|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1140.62 |
USD/Ton |
1.45% |
|
VSF |
1903.49 |
USD/Ton |
0.52% |
|
ASF |
2452.95 |
USD/Ton |
0% |
|
Polyester POY |
1218.3 |
USD/Ton |
2.05% |
|
Nylon FDY |
3058.01 |
USD/Ton |
0% |
|
40D Spandex |
6622.97 |
USD/Ton |
-1.22% |
|
Nylon DTY |
5788.96 |
USD/Ton |
0% |
|
Viscose Long Filament |
1463.59 |
USD/Ton |
1.13% |
|
Polyester DTY |
2845.42 |
USD/Ton |
0% |
|
Nylon POY |
2600.13 |
USD/Ton |
0% |
|
Acrylic Top 3D |
1422.71 |
USD/Ton |
2.96% |
|
Polyester FDY |
3336.01 |
USD/Ton |
0.49% |
|
30S Spun Rayon Yarn |
2600.13 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1864.24 |
USD/Ton |
0% |
|
45S T/C Yarn |
2894.48 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2747.3 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2616.48 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2011.42 |
USD/Ton |
0% |
|
T/R Yarn 65/35 32S |
2485.66 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14471 |
USD/Meter |
0% |
|
32S Twill Fabric |
1.0008 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.3573 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.76859 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.79149 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16353 USD dtd.07/04/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The new National Textiles Policy is expected to address many critical issues facing the sector and steps like labour reforms, skill upgradation and faster customs clearances will help manufacturing become globally competitive, Union Minister Santosh Gangwar said. An expert panel constituted by the government last year had submitted the draft of the new National Textiles Policy, which aims to achieve USD 300 billion exports by 2024-25 and create additional 35 million jobs by attracting investments.
Stressing that the Textiles Ministry needs to create jobs and upgrade skills of workers, Gangwar at a Ficci conference here said: "Unfortunately, in this country we have more engineers but there is woeful shortage of skilled people." Gangwar added the Ministry was ensuring that work on 20 textile parks is expedited and the technology upgradation plan is given a fillip through investment of Rs 4,000 crore.
DIPP Secretary Amitabh Kant was of the view that the government needs to completely remove service tax for the textiles sector for five years to ensure that it remains competitive in the global market and penetrates new ones. Elaborating on other measures, Kant said the government must enter into a free trade pact (FTA) with the EU, restore interest rate subvention, identify new ports for expediting the process of customs clearance and derive a competitive labour cost to stay relevant in the market. He cautioned that the textiles sector was bound to lose out markets to countries such as Bangladesh and Taiwan if it fails to bring a concentrated and integrated approach in its outlook.
Keeping in view the various changes in the textile industry on the domestic and international fronts and the need for a road map for the textile and apparel industry, the Ministry had initiated the process of reviewing the National Textile Policy, 2000. The draft of Vision, Strategy & Action Plan for Indian Textiles & Apparels (2024) was earlier put up on the website of the Ministry for inviting online suggestions. The government is in the process of finalising it for seeking the Cabinet approval. The new improved Policy aims to address concerns of adequate skilled work force, labour reforms, attract investments in the textile sector, and to provide a future road map for the textile and clothing industry.
SOURCE: The Economic Times
While two more textile export bodies have criticised the Foreign Trade Policy, a shoes and apparel major has welcomed it. Over the last week, several textile trade bodies have slammed the new policy for ignoring their concerns. Apparel export promotion council (AEPC) chairman Virender Uppal said that the garment export industry being the highest employment generating sector, with high domestic content and women intensive garment industry should have been given an edge over others. Though FTP 2015-2020, mentions that labour intensive sectors should get more concessions especially favouring the women workers in apparel manufacturing industry, the incentives and concessions for the same are missing in the policy announcements.
Uppal said the council is sore that features like incremental exports incentive, status holder scrips have not been covered at all in the new policy. Therefore, there is virtually no encouragement for small exporter to grow from micro to small, small to medium and medium to large exporter in a reasonable time frame. He also criticised the government for not unveiling a systemic road map of future trade once export subsidies are phased out. According to him, the government’s commitment to move away from export subsidies in view of WTO-ASCM, needs to be viewed in the light of the fact that India apparel manufacturers are already grappling with higher tariff barrier artificially pulling them down in terms of global cost competitiveness.
According to Uppal, the maintenance of average export obligation has also become much more difficult to achieve where EPCG is used by exporter, which prescribes six times of duty saved as export obligation, over and above maintenance of average export obligation. The council has demanded the fixation of export obligation without over and above average, which has not been met. The industry is forced to pay 11-12 per cent rate of interest to bank, making its exports highly uncompetitive.
The garments exporters association (GEC) has also expressed disappointment with the FTP, saying it has not provided any specific proposal or export promotion strategy to reverse the recent downturn in garment exports. Pritam Goel, president of the GEC, pointed out that the government has not given due consideration to various representations submitted by the garment exporters for grant of adequate commercial relief to meet the new challenges of increasing international competition. Goel said the FTP could have taken better care of the genuine needs and demands of the garment export sector. According to Goel, the industry was expecting extension of 3 per cent interest rate subvention and upward revision of duty script from 2 to 5 per cent for the labour intensive garment sector of the textile industry.
SOURCE: Fibre2fashion
In February more than 73 million kg of filament yarns (all types) were exported to 69 countries. These include polyester, nylon, polypropylene and viscose filament yarns. About 90 per cent of all filament yarns were of polyester, of which, DTYs were the largest at 79 per cent. During February 2015, 72 million kg of polyester filament yarns were exported worth US$55 million. Turkey and Brazil were the major importers of Indian polyester filament yarns, followed by South Korea. They together accounted for 48 per cent of polyester filament yarn exports. Turkey was also major importer of polyester FDYs and POYs while Brazil was the only importer of polyester DTYs. South Africa was the sole importer of polyester industrial yarns in February.
In nylons, USA was the major importer of nylon filament yarn, although the volume was only 68,000 kg worth US$0.38 million. In January, a total of 268,000 kg of nylon filament yarns was exported valued at US$1.60 million. About 35 per cent were in form of nylon DTYs. Another 77,000 kg were mono filament yarns and 14,000 kg of nylon tire yarn. In case of polypropylene, 11 countries imported 240,000 kg of polypropylene filament yarns from India in February. Mexico was the top importer of these yarns largely the multi-filament yarns. Djibouti and USA were the other major importers of polypropylene filament yarns.
Viscose filament yarns were imported by 24 countries from India in February 2015. During the month, 993,000 kg of VFYs were exported with Japan continuing as the major importer of VFYs during the month. It was followed by Czech Republic and Turkey. The average unit value realization of VFY was US$4.11 a kg.
SOURCE: Yarns&Fibers
The Surat-based textile industry is witnessing an aggravated over supply situation with demand for textile products has been more or less stagnant since last six months. Inventories at textile units have risen by 20-30 per cent, say players. According to industry sources, economic slowdown coupled with liquidity crisis in the market has led to subdued demand for textile products from the city. Moreover, reduced demand has resulted in buyers keeping less stock with themselves leading to higher inventory for textile makers in Surat. "It is a buyer's market with Surat based textile makers having produced more than the demand from buyers. Orders are declining and becoming more sporadic. Also, the subdued demand has led to buyers keeping less stock with them, resulting in increased inventory for us," said Devkishan Manghani of Federation of Surat Textile Traders Association (FOSTTA). Add to that, fluctuating fuel costs have added to their woes too.
"Earlier, almost all the units were running in natural gas. However, with continual price rise, the fuel was becoming unviable, thereby forcing textile units in Surat to turn to imported coal and lignite. However, there have been supply as well as cost issues with the current fuel arrangement which have aggravated under the over supply situation," said Jitu Vakharia of South Gujarat Textile Processors Association (SGPA).
On an average day, around 50-60 trucks would ply to AP from Surat carrying ready made sarees, dress materials and other textile products worth roughly around Rs 10-12 crore. However, with subdued demand, much of the produce is lying with textile units and traders in Surat, leading to a rise in inventory by 20-30 per cent, Manghani added. It needs to be mentioned here that annually, the Surat based textile industry's turnover is pegged at roughly Rs 90,000 crore, of which Rs 40,000 crore alone comes from finished goods such as apparel and sarees, while rest is distributed into other verticals such as spinning, weaving, processing and fabric sales, among others.
SOURCE: The Business Standard
The Maharashtra CM Devendra Fadnavis took his first step towards handing over the controversial 12-acre land for a Dr Babasaheb Ambedkar memorial without passing any law in Parliament. Mr Fadnavis convinced PM Modi to hand over the land for the memorial before Dr Ambedkar’s birth anniversary on April 14. The three-party agreement between the National Textile Corporation, which owns the Indu Mill land in Mumbai, the state government, and the Centre was signed at New Delhi on Sunday in the presence of Prime Minister Narendra Modi, state chief minister Devendra Fadnavis and Union textile minister Santosh Gangwar.
Mr Fadnavis said that it was the opinion of the Attorney General that NTC could hand over the land to the state with prior permission of Central government under section 11 of The Textile Undertakings Nationalisation Act-1995. There is no need to pass an Act in Parliament, which is what the Congress was claiming during its regime at the state and at the Centre. Mr Fadnavis personally followed up on the issue, which resulted in signing of the agreement on Sunday. With the Centre’s nod, the land will be handed over to the state in the upcoming days. The state will compensate NTC against the land. But it will take time to get possession of the mill land. As per the earlier government’s move, the land would remain owned by the Centre. However, now the state would be the sole owner of the land. However, former chief minister Prithviraj Chavan raised a question over the procedure claiming that a sick mill could not hand over the land directly to the state. Mr Chavan maintained that his government was advised to pass an Act in the Parliament so that no one can at a later stage challenge the handover process of the land.
Chavan said that as per his knowledge, NTC was a sick company and as per the Sick Industries Act, the sick company could not hand over its property without a grant from the Board for Industrial and Financial Reconstruction. Meanwhile, Devendra Fadnavis has invited Mr Modi for bhoomipujan of the memorial. Mr Modi is said to have agreed to attend the puja and a date will be finalised after his return from Germany. However, the state to call on reputed architects to design the memorial.
SOURCE: Yarns&Fibers
Sikkim to get its first ever Apparel and Garments Manufacturing Centre soon which will have three units. The proposed centre to involve investment to the tune of over Rs.18 crore will generate employment to one thousand give hundred local youth in Sikkim in the beginning. This will mark the debut of the textile sector in this tiny Himalayan border State. The proposed Apparel and Garments Manufacturing Centre is expected to become operational by July this year. The proposed centre is aimed at providing skilled training to the local youth, converting Sikkim’s traditional handloom into fashion garments and stitching uniforms for the police and armed forces.
The Ministry of Textiles will provide for the maintenance of the machines for the next three years. Each of these units will have one hundred machines. Besides, the Ministry will give salaries to four experts at the Centre forever. These will include one textile engineer, one computer engineer, one maintaining the accounts and one looking after the administrative matters.
SOURCE: Yarns&Fibers
The Reserve Bank of India has projected a growth rate of 7.8 per cent in 2015-16, higher by 30 basis points from 7.5 per cent in 2014-15, but with a downward bias to reflect the still subdued indicators of economic activity. In its annual monetary policy review, the RBI linked the higher growth to a normal monsoon, continuation of the cyclical upturn in a supportive policy environment and no major structural change or supply shocks.
On inflation, the RBI said it will stay focussed on ensuring that the economy disinflates gradually and durably, with CPI inflation targeted at 6 per cent by January 2016 and at 4 per cent by the end of 2017-18. “Although the target for end-2017-18 and thereafter is defined in terms of a tolerance band of plus or minus 2 per cent around the mid-point, it will be the RBI’s endeavour to keep inflation at or close to this mid-point, with the extended period provided for achieving the mid-point mitigating potentially adverse effects on the economy,” RBI Governor Raghuram Rajan said.
“The outlook for growth is improving gradually. Comfortable liquidity conditions should enable banks to transmit the recent reductions in the policy rate into their lending rates, thereby improving financing conditions for the productive sectors of the economy,” it said. Along with initiatives announced in the Budget to boost investment in infrastructure and to improve the business environment, these factors should provide confidence to private investment and, together with the conducive outlook on inflation, deliver real income gains to consumers and lower input cost advantages to corporates, the RBI said. GDP growth estimates of the CSO for 2014-15 already project a robust pick-up, but leading and coincident indicators suggest a downward revision of these estimates when fuller information on real activity for the last quarter becomes available.
SOURCE: The Financial Express
Peru and India to begin with Free Trade Agreement (FTA) negotiations in the second half of the year which is expecting relations between Peruvian and Indian businesses to grow immensely. Peruvian trade with India could reach the billions with Free trade and business developments. That means improved processes to reach business agreements and more money for the countries living worlds apart.
At “India’s Handicraft Exhibition And Business Roundtable” the businesses, 20 Indian and 108 Peruvian, successfully made 372 business appointments. The event exposed products ranging from textiles, jewelry, ceramic tableware products and accessories from the partnering countries. A two day conference in Peru brought together a total of 128 businesses from Peru and India to build a network of trade and entrepreneurship. From Peruvian enterprises, businesses such as Estilos, PPPP Design, Carlo T Camusso, Plumas, Ambians, DIB Peru, and Applauzi and Rip Curl brands, among others, attended the event.
The Indian enterprises focused on women’s clothes, handbags, carpets, curtains, and decorative items, among others. Export Promotion Council for Handicrafts (EPCH), the Indian Embassy in Lima, and the Lima Chamber of Commerce (CCL) put together the Exhibition and Business Roundtables event in order to promote exchange and trade among Peru and India. Prior to agreements on reaching the FTA, in 2013 the total trade has surpassed USD 1.2 billion. Manpreet Vohra, Indian Ambassador to Peru, has seen major developments between the two countries. The trade between India and Peru has doubled, although mainly in India’s favor.
SOURCE: Yarns&Fibers
Bangladesh Cabinet has approved a revised trade deal with India under which the two nations would be able to use each other's land and water routes for sending goods to a third country, removing a long standing barrier in regional trade. "This is a huge achievement for Bangladesh...under the agreement we (Bangladesh) will now be able to use Indian, roads, railways and waterways in transshipment of goods to Bhutan and Nepal," Cabinet Secretary M Musharraf Hossain Bhuiyan told reporters today about the overnight development. He said under the deal India would also be able to send goods to Myanmar through Bangladesh. It incorporated a provision that the deal would be renewed automatically after five years if either of the countries did not have any objection.
A Cabinet meeting chaired by Prime Minister Sheikh Hasina late yesterday approved the revised deal, which Commerce Minister Tofail Ahmed described as "a milestone" in Bangladesh-India relations. He said the revised deal would be signed either during Prime Minister Hasina's trip to New Delhi or her Indian counterpart Narendra Modi's visit to Dhaka. Officials said the proposed deal would be in force for five years instead of the existing tenure of three years and the fees and charges would be fixed through discussions between the two countries. "Bangladesh and India would pay the same fees for transporting goods. It's a win-win situation for both sides," the Cabinet Secretary said.
National Board of Revenue (NBR) officials, meanwhile, told reporters that the revenue authorities, Shipping Ministry, and roads and highways departments of both the countries would sit soon to fix the transit fees. India exports goods worth over $5 billion a year to Bangladesh through formal channels while it is believed that products worth around another $5 billion enter Bangladesh informally, they said. "The new deal will now earn a huge amount of revenue from India by allowing it access to Bangladesh territory," an NBR official told a newspaper. In a related development, visiting Indian External Affairs Secretary for Multilateral and Economic Relations Sujata Mehta said that Prime Minister Narendra Modi would visit Bangladesh "soon" and the tour is expected to yield "some good results".
Prime Minister Hasina's press secretary Shamim Chowdhury told the national news agency BSS that Mehta made the remarks during a courtesy call on the Premier late yesterday when he also conveyed Modi's greetings to his Bangladesh counterpart. Referring to proposed second line of Indian credit (LoC) of USD 1 billion Mehta said: "We could take more development projects under the (new) LoC." According to Chowdhury, Mehta said Bangladesh could invest or buy electricity directly from the hydro power plants set up in the northeastern India and a "solar alliance" could be formed between the two countries. "The Indian external affairs secretary noted that three to four more Indian companies are interested to invest in power and energy sectors in Bangladesh," he said.
SOURCE: The Economic Times
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 56.04 per barrel (bbl) on 07.04.2015. This was higher than the price of US$ 54.77 per bbl on previous publishing day of 02.04.2015.
In rupee terms, the price of Indian Basket increased to Rs 3492.97 per bbl on 07.04.2015 as compared to Rs 3404.50 per bbl on 06.04.2015. Rupee closed weaker at Rs 62.33 per US$ on 07.04.2015 as against Rs 62.16 per US$ on 06.04.2015.
The table below gives details in this regard:
|
Particulars |
Unit |
Price on April 07, 2015 (Previous trading day i.e. 06.04.2015) |
Pricing Fortnight for 01.04.2015 (Mar 12 to Mar 27, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
56.04 (54.77) |
53.61 |
|
(Rs/bbl |
3492.97 (3404.05) |
3352.77 |
|
|
Exchange Rate |
(Rs/$) |
62.33 (62.16) |
62.54 |
SOURCE: PIB
Pakistani textile sector has benefited due to the GSP facility but has failed to benefit the country’s economy as the government has failed to facilitate exporters with business-friendly environment due to which Pakistan likely to miss its export target of $27 billion. According to the Pakistan Economy Watch (PEW) report, President Dr Murtaza Mughal said that Federal Board of Revenue (FBR) could not pay original refunds of around Rs100 billion, while fake refund claims are being processed immediately.
He said that the Commerce and IT ministries should have full control over Export Development Fund and Universal Service Fund which the Finance Ministry using for other purpose. Commerce and IT ministries should be freed from the influence of Finance ministry so that country could develop through increased trade and commerce, he demanded. Dr Mughal further noted that TDAP is more interested in traders’ politics and cultural activities than promotion of exports.
SOURCE: Yarns&Fibers
Pakistan is expected to not only get a major breakthrough in textile exports to China, but also opening of first Pakistani bank’s branch is also on the cards. A Pakistani delegation consisting of Secretary Ministry of Textiles Amir Khan Marwat and Director Kanwar Usman is on visit to China, and theses breakthroughs have been signaled by the Pakistani delegation. The agenda of Pakistani delegation is to hold meetings with the Chinese government on free trade agreement between the two countries. Meetings related to the opening of first branch of any Pakistani bank are also included in the programme, where Pakistani officials would hold meetings with host government, to extend maximum facilitation to the Pakistani exporters after the opening of new bank.
We have received very encouraging reports from the delegation and hope some major breakthroughs in terms of textile exports to China, an official said. He said that during meetings Chinese officials agreed that they would lower conditions related to standards of the export firms and some other conditions are also expected to be lowered. According to officials there was no branch of any Pakistani bank in China, but after Chinese government lowered minimum equity conditions, now Habib Bank qualifies and expectedly, the bank would open its first branch in China soon.
The officials said that Pakistani delegation would help State Bank to identify, that how bank could facilitate Pakistani exporters. When asked State Bank neither confirmed nor denied opening of Habib Bank branch in China. Pakistan and China enjoy a multi-dimensional friendship that has passed the test of international vicissitudes. In terms of banking relations, Industrial & Commercial Bank of China (ICBC) has three branches in Pakistan whereas Pak-China Investment Company is operating as a Development Finance Institution for the promotion of trade, investment and economic growth in Pakistan, said Abid Qamar, chief spokesman State Bank of Pakistan. He further said presently Pakistani banks are present in China but no bank branch is yet opened. “Pakistani banks have their presence in China as Representative Offices that include National Bank, Habib Bank, United Bank and Bank AL-Habib. However, no Pakistani bank branch is presently operating in China”, Qamar told.
SOURCE: The Nation
Afghanistan is one of the major trading partners of Pakistan and has been top exporting market for Pakistani products since ages. The bilateral trade between Afghanistan and Pakistan is likely to touch $5 billion in 2014-15. Afghanistan is the fourth largest export market for Pakistan after United States, European Union and China. In recent years, trade with Afghanistan has moved from informal to formal sector. In 2000-01, the formal exports to Afghanistan stood at $140 million that grew after a decade to $2.33 billion in 2010-11.
Pakistan and Afghanistan are not only good neighbors but also members of SAARC and OIC. Pakistan is central to Afghanistan’s progress and prosperity and taking a number of measures to this regard. There have been many testing time in history but Pakistan always stood with Afghani brothers. This was stated by LCCI President Ijaz A. Mumtaz while talking to a delegation of Afghanistan here at the Lahore Chamber of Commerce & Industry on Saturday.
Head of the Afghan delegation Dr. Anwar said that Pak-Afghan relations are getting stronger with every passing day. The Chambers of Commerce in Pakistan and Afghanistan would have to play their role for strengthening the economic ties between the two countries. He said that Afghanistan had huge untapped natural resources and a joint venture between businessmen of Pakistan and Afghanistan could pave way for a win-win situation. Upward trend in imports has been witnessed from Afghanistan but they must endeavor to open up new avenues for increasing formal channel of trade. He said that smuggling has been one of the long standing issues between two countries. Through plugging smuggling points, they can create opportunity for both the governments to earn greater national exchequer in the form of taxes and duties.
Pakistan’s exports to Afghanistan are wheat, sucrose, soap, tea, footwear, carpets, paper & paperboard, pharmaceutical goods etc. While, major imports from Afghanistan to Pakistan are carpets, textile floor covering (knotted), seeds of anise, guts/bladders/stomachs of animals etc. Afghanistan is the only country allowed by Pakistan to export its goods through Wagah to India.
SOURCE: Yarns&Fibers
Myanmar will expand its textile and garment industry under the country's new national export strategy as a means to boost economic growth, with the sector's export earning targeted at $2 billion for the 2015-16 fiscal year, media reported on Tuesday. With foreign investment accounting for 90 percent, the sector created 100,000 job opportunities in 2014-15, Xinhua news agency reported citing the Myanmar Garment Manufacturers Association.
The five-year national export strategy, which also covers six other sectors and is aimed at tackling trade deficit, focuses on rice, peas and pulses, fishery products, timber and forest products, rubber and tourism. According to the ministry of commerce, the export income from the textile and garment sector made up 40 percent of the country's foreign exchange earnings from around the year 1990. Official statistics show that foreign investment in the manufacturing sector reached $5.458 billion as of February this year since late 1988 when the country opened to foreign investors. The manufacturing sector, which ranked third in the foreign investment line-up after power and oil and gas, accounted for about 10 percent of the total of $54.086 billion as of February this year.
SOURCE: The New Kerela
Turkish exporters have inked deals on a new route through Iran to transport their goods to Gulf markets if Egypt does not renew its deal with Turkey on April 22, according to sector representatives. “We’ll start to transport our goods via Iran by April 22 if our deal with Egypt expires and is not renewed,” said the head of the Turkey-based International Transporters’ Association (UND), Çetin Nuhoğlu. The current transportation agreement, which was signed between Turkey and Egypt in 2012, will expire on April 22. The agreement allowed the use of Egyptian seaports for the transport of Turkish foodstuffs, electrical appliances and textile products to markets in the Gulf. The Egyptian government has, however, reportedly decided not to renew the agreement, although there has not been an official notification, according to sector representatives. Turkish exporters have been looking for alternatives for a while.
“Iran is a good alternative for us to transport goods to the Gulf… Actually we have wanted to keep our Egyptian route online, but we needed to focus on the Iran route as we didn’t see any positive step from the Egyptian authorities to renew the deal. The transportation via Iran will start soon,” Nuhoğlu said. He added the deal with Egypt was also good for the Egyptian economy as well. “Egyptian companies are able to reach several European countries by using Ro-Ro services to our southern port of Mersin. As far as we have known, many Egyptian Ro-Ro companies want to keep that online,” Nuhoğlu said. He noted some 6,000 trucks transported goods to Gulf countries via Egypt annually.
“Our deal with Iran has become a good alternative for us, although we actually want to have deals with both Egypt and Iran,” he said. “Iran enables us to have a good alternative. Some six trucks will start test drives this week. All trucks will be directed to Iran by April 22,” Nuhoğlu added.
Egypt ‘has not made an official notification’
Head of the Turkish-Egyptian Business Council of the Foreign Economic Relations Board (DEİK) Zuhal Mansfield said the Egyptian authorities have not made any official notification about the future of the deal. She added both Turkey and Egypt have many reasons to renew the deal. “Egypt has signed an internationally recognized agreement for years. I don’t think Egypt will cancel the deal arbitrarily,” Mansfield said, adding the two countries should not mix politics with economic and trade ties.
New route via Iran
According to UND representatives, Turkish trucks will enter Iran through the Doğubeyazıt border. They will use three different routes within Iran to go to the Gulf countries. The trucks will go to Kuwait and Saudi Arabia via Iran’s Abadan. There will be Ro-Ro lines from the city of Bushehr to Dammam for Bahrain and Qatar and from the city of Bandar Abbas to Bandar Lengeh for the U.A.E. market.
How Turkey’s transportation to Gulf countries has changed over time:
SOURCE: The Hurrriyet Daily News
Morocco’s role in promoting south-south cooperation reflects the openness of the Moroccan economy as well as its dynamism and attachment to cultural roots, said Director General of the World Trade Organization (WTO) Roberto Azevêdo. In an interview with MAP prior to his visit to attending an African conference in Morocco on the occasion of the 20th anniversary of the WTO, Azevêdo said that Morocco’s status as the second African investor in Africa reflects the growing trend of its economy. “Morocco recognizes the importance of the African market as a driver for future growth,” said Azevêdo.
The WTO is closely following the development of the Moroccan economy which showed remarkable resilience in the wake of the economic crisis and the fluctuations it engendered in European markets, the WTO chief said, noting that growth prospects in Morocco for 2015 are estimated at 4.5%. While recognizing the work that remains ahead in terms of reducing unemployment, the WTO Director General highlighted the sound foundations of political stability in Morocco that enable the implementation of efficient economic and trade policies with promising results. “Since it joined the international multilateral trade system, the Moroccan economy successfully managed to transform and to diversify exports,” he said.
Azevêdo recalled that Morocco remains the world largest phosphate exporter and a leading producer of citrus fruits, agri-food products and textile. In the same vein, he noted the growing exports of high added value goods such as cars, electronic devices and airplane parts. He also pointed out to the important infrastructure investments in Morocco, notably the Tanger-Med ports and its role in promoting large-scale investments in car making and aviation. Azevêdo will be visiting Morocco to attend the ministerial conference on the occasion of the 20th anniversary of the WTO. The conference is held under the high patronage of King Mohammed VI with the participation of several African trade ministers.
SOURCE: The Morocco World News
The world's growth potential took a big hit after the 2007-2009 financial crisis and is likely to lag for years, implying that interest rates should likely stay low for quite a while, the International Monetary Fund said in a study on Tuesday. Potential growth, which gauges how fast economies can grow over time without hitting inflationary speed bumps, already was slowing in richer economies before the financial crisis due to ageing populations and a drop in technological innovation. But declines in private investment and employment growth cut annual potential growth in these countries to 1.3 percent between 2008 and 2014, half a percentage point lower than before the crisis, according to the IMF study.
The study, part of the Fund's twice-yearly World Economic Outlook, could frame the discussions over how to boost growth when the world's economic policymakers gather in Washington next week for the IMF and World Bank's spring meetings. Over the next five years, advanced economies' annual growth potential should increase to 1.6 percent, still below pre-crisis growth rates, making it more difficult to cut high public and private debt, the IMF said. With interest rates low, "monetary policy in advanced economies may again be confronted with the problem of the zero lower bound if adverse growth shocks materialise," the IMF said. It also said weak demand in the euro zone and Japan could prompt even lower potential growth than forecast. The study comes ahead of the Fund's global economic forecasts next week.
In emerging markets, potential annual growth fell to 6.5 percent from 2008 to 2014, about 2 percentage points lower than before the crisis, and is expected to fall further to 5.2 percent over the next five years as populations age, structural constraints curb capital growth, and productivity slows. A projected drop in growth potential for China, the world's second largest economy, could be even deeper as it transitions away from an investment-led economy to a consumption-based one, the IMF said. The Fund urged rich economies to support demand and investment, including more funding for research and development and infrastructure. Emerging economies should also boost infrastructure spending, get rid of excessive regulation, and improve the quality of education, it said.
SOURCE: Yahoo Finance
