development that is going to be taken up in the State of Andhra Pradesh by ensuring dedicated freight rail connectivity, he said in the letter. Andhra Pradesh has four ports in the pipeline for development by 2024 -- the Bhavanapadu Port in Srikakulam District, the Kakinada SEZ Port in East Godavari, the Machilipatnam Port in Krishna District and the Ramayapatnam Port in Prakasham District. With the development of these four non-major greenfield ports, it is targeted to handle about 300.00 to 350.00 MT cargo per annum by 2024-25, Reddy said in his letter. The state's ports presently have a handling capacity of about 100.00 MT per annum, the official said.According to data shared by the Railways, total freight loading stood at 1,223.17 MT (million tonnes) in 2018-19, and 1210.46 MT in 2019-20.In the current financial year, the Railways has loaded 322 MT of freight (April-July 2020) as against 394 MT in the corresponding period last year. The Railways dedicated freight corridor (DFC) project involves the construction of six freight corridors traversing the entire country. The purpose of the project is to provide a safe and efficient freight transportation system.The first two DFCs -- the Western Dedicated Freight Corridor (WDFC) from Uttar Pradesh to Mumbai; and the Eastern Dedicated Freight Corridor (EDFC) from Ludhiana in Punjab to Dankuni in West Bengal -- will decongest the railway network by moving 70 percent of goods trains to these two line. They are both on track for completion by December 2022. Around 56 percent of WDFC and 60 percent of EDFC is complete as of July 2020.

Source: Business Standard

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Cut in benefits? New export scheme to cost govt just Rs 10,000 crore

In a proposal that raises fears of a drastic cut in benefits to exporters and could cast a shadow over recovery following the Covid-19 outbreak, a Niti Aayog analysis has pegged the potential outgo under a proposed scheme to reimburse all embedded levies paid on inputs consumed in exports at just about Rs 10,000 crore a year. This is only a fraction of the annual benefits of Rs 50,000 crore that the government had envisaged when finance minister Nirmala Sitharaman announced the so-called Remission of Duties and Taxes on Exported Products (RoDTEP) scheme in September last year to make exports zero-rated, in sync with global best practices. In fact, Niti’s estimated RoDTEP outlay is also close to a fifth of the incentives in FY20 under the Merchandise Export from India Scheme (MEIS) that the RoDTEP is proposed to replace from January 2021. Niti’s estimate can potentially deal another blow to exporters, coming as it is after the resource-strapped revenue department’s capping of the MEIS allocation at just Rs 9,000 crore for the April-December period of FY21. In a presentation at a video conference meeting, chaired by PK Mishra, principal secretary to Prime Minister Narendra Modi, on August 6, Niti Aayog chief executive Amitabh Kant is learnt to have proposed that once the RoDTEP scheme replaces the MEIS, the annual “savings” of Rs 40,000 crore be utilised to roll out production-linked incentive (PLI) schemes in “sectors of strength to create global champions”. While it’s unclear how Niti has arrived at such a low estimate (a committee headed by GK Pillai was formed only on July 30 to suggest RoDTEP rates), its proposed outlay has raised fears of a massive reduction in either the coverage of sectors or the reimbursement rates under the RoDTEP scheme. To be sure, any such proposal by Niti Aayog is still being deliberated upon and yet to be endorsed by the government. Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf said it’s “impossible” to offset the blow of all the embedded taxes within an annual outlay of just Rs 10,000 crore (about $1.3 billion) when exports are typically above $300 billion a year. “Many exporters are, as such, forced to focus more on the domestic market now, as margins in exports have shrunk. Lack of adequate legitimate incentives will further discourage them from exports. Cash flow, as such, is already badly hit by the pandemic,” he said. An export-led economic recovery in the coming years is out of the question now, unless the incentive is suitably restructured, some exporters warn. Merchandise exports have been contracting since March, thanks to the pandemic. They witnessed a record 60% crash, year-on-year, in April, although the contraction narrowed to 37% in May, 12% in June and 9% in July, as lockdown curbs were lifted in June. However, some exporters say once some of the orders booked earlier are despatched, exports could falter again, thanks to a combination of subdued demand overseas and inadequate benefits. Interestingly, exporters have often complained that even the MEIS benefits remain too inadequate to offset the damaging impact of structural bottlenecks in India, including embedded levies, elevated logistics costs, poor infrastructure and “over-valued” currency. The RoDTEP scheme is proposed to cover levies that are not subsumed by the GST (petroleum and electricity are still outside the GST ambit, while other imposts like mandi tax, stamp duty, embedded central GST and compensation cess, etc, remain unrebated). Niti has favoured the launch of PLI in sectors, including textiles, food processing, battery cell making, electronic/tech products, telecom & networking, auto and components, white goods, capital goods and specialty chemicals. Funds for PLI schemes, which must be operational for a maximum of 5 years, can be hiked at 10% a year, it suggested. Recently, the government launched the PLI schemes for three sectors—electronics, pharma and medical devices. It has also favoured a phased manufacturing programme for low-value and other products that have high domestic demand. Similarly, it wants a review of India’s various free trade agreements to “contain round tripping of imports”. Niti argues that the MEIS is a “highly-fragmented” scheme that doesn’t incentivise high-volume and high-value production, nor does it boost exports significantly. This is despite the fact that as much as 27% of customs duty collection was utilised to service the scheme. While MEIS liabilities grew as much as 32.2% year on year in FY19, exports of the MEIS-covered items rose by only 10.4%. In FY18, the MEIS covered 47.8% of Indian exports but 85.6% of total exporters, mainly because the scheme encompasses many labour-intensive sectors filled with small and medium businesses.

Source: Financial Express

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Global Textile Raw Material Price 13-08-2020

Item

Price

Unit

Fluctuation

Date

PSF

796.21

USD/Ton

0%

13-08-2020

VSF

1202.23

USD/Ton

0%

13-08-2020

ASF

1700.40

USD/Ton

0%

13-08-2020

Polyester    POY

767.41

USD/Ton

0.09%

13-08-2020

Nylon    FDY

1914.93

USD/Ton

-0.37%

13-08-2020

40D    Spandex

4002.64

USD/Ton

0%

13-08-2020

Nylon POY

935.87

USD/Ton

0%

13-08-2020

Acrylic    Top 3D

2159.70

USD/Ton

0%

13-08-2020

Polyester    FDY

5183.28

USD/Ton

0%

13-08-2020

Nylon    DTY

964.67

USD/Ton

0%

13-08-2020

Viscose    Long Filament

1799.75

USD/Ton

0.40%

13-08-2020

Polyester    DTY

1871.74

USD/Ton

0%

13-08-2020

30S    Spun Rayon Yarn

1664.41

USD/Ton

-0.34%

13-08-2020

32S    Polyester Yarn

1346.21

USD/Ton

0.54%

13-08-2020

45S    T/C Yarn

2166.90

USD/Ton

0%

13-08-2020

40S    Rayon Yarn

1511.79

USD/Ton

0%

13-08-2020

T/R    Yarn 65/35 32S

2044.52

USD/Ton

0%

13-08-2020

45S    Polyester Yarn

1842.94

USD/Ton

0%

13-08-2020

T/C    Yarn 65/35 32S

1670.17

USD/Ton

0%

13-08-2020

10S    Denim Fabric

1.14

USD/Meter

0%

13-08-2020

32S    Twill Fabric

0.64

USD/Meter

0%

13-08-2020

40S    Combed Poplin

0.93

USD/Meter

0%

13-08-2020

30S    Rayon Fabric

0.47

USD/Meter

0%

13-08-2020

45S    T/C Fabric

0.65

USD/Meter

0%

13-08-2020

Source: Global Textiles

Note: The above prices are Chinese Price (1 CNY = 0.14398 USD dtd. 13/08/2020). 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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UK’s deep economic recession may send strong global headwinds to India

The United Kingdom officially entering into deep recession is bad news not only for the island nation but also for India, which may have to face rough weather from the economic crisis engulfing one of its major trade partners. The United Kingdom reported a massive economic contraction, with the GDP shrinking 20.4 per cent in the first quarter of FY 2020-21. It is the worst quarterly slump on record for the UK, and the second one in a row, officially taking the country into recession. In the era of globalisation, the UK’s recession may send rough winds towards India as well. The UK is among the few countries with which India has a trade surplus and both nations share a trade relation of over $15 billion annually. The UK is a major market of India’s apparel, footwear, nuclear reactors, boilers, machinery, iron & steel, and pharma products, amongst others. Also, the share of India’s exports with Britain is nearly double the share of imports it has with the English nation. India exported goods worth $8.7 billion to the UK in the last fiscal, which was 2.7 per cent of India’s overall exports, according to the Department of Commerce. However, India imported goods worth $6.7 billion, which was only 1.4 per cent of India’s overall imports. The UK economy has suffered more than any major European nation during the coronavirus lockdowns, pushing the country into its first recession since 2009. There has also been a massive job loss and it is expected that more pain is underway. Meanwhile, the UK and India have recently called for deeper trading relations at the Cabinet-level summit held last month. Both nations had agreed to explore opportunities for expanding and deepening bilateral trade relations including an enhanced trading partnership as the first step on a wider roadmap. Singapore, which is another major trade partner of India with trade relations of $23 billion annually and comprising 3 per cent of India’s total trade, has also been floating on the pool of recession. Singapore’s GDP plunged a record 42.9 per cent on an annualized basis in the second quarter this year.

Source: Financial Express

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EU urges US to solve trade disputes after aircraft tariffs kept unchanged

The European Union on Wednesday called for intensified efforts to resolve trade disputes with the United States after Washington kept in place tariffs on European aircraft and other goods. "The Commission acknowledges the decision of the U.S. not to exacerbate the ongoing aircraft dispute by increasing tariffs on European products," an EU official said. "The EU believes that both sides should now build on this decision and intensify their efforts to find a negotiated solution to the ongoing trade irritants."

Source: Economic Times

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Enhance rate of duty drawback to 7%: Pakistan's SCCI

The rate of duty drawback on both non-textile and textile products should be enhanced to 7 per cent to achieve export targets, according to Sialkot Chamber of Commerce and Industry (SCCI) president Muhammad Ashraf Malik, who recently said incentive schemes for exporters are vital to keep the industry competitive in the international market.  The COVID-19 pandemic has opened new avenues of trade for exporters that include manufacturing and export of personal protective equipment (PPE), he said in a statement in Sialkot, a major centre for sportswear exports. He said this is the right time for the country to gear up for proving its mettle in the PPE industry as its market size is expected to grow to $87.67 billion by 2027, Pakistani media reported. He stressed those facilities by the federal government to provide exporters with special electricity and LNG rates at US cents 7.5 per kWh and $6.5 per MMBTU should continue for at least two years. The incentive in energy inputs would allow the exporters to fight against international market pressures by the competition, he added.

Source: Fibre2Fashion

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