Textile Raw Material Price 2015-06-28
|
Item |
Price |
Unit |
Fluctuation |
|
PSF |
1219.99 |
USD/Ton |
-0.33% |
|
VSF |
2043.39 |
USD/Ton |
0% |
|
ASF |
2480.79 |
USD/Ton |
0% |
|
Polyester POY |
1183.27 |
USD/Ton |
-0.34% |
|
Nylon FDY |
3076.51 |
USD/Ton |
0% |
|
40D Spandex |
6283.59 |
USD/Ton |
0% |
|
Nylon DTY |
5989.81 |
USD/Ton |
0% |
|
Viscose Long Filament |
2627.68 |
USD/Ton |
0% |
|
Polyester DTY |
3296.84 |
USD/Ton |
0% |
|
Nylon POY |
1411.77 |
USD/Ton |
0% |
|
Acrylic Top 3D |
2872.50 |
USD/Ton |
0% |
|
Polyester FDY |
1477.05 |
USD/Ton |
0% |
|
30S Spun Rayon Yarn |
2725.61 |
USD/Ton |
0% |
|
32S Polyester Yarn |
1958.52 |
USD/Ton |
0% |
|
45S T/C Yarn |
2970.42 |
USD/Ton |
0% |
|
45S Polyester Yarn |
2497.11 |
USD/Ton |
0% |
|
T/C Yarn 65/35 32S |
2154.37 |
USD/Ton |
0% |
|
40S Rayon Yarn |
2709.29 |
USD/Ton |
-1.19% |
|
T/R Yarn 65/35 32S |
2888.82 |
USD/Ton |
0% |
|
10S Denim Fabric |
1.14 |
USD/Meter |
0% |
|
32S Twill Fabric |
0.96 |
USD/Meter |
0% |
|
40S Combed Poplin |
1.35 |
USD/Meter |
0% |
|
30S Rayon Fabric |
0.78 |
USD/Meter |
0% |
|
45S T/C Fabric |
0.78 |
USD/Meter |
0% |
Source: Global Textiles
Note: The above prices are Chinese Price (1 CNY = 0.16321 USD dtd. 28/06/2015)
The prices given above are as quoted from Global Textiles.com. SRTEPC is not responsible for the correctness of the same.
The West Bengal government hopes to attract around Rs 37,000 crore investment in the state through 10 Textile Clusters or Parks under Integrated Textile Development project on PPP model over the next three years and will provide employment to 6-10 lakh people. These parks, involving hosiery, ready-made garments and knitting, will come up at Barasat, Bankura, Metiabruz, Uluberia, Salt Lake, among other places. Most of the investments will be from private sector. State MSME Secretary Rajiva Sinha, in the presence of Chief Minister Mamata Banerjee, said that the infrastructure, development and expenditure part of these projects will be about Rs 9,159 crore. Meanwhile, six artisans from Bengal will have the opportunity to showcase their produce in France in a project under the supervision of UNESCO.
SOURCE: Yarns&Fibers
Concerned over the sharp decline in exports in the last six months, the Commerce Ministry is carrying out a detailed analysis of key sectors such as engineering goods, petroleum products, pharmaceuticals and gems and jewellery to evaluate reasons for the fall. A Commerce Ministry official told BusinessLine : “We want to see if the factors that have led to the drop in export of identified items are all due to global forces that are beyond our control, or if there is a possibility of Government intervention to sort out certain issues.” The Ministry wants to keep a tab on possible import restrictions that other countries may be putting in place, look at newer markets that are showing promise and identify specific domestic problems that certain exporters may be facing. Exports have been falling since December and were down 20 per cent in May this year. Although part of the fall is due to a drop in petroleum exports because of falling oil prices, many significant items in the export basket have witnessed a decline or slowdown.
Exports in fiscal 2014-15 declined 1.23 per cent to $310.5 billion. “If we look at details related to sub-categories within a sector and export destinations, some interesting facts come up,” the official said. For instance, the engineering goods sector, which was driving overall export growth till some time ago, posted a 10 per cent fall in exports in May. Automobiles, which form a considerable part of engineering goods export, posted a small decline of 2 per cent, mostly because of a sharp increase in demand from Sri Lanka, and to some extent from the UAE, Italy and Spain. Demand in major destinations such as Mexico and the UK fell sharply.
Sustaining demand
“If there are certain markets that are showing good response, one could focus on them to ensure that demand continues to rise. On the other hand, in markets where there is an unusual drop in demand which could be traced to import restrictions imposed by the trading countries, India could take it up bilaterally,” the official said. The Government had announced export incentives under the new Foreign Trade Policy (FTP) in April and may not come up with another incentive package immediately. However, it would continue to take measures to reduce transaction costs and time. “The number of mandatory documents for exports and imports was recently brought down to three, from seven. The Directorate-General of Foreign Trade is working with the Customs Department to cut down on paper-work further,” he said. The Commerce Ministry is already in touch with State governments urging them to take measures to improve export infrastructure as more funds have been allocated to them this year under the export infrastructure upgradation scheme.
SOURCE: The Hindu Business Line
The continuous decline in exports may result in job losses and impact economic growth, exporters’ body FIEO today said. "Based on the order booking position, exports may significantly decline in volume terms in months to come, which will result in layoffs," Federation of Indian Exports Organisations (FIEO) President S C Ralhan said in a statement. "If exports continue to move in the negative territory, it will sooner or later put pressure on CAD (current account deficit) and may derail the rebuilding of economy." Contracting for the sixth month in a row, India's exports plunged 20.19 per cent in May to USD 22.34 billion, mainly due to global slowdown and drop in crude prices, which have impacted overseas shipments of petroleum products. He wanted the government to immediately initiate dialogue with the industry to understand the challenges and revisit its strategy to support the exports sector. "The world economy is in a challenging phase and is entering a "dangerous stage" which will have ominous implications for India," Ralhan said.
SOURCE: The Economic Times
India today described Thailand as a valued partner in its 'Act East' Policy and said it envisage a more vigorous and proactive engagement with the strategic and economically vibrant Southeast Asia region as part of its efforts to reposition itself at the world stage. "Our Government is resolved to move with a great sense of priority and speed to implement the 'Act East Policy'," External Affairs Minister Sushma Swaraj said here today during an interaction with Indian business leaders. "We envisage a more vigorous and proactive engagement with this economically vibrant region of our extended neighbourhood," she said, insisting that the NDA government has engaged closely with India's neighbourhood, strengthened bilateral ties with major countries, energised engagement with the East and repositioned India at the world stage. She said that India's 'Look East' Policy of the last two decades has been elevated to 'Act East' Policy under the leadership of Prime Minister Narendra Modi. "I am happy to say that we have reached new milestones in our global outreach and made significant achievements in the last one year in transforming our relations with the outside world," said Swaraj, who is here on a three-day bilateral visit and to attend the 16th World Sanskrit Conference.
Describing Thailand as an important pillar of India's policy and a valued partner, she said the relationship between the two countries has expanded to virtually all areas of bilateral cooperation in recent years. "Our bilateral relations with Thailand are based on deep- rooted cultural, religious and neighbourly association between the people of our two nations. Our common heritage of Buddhism and the philosophy of compassion, tolerance, non-violence and peace have laid strong foundations for this relationship," she said. "I am pleased to see that so many of you are in the leadership positions in corporates in Thailand and the region. In you I see the strength of our people-to-people relations. And in you I also see an influential group of leaders who can contribute to the economic growth of both Thailand and India," she told the leading Indian business leaders here. She said her government is working on the simple 3C mantra - Commerce, Culture and Connectivity. "In all these three areas I cannot overemphasise the importance of Thailand. We have embarked on ambitious projects for land connectivity with Thailand through Myanmar. We are also working on enhancing our sea connectivity with Thailand which is a maritime neighbour of India," she said.
Noting that the enhanced connectivity with Thailand will help Indian traders and businesses to link up with the markets of Southeast Asia, Swaraj said this would also help North Eastern States in their development and strengthening the people-to-people contacts between the two countries. "Our Government came with the slogan of Minimum Government, Maximum Governance. We have strived to offer a stable, predictable and transparent policy regime, making the country an attractive destination for investors. The last one year of the new government has contributed to economic good governance and all round development," she said. She said Prime Minister Modi has focused on moving fast in designing policies and laws to promote growth and offering foreign investors 'red carpet' instead of 'red tape'. "In the last one year, FDI limits have been raised in insurance and construction sectors and foreign investment limits have been raised in defence and railways. The hallmark of the Governments policy has been to facilitate infrastructure development and manufacturing," she said. She listed a number of flagship schemes launched by the government to make India as a global manufacturing hub and rejuvenate the economic growth. "The Government has gone ahead with structural reforms and arrived at a consensus with the States on bringing the amendment to the constitution to implement the Goods and Services Tax. There have been reforms in the labour, banking, insurance and pension sectors," she said. She said the government has implemented a slew of measures which can be categorised under 'ease of doing business'. "We are building a tax regime that is predictable, stable and competitive and have brought in a positive regulatory framework," Swaraj said. "We appreciate the role and contribution of the Indian community in Thailand in building the economic and commercial partnership and goodwill between the two countries. The Indian community in Thailand truly represents the entrepreneurial spirit that marks modern India and we are proud of your great accomplishments in all areas of human endeavour," she added. "The economies of India and Thailand share complementarities in several important sectors. You could utilise these complementarities to contribute to the tremendous growth that has been witnessed in our bilateral trade in the last 10 years," she said and invited them to become a part of the mission and assured them of all necessary support.
SOURCE: The Economic Times
The signing of the free trade agreement (FTA) with the Eurasian Economic Union (EEU)—which is an economic union comprising Belarus, Kyrgyzstan, Kazakhstan, Russian Federation and Armenia—has immense potential for India to boost its relationship with the members of the region. The operation of EEU came into force on January 1, 2015, with the aim of integrating 176 million people and a GDP of over $4 trillion into a single market. EEU has vast reserves of natural resources comprising oil, gas, electric power, mineral fertilisers, coal, iron and steel, etc, and offers a ready market to be harnessed and explored. Undoubtedly, the FTA with EEU will bring in a lot of benefits for the Indian economy.
Boosting trade
India enjoys amiable relationship with all the countries of EEU. Once the FTA is in place, India will get the opportunity to explore strategic and economic ties with these countries. India is seen as a trustworthy partner to all the members of EEU and recent years have seen a significant momentum in bilateral linkages with these countries. For instance, ONGC Videsh Ltd recently received invitation by Kazakhstan to explore its Abai block for energy resources and it also signed a deal with Belarus to supply 500 tonnes of potash fertilisers. Despite this, the bilateral trade between India and the members of EEU is considerably low. While between India and Russia the volume of trade in 2013 was $10 billion, with Armenia it was $63 million, with Belarus it was $400 million, with Kazakhstan it was $505 million, and with Kyrgyzstan it was a mere $35 million. The FTA can lead to a spurt in trade.
Sectors expected to benefit
To promote economic convergence and cooperation, EEU has the concept of customs union and a single market. The whole idea of establishing customs union is to eliminate intra-bloc tariffs and not tariff barriers, and create a common external tariff policy to ensure the effective operation of a single market for goods and services and comprehensive policies. EEU has fostered a common pharmaceuticals zone and a single market is expected to be created by January 2016 within EEU. Over the years, India has achieved an eminent global position in the pharma sector. By being part of the Comprehensive Economic Partnership Agreement (CEPA) with EEU, India will have immense influence on the region and will get an added advantage given the fact that Indian pharma industry is estimated to grow at 20% CAGR. Currently, Indian pharma products face non-tariff barriers in Russia, and the lack of time period for the implementation, registration and confirmation by Russia delays the supplies of these products; this can be overcome once the FTA is signed. Moreover, the growing credibility of Indian pharma and increasing healthcare costs have led to the Commonwealth of Independent States (CIS) including Armenia, Belarus, Kazakhstan and Kyrgyzstan eyeing Indian pharma products. Considering that the demand for pharma products in Russia and CIS nations will report a double-digit growth, the FTA will provide a huge opportunity for Indian pharma industry.
Further, Indian textile industry will benefit as the FTA will provide inherent incentives on the duty front. In particular, knitwear exporters will be able to reap the advantages of the FTA as the agreement will make Indian products cost-competitive. Additionally, exports of bovine, cow and buffalo meat and egg products, which faced stricter norms from Russia, will see relaxation once the CEPA is signed. In a recent development, Indian entities have been permitted to export egg powder to Russia, Kazakhstan and Belarus and the ban on the export of non-basmati rice and oilseeds from Russia is been lifted since EEU has been in force.
India is seen as a promising market for EEU members as there is huge demand for vehicles, equipment, chemical products, fertilisers, mining equipment, etc, from Russia. India too—for its security, energy and infrastructure needs—seeks Eurasia’s reserves of oil and natural gas. In fact, Vladimir Putin recently pointed out that “the union will be a hydrocarbon treasury, possessing a fifth of all global natural gas resources and 15% of oil reserves.” This FTA is vital for investments in India’s infrastructure, defence and technology-intense sectors. For the Make-in-India initiative, the country has to improve its infrastructure and meet its energy demand. In December, Putin offered to build one of Russia’s most advanced helicopters in India. The signing of the agreement will ensure speeding up of the supply of regional and medium haul aircraft and also civil helicopters. The FTA will improve connectivity too. The realisation of the North-South Transport Corridor—connecting India, Central Asia, Russia and Iran—will provide momentum to the trading relationship between India and EEU members by ensuring easy movement of goods and reducing time and freight costs. Granting business visas to Indian exporters will also get channelised once the FTA is in place.
Beyond trade
The FTA is not just significant from the economic viewpoint but also important to counter the growing influence of China in the central Asian region. China, through its massive investments and loans, has made deep inroads in the region, especially through its new Silk Road Economic Belt initiative that aims to improve the connectivity with central Asian regions. The CEPA can provide India further exploring multilateral trade with EEU as the Silk Road passes from India’s north through Eurasia in all directions. Although on June 18 at the St Petersburg International Economic Forum 2015 India confirmed it will sign the FTA with EEU, it now needs to take forward the negotiations quickly as a huge potential exists for both the participants out of this deal.
SOURCE: The Financial Express
The Madras Chamber of Commerce and Industry (MCCI) has signed an agreement with South Korea's Busan Chamber of Commerce and Industry to foster economic development between the two regions. The agreement between the two chambers aim to strengthen the cooperation in promoting trade and investment between Tamil Nadu and Republic of Korea through holding joint trade and investment promotion events, developing business relations, seeking potential investors and business partners, a statement issued here said. MCCI President S G Prabhakaran exchanged documents with Busan Chamber of Commerce and Industry President Cho Sung Je during the visit of a 22-member delegation from the South Korean chamber here recently, the statement said. Busan is the second largest city in South Korea and home to several multi-national companies. According to Prabhakaran, the Chamber has proposed to take a 15-member delegation from the manufacturing and logistics sector to Busan and Seoul to explore business opportunities later this year .
SOURCE: The Economic Times
Indian and Mauritian officials will hold talks on the proposed amendments to their bilateral tax treaty, starting on Monday. The changes to the treaty have been hanging fire amid apprehensions on the Indian side that Mauritius, one of the largest sources of foreign direct investment, is being used to route unaccounted money Mauritius has submitted a “draft protocol” with regard to amending the Double Taxation Avoidance Convention (DTAC). The two-day talks between officials from both countries will start on June 29. Mauritius Finance Minister Seetanah Lutchmeenaraidoo, earlier this month, assured that shell companies would not be allowed to operate from his country. A Joint Working Group has been set up to find a mutually acceptable solution towards revision of the pact. About 10 meetings of the JWG have taken place so far. "We have submitted a draft protocol for the first time to the government. The draft protocol will be used as a basis to finalise all discussions," he said during his recent visit here.
Investments from Mauritius to India have totalled USD 87.55 billion since April 2000. In its fight against black money, India has started the process of revising its taxation treaties with various countries to include a provision for exchange of information. Last week, Mauritius became a signatory to the multilateral framework that provides mutual administrative assistance on tax matters with India and other countries. Mauritius has inked the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The framework is primarily aimed at ensuring more exchange of tax information among countries to help curb the flow of unaccounted money and assets. The convention also provides for administrative assistance among tax authorities for information exchange, including automatic exchange, simultaneous tax examination and assistance in the collection of tax debt. India, the US, Switzerland and the UK are among the 87 jurisdictions participating in the convention.
SOURCE: The Business Standard
India is likely to sign the inter-governmental pact for the US tax compliance law FATCA early next month, a government official said here today. "Indian government is likely to sign the Inter- Governmental Agreement (IGA) for Foreign Account Tax Compliance Act (FATCA) in early July 2015," Akhilesh Ranjan, a Joint Secretary in the Finance Ministry, was quoted as saying in a release issued by industry body Ficci. Ranjan is in the Foreign Tax and Tax Research Division of the Ministry. FATCA compliance will necessarily have to cover all new accounts opened by Indian Financial Institutions (FIs) from July 1, 2014 onwards. Further, they would be obliged to share data with the government in respect of all new accounts opened from July 1 till December 31, 2014, to enable the government to share this data with US by September 30, 2015. The Regulators might also publish detailed guidance for implementation of FATCA. Ranjan, who was speaking at the roundtable discussion organised by FICCI assured that the government is committed to the cause of confidentiality of data and is taking several measures in that direction. A security committee has been set up within CBDT headed by Chief Information Security Officer for security of documents and information, he said. Internal systems are being devised so that the distribution of information is channelized and there is no general distribution of information.
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$ 60.70 per barrel (bbl) on 26.06.2015. This was lower than the price of US$ 61.39 per bbl on previous publishing day of 25.06.2015.
In rupee terms, the price of Indian Basket decreased to Rs 3860.52 per bbl on 26.06.2015 as compared to Rs 3905.02 per bbl on 25.06.2015. Rupee closed stronger at Rs 63.60 per US$ on 26.06.2015 as against Rs 63.61 per US$ on 25.06.2015. The table below gives details in this regard:
|
Particulars |
Unit |
Price on June 26, 2015(Previous trading day i.e. 25.06.2015) |
Pricing Fortnight for 16.06.2015 (May 28 to June 11, 2015) |
|
Crude Oil (Indian Basket) |
($/bbl) |
60.70 (61.39) |
62.08 |
|
(Rs/bbl |
3860.52 (3905.02) |
3966.91 |
|
|
Exchange Rate |
(Rs/$) |
63.60 (63.61) |
63.90 |
SOURCE: PIB
Export-Import Bank of India (EXIM Bank) has, at the behest of the Government of India, extended additional Line of Credit (LOC) to the Government of the United Republic of Tanzania, of USD 268.35 million for financing the extension of Lake Victoria pipeline to Tabora, Igunga and Nzega in Tanzania. The LOC Agreement to this effect was signed in New Delhi on Friday, June 19, 2015, by Mr. Yaduvendra Mathur, Chairman and Managing Director on behalf of EXIM Bank and Ms. Dorothy Stanley Mwanyika, Deputy Permanent Secretary, Ministry of Finance, on behalf of the Government of the United Republic of Tanzania, in the presence of Prime Minister of India H.E. Mr. Narendra Modi and the President of Tanzania, H.E. Mr. Jakaya Kikwete.
This is the fourth LOC extended by EXIM Bank to Tanzania at the behest of the Government of India. The first LOC of USD 40 million was extended, for financing supply of tractors, pumps and equipment to Tanzania. The second LOC of USD 36.56 million was extended, for financing the purchase of vehicles. The third LOC of USD 178.125 million was extended for financing augmentation of water supply schemes of Dar es Salaam and Chalinze regions in Tanzania. Tanzania is bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The main items that India exports to Tanzania are Petroleum products, pharmaceutical products, transport equipment, machinery & instruments, manmade yarn fabrics made ups, manufactures of metals, primary & semi-finished iron & steel and plastic & linoleum products. The main items that India imports from Tanzania are Cashew nuts followed by pulses, metal ferrous ores & metal scrap, wood & wood products, pearls, precious & semiprecious stones, spices and dyeing, tanning & colouring materials.
With the signing of this LOC Agreement, EXIM Bank has now in place 198 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Europe, Oceania and the CIS, with credit commitments of over USD 12.10 billion, available for financing exports from India. Under the LOCs, EXIM Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of equipment and goods/ provision of services. EXIM Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, EXIM Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
Export-Import Bank of India (EXIM Bank) has, further extended Buyer’s Credit under National Export Insurance Account (NEIA) of USD 29.61 million to the Ministry of Finance, Government of the United Republic of Tanzania to finance the supply of 777 Vehicles from India along with spares and Training in operation and maintenance to the Department of Police Force, Ministry of Home Affairs, Government of the United Republic of Tanzania. The Buyer’s Credit (under NEIA) Agreement to this effect was signed in New Delhi on Friday, June 19, 2015, along with the LOC agreement. The Bank has till date sanctioned an aggregate amount of USD 2.33 billion for 19 projects valued USD 3.75 billion under the BC-NEIA.
SOURCE: The Exim Bank
Far Eastern New Century Corporation (FENC), one of Taiwan’s leading textile makers, will invest NT$ 10 billion (US$ 320 million) to expand its existing capacity in Vietnam. In a statement issued following the company’s 2015 Annual General Shareholders’ Meeting, FENC said: “To exploit business opportunities presented by the Trans-Pacific Partnership (TPP), the company plans to increase its investments in Vietnam.” In addition to its existing capacity, to meet the TPP’s yarn forward rule, FENC will build a vertically integrated production site for yarn, fabrics, dyeing and apparel in its phase one expansion. After expansion, Vietnam will become the third world class vertically integrated production site of FENC following the current sites in China and Taiwan. FENC’s consolidated revenues reached NT$ 235.5 billion (or US$7.8 billion) in 2014, despite the volatility of the global economy and plummeting oil prices upending the selling prices of FENC’s petrochemical and polyester products.
SOURCE: Fibre2fashion
The National Union of Textiles Garment and Tailoring Workers of Nigeria (NUTGTWN) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture ( NACCIMA) have rejected the lifting of import ban on textile products by the government, saying it was illegal and did not follow due process, the Nigerian media has reported. Earlier this week, the government through the Comptroller-General of the Nigeria Customs Service, (NCS), Alhaji Abdullahi Dikko had announced at the official launch of the implementation of Economic Community of West Africa States (ECOWAS) Common External Tariff (CET) that Nigerians can now import textile materials into the country if right duties are paid. But the General Secretary of NUTGTWN, Issa Aremu said in Lagos that the ban on import of textiles into the country was imposed by the Olusegun Obasanjo's government in 2010, after due consultation with all stakeholders. He said the ban was imposed to help the Nigerian textile manufacturers gain comparative advantage over foreign firms and the decision to reverse the ban will kill the textile industry that is reeling under the impact of cheap Chinese imports and smuggling.
Aremu, who is also the factional deputy president of the Nigeria Labour Congress (NLC) said the ban on import was necessary if the textile industry should get back to its former glory and help in the industrialisation of Nigeria. He called upon President Buhari to reverse the decision to lift the ban. Emmanuel Cobham, the Director-General of NACCIMA also condemned the revocation of the ban on import of textiles products. He said the decision would expose the Nigerian textile industry to serious danger. Cobham said lifting the embargo on importation of textile products would be counterproductive to government’s efforts to revive the moribund textiles sector of the economy. “We are mortgaging our economy; the economy will not grow under such circumstances. We now depend on China and India for things that can be locally produced,” Cobham said.
SOURCE: Fibre2fashion
The Chairman of the All Pakistan Textile Mills Association, Mr S.M. Tanveer, said on Sunday that the association had decided to ‘voluntarily’ close down the textile industry because of the losses it had been suffering. “An emergency meeting of APTMA’s general body has deliberated on the adverse circumstances and found it unfeasible to incur losses by operating mills partially,” Mr Tanveer said in a statement. According to the APTMA chairman, the cost of doing business in the textile sector has gone through the roof and the burden of incidental taxes, provincial cess, system inefficiencies and the punitive withholding tax regime have added fuel to the fire. The APTMA chairman said the owners of mills in Khyber Pakhtunkhwa, Lahore, Faisalabad, Multan and Karachi had decided to close down operations and lay off millions of workers because they had nothing to offer their international buyers against the regional competitors.
SOURCE: The Dawn
UK based charity WRAP has unveiled a five year plan which aims to create a revolution in the way that industries use resources, which also includes textiles and clothing. “Resource Revolution: Creating the Future" sets out how WRAP will work with businesses, governments and consumers to create the step change needed to meet the demands of the future generations. According to a WRAP press release, it will drive a step change in the sustainable production of clothing and textiles and will be done by reducing resource use in manufacture, encourage re-use and increase recycling. WRAP said it has already built the case for change by supplying the evidence through the ‘Valuing our Clothes’ report. “WRAP’s work with the Sustainable Clothing Action Plan (SCAP), a voluntary agreement aimed at improving the sustainability of clothing across its lifecycle has already made progress,” the charity added. This has been achieved with leading clothing sector companies pledging to measure and reduce their environmental footprints by signing up to the SCAP 2020 Commitment. The consumer campaign, ‘Love Your Clothes’ has also launched to help raise awareness of the value of clothes and help people make the most of the clothes they already own. WRAP has set out a number of ambitious goals for the sector up to 2020, which include; 15 per cent reduction each in carbon footprint, water and waste to landfill, respectively.
The SCAP 2020 Commitment goal also includes 3.5 per cent decreasing in waste arising over the whole product lifecycle of textiles and apparel. Between 2010 and 2015 alone, WRAP initiatives cut greenhouse gas emissions by nearly 50 million tons, which is equivalent to the annual carbon emissions of Portugal. Its other programs reduced waste by 4 million tons, diverted 29 million tons of waste from landfill and lessened water consumption by 856 million cubic litres. WRAP works in partnership with governments, businesses, trade bodies, local authorities, communities and individuals looking for practical advice to improve resource efficiency that delivers both economic and environmental benefits. Its mission is to accelerate the move to a sustainable resource-efficient economy through; re-inventing how we design, produce and sell products; re-thinking how we use and consume products and finally re-defining what is possible through recycling and reuse.
WRAP has a strong track record of identifying areas of waste and delivering actions to reduce and prevent it. This is done through developing the evidence and business case for change, delivering industry-leading voluntary agreements, running effective consumer campaigns and measuring impact to improve targeted action. WRAP’s five year plan sets out the nextstep change needed to be undertaken in each of the three priority areas to reduce the impact on the environment and to improve business efficiency. (AR)
SOURCE: Fibre2fashion
