India’s Directorate General of Trade Remedies (DGTR) under the commerce ministry recently recommended that anti-dumping duty (ADD) be imposed on import of trichloro isocyanuric acid, a chemical used for water treatment, from China and Japan to protect the domestic industry from cheap shipments. The decision followed a DGTR investigation into reported dumping of the chemical from these two countries. Bodal Chemicals Ltd had filed the application for the investigation. ''The authority recommends imposition of provisional anti-dumping duty on the imports of the subject goods,'' the DGTR notification said. The recommended duty is in the range of $170-$870 per tonne. The finance ministry will take the final decision to impose the ADD within three months of the recommendation.
Source: Fibre2fashion
A seven-member delegation from India led by Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Shri Amardeep Singh Bhatia accompanied by High Commissioner of India to Republic of Ghana, Shri Manish Gupta and Economic Adviser, Department of Commerce, Ms. Priya P. Nair held a Joint Trade Committee (JTC) meeting with their Ghanaian counterparts in Accra from 2nd to 3 rd May, 2024. The JTC was co-chaired by Deputy Minister for Trade and Industry, Republic of Ghana, Hon. Michael Okyere-Baafi; and Additional Secretary, Department of Commerce, Shri Amardeep Singh Bhatia. In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. Both sides agreed to work expeditiously towards the operationalization of Unified Payment Interface (UPI) of National Payments Corporation of (NPCI) on Ghana’s Ghana Interbank Payment and Settlement Systems (GHIPSS) within a period of 6 months. Both sides delved into discussions regarding the possibilities of a Memorandum of Understanding (MoU) on Digital transformation Solutions; Local Currency Settlement System and also deliberated on the opportunities offered by African Continental Free Trade Agreement (AfCFTA). Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. These include cooperation in pharmaceuticals, healthcare, information and communication technology, agriculture and food processing, renewable energy, power sector, digital economy and digital infrastructure, critical minerals, textiles and garments, etc. Official delegation from India consisted of officials from Geological Survey of India, EXIM Bank and the Indian Pharmacopoeia Commission. The officials of both India and Ghana actively engaged in the proceedings of the JTC. A business delegation led by Confederation of Indian Industry (CII) also accompanied the official delegation with representatives from the varied sectors including power, fintech, Telecommunications, electrical machinery, pharmaceuticals sectors. The delegation including representatives of business also met Secretary General, AfCFTA and his team of officials wherein areas of cooperation including signing of an MoU, setting of standards, investments, participation in trade events in India, and increasing the depth of engagement between India and AfCFTA was discussed. Names of nodal officers to take the discussions forward were also exchanged. Ghana is an important trading partner of India in Africa region. Bilateral trade between India and Ghana stood at USD 2.87 billion in 2022-23. India stands as a leading investor in Ghana and emerged as the third-largest investor. These investments traverse diverse sectors, encompassing pharmaceuticals, construction, manufacturing, trade services, agriculture, tourism, and more. The deliberations of the 4th Session of India-Ghana JTC were cordial and forward-looking, indicative of the amicable and special relations between the two countries. There was enthusiastic response towards greater cooperation in addressing pending issues, boosting trade and investment and enhancing people to people contacts.
Source: PIB
New Delhi, In a significant development for India's textile industry, the upcoming Mega Integrated Textile Region and Apparel (MITRA) Park in Madhya Pradesh's Dhar district is poised to attract substantial investment, according to Union Textiles Minister Piyush Goyal. Speaking at the launch event for the MITRA park on Sunday, Goyal stated that the project could see an investment of approximately Rs 6,850 crore (USD 840 million) in the Dhar district alone. Additionally, other regions in the state may receive investments totaling Rs 8,675 crore (USD 1.06 billion), Goyal said. The MITRA park, spanning 1,563 acres in Bhensola village, is expected to generate substantial employment opportunities, with estimates suggesting 50,000 direct and 1.5 lakh (150,000) indirect jobs. The site's strategic location, within proximity to major industrial hubs and transportation networks, further enhances its appeal to investors. The Central Government has ambitious plans to establish seven MITRA parks across the country, having received 13 proposals thus far. These parks, each spanning over 1,000 acres, will collectively require a total outlay of Rs 4,445 crore (USD 545 million) over five years. To streamline the process, the Textiles Ministry has signed Memorandums of Understanding (MoUs) with the states of Karnataka, Uttar Pradesh, and Tamil Nadu. These MoUs have proposed investments worth Rs 5,000 crore (USD 612 million), bringing the total proposed investments across four MITRA parks to approximately Rs 12,000 crore (USD 1.47 billion).
According to an official release, the PM MITRA Parks are a pivotal step towards realising the government's vision of transforming India into a global hub for textile manufacturing and exports. Inspired by the Prime Minister's '5F' vision – Farm to Fibre to Factory to Fashion to Foreign – these parks aim to bolster the nation's textile sector and strengthen its position in the global market.
Source: KNN
The European Commission will hold dialogue with its civil society representatives on recent developments in the EU’s trade relations with India, particularly the state of play of negotiations for the proposed India-EU Free Trade Agreement (FTA), in a virtual meeting later this month. “The meeting offers an opportunity for an exchange of views with civil society organisations (CSOs) on the EU’s trade policy with India and its future,” according to the EC. The meeting, scheduled on May 22, is important as the EU has been actively taking inputs from its civil society for its FTAs, especially for the `trade and sustainability’ chapters that includes labour and environment. Civil society in the EU has also been active in pursuing issues related to IPRs and access to medicine as well as health. “The EU is keen to conclude its FTA with India soon, possibly by the year-end. Consultation with the civil society will help the bloc in firming up its offers and requests in several areas,” a source tracking the matter told businessline. Milestones in negotiations The seventh round of the India-EU negotiations were completed in February 2024 and the eight rounds will take place in Brussels soon. “In the interim, the two sides are meeting inter-sessionally through virtual modes,” the source said. The proposed India-EU FTA has over 20 chapters. Apart from goods and services, some areas covered include digital trade, government procurement, IP, State-Owned Enterprises, SMEs, energy and raw materials and good regulatory practices. It also includes a chapter on trade and sustainable development which comprises environment, labour, gender equality. CSOs, including French-origin MSF or Doctors Without Borders, have been playing a significant role in spreading awareness amongst people about the impact of some of the trade pacts being negotiated at the bilateral or multilateral levels. Last year, the Centre for Financial Accountability, with support from the Rosa Luxembourg Rosa-Luxemburg-Stiftung, had organised a civil society dialogue in India on the India-EU FTA. It was also attended by a member of the European Parliament. Overcoming challenges CSOs participating in the dialogue gave their inputs in a number of areas including digital trade, government procurement, health sector and IPRs. The FTA talks between India and the EU, first launched in 2007, reached a stalemate in 2013 over issues such as market access for specific goods, specifically automobiles and wines & spirits. The EU also wanted commitments in opening up of financial services including banking and insurance and also retail trade, that India was not very comfortable with. The talks resumed in 2022 and have been progressing steadily then.
Source: The Hindu Business
The company, which sells international brands like Tommy Hilfiger, Arrow and Calvin Klein, said its consolidated net profit rose to 990.3 million rupees ($11.9 million) from 970 million rupees a year earlier Indian clothing retailer Arvind Ltd posted a 2.1% rise in fourth-quarter profit as demand for its textiles remained steady. The company, which sells international brands like Tommy Hilfiger, Arrow and Calvin Klein, said its consolidated net profit rose to 990.3 million rupees ($11.9 million) from 970 million rupees a year earlier. Indian retailers are overcoming sluggish demand and restrained consumer spending by rapidly offering products at discounts to sway consumers. However, they continue to see slower volume growth amid increasing competition. Arvind posted a 10.3% rise in revenue from operations, while revenue from its core textile segment, which accounts for nearly 72% of total sales, grew 5%. The company said it saw a recovery in denim sales during the quarter, while garments and woven products sales grew. The advanced materials segment, through which Arvind makes fabrics and protective gear for construction work, grew about 21%. "With inventory correction behind and fresh order booking and onboarding of new customers, demand outlook is positive for the financial year 2025," the company said in its investor presentation. The retailer added that it plans to raise its capital expenditure to 4-4.50 billion rupees for new projects. Additionally, it approved a dividend of 4.75 rupees per share, including a one-time special dividend. Stop reported a 53% rise in fourth-quarter profit, helped by demand in its beauty segment as well as luxury products. Tata Group-owned Trent posted a five-fold jump in quarterly profit as it opened more of its lower-priced Zudio brand of stores.
Source: Brand Equity
Synopsis The 3rd Tashkent International Investment Forum (TIIF) attracted significant global investor interest, resulting in agreements worth $26.6 billion. The event saw over 2.5 thousand participants from 93 countries. Key highlights included presentations of regional energy projects and agreements signed for various projects. These included infrastructure developments, wind farms, heat supply system modernization, sugar production, textile manufacturing, and food processing. The forum also discussed economic development, supporting small and medium-sized businesses, retail trade challenges, digital technology integration, and urban planning. The 3rd Tashkent International Investment Forum (TIIF) last week witnessed huge interests from global investors including from the Gulf leading to signing of agreements worth $26.6 billion. According to the Ministry of Investment, Industry and Trade of Uzbekistan, the event gathered more than 2.5 thousand participants from 93 countries. Want a Loan? Get cash against your Mutual Funds in 4 hours One of the key events of the forum was the presentation of regional energy projects (construction of Kambarata HPP-1 and Yavan HPP) to foreign investors. The presentation was attended by the Prime Ministers of Uzbekistan and Kyrgyzstan, which emphasized the importance of these projects for the entire region. As a result of the TIIF, agreements totaling $26.6 billion were signed, which testifies to the high investment attractiveness of Uzbekistan and the success of the forum, according to Uzbek officials. As many as 167 documents worth $11 billion were signed at TIIF in 2022, which demonstrates a significant increase in investment interest to the country. Following agreements were signed: - "Data Volt" from Saudi Arabia will be engaged in the construction of urban infrastructure in "New Tashkent" for the amount of $1 billion, as well as create a "data center" based on green technologies for the amount of $3 billion. - Saudi Arabia's Acwa Power will implement projects to build a 5 GW wind farm in the Republic of Karakalpakstan and create 2 GW of electricity storage capacity for a total of $6.2 billion. - UAE-based Amea Power will implement a $1.1 billion project to build a 1,000 MW wind farm in the Republic of Karakalpakstan. - "Saudi Tabrid" will start modernization of the heat supply system in Nukus, Fergana and Kuvasay at a cost of $750 million - Egypt's "Nil Shugar" will grow sugar beets and produce sugar in Jizzak region at a cost of $500 million. - Chinese company "Shanghai Knud International" will implement a project on production of textile and garment products in Namangan region for the amount of $205 million. - "Wilmar International" company (Singapore) will produce food products and confectionery in Tashkent region for the amount of $200 million dollars. In addition, the forum reached agreements with a number of the world's largest companies, such as "Orascom Investment" (Egypt), "Bonafarm Grup" (Hungary), "Sayar" (USA), "Goldwind", "Sinoma" (China), "Sam Yapi" (Turkey), "Pasha Development" (Azerbaijan), "Lasselsberger" (Austria), "Petrosat Chexelsoton" (Iran) on realization of new investment projects worth $6.6 billion. The event included a programme of panel sessions, discussions, business breakfasts and round-tables, where the most important aspects of economic development were discussed. The central topic was the role of the government, investors and entrepreneurs in supporting small and medium-sized businesses. The session devoted to retail trade outlined the main problems and opportunities of the industry. Participants expressed the need to improve tax legislation and simplify import procedures. They also noted that it is important to create conditions for successful adaptation of new brands in the market. The focus was on attracting foreign investment through residence permit programs. The experts also emphasized the importance of integrating digital technologies into investment strategies. They noted that digitalization is not the future, but already today, and plays a key role in accelerating investment processes and increasing transparency. At the pitch session "IT-PARK Uzbekistan: new perspectives of development", plans to turn Uzbekistan into a regional center of information technologies by 2030 were presented. Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, spoke about the significance of recent investments. "Yesterday we witnessed an important event - the start of construction of the $5 billion Data Volt green data center, which is a major foreign direct investment project. We are creating a favorable environment for IT companies and launching the "Zero Risk" program to cover all risks associated with opening and running offices in Uzbekistan," he said. At the round-table "Connectivity: revitalization of the Great Silk Road", international experts and representatives of government agencies explored opportunities to expand ties, economic cooperation and cultural exchange along the ancient routes of the Silk Road. At the round-table "Integrated urban planning: quality investments, environment and comfort for people", leading urbanists, architects and representatives of the business community discussed approaches to the development of the city of Tashkent. In particular, BCG Managing Director and Senior Partner Vladislav Boutenko emphasized the importance of integrating innovative solutions into urban planning to achieve sustainable urban development. He emphasized that both economic and social aspects should be taken into account in integrated planning, ensuring a balance between them.
Source: The Economic Times
The Association of Southeast Asian Nations’ (ASEAN) manufacturing purchasing managers’ index (PMI) remained above the neutral 50 threshold for the fourth consecutive month in April, recording a figure of 51, according to S&P Global. This was a slight decrease from March's 51.5, indicating a modest reduction in the rate of improvement within the ASEAN manufacturing sector.New orders rose for the second straight month in April, the rate of growth quickening to the strongest since mid-2023. However, the data suggested that the latest upturn was primarily driven by domestic demand as the current downturn in export sales stretched to 23 successive months. In terms of output, while ASEAN manufacturers signalled solid growth in production, the upturn moderated from the ten-month high recorded in March.The impact of cooling production growth resulted in a slower increase in purchasing activity. Reflective of this, holdings of pre-production items were accumulated at only a marginal pace. More concerning was the fall in manufacturing employment, the first seen since last October. The downturn, while modest, was the most severe since November 2021. The drop-in staffing levels was recorded despite capacity pressures continuing to build, with backlogs rising at a quicker pace, as per S&P Global. Cost burdens rose sharply, but the rate of inflation eased to a six-month low. Charges were raised at a muted pace, with the rate of increase broadly in line with the eight-month low seen in March. Lastly, ASEAN manufacturers expected growth in output in the coming 12 months. That said, the level of confidence was the joint weakest since July 2020, equal with that seen in July last year. Country specific data noted improvements in manufacturing conditions across four of the seven ASEAN constituents, with Indonesia replacing Singapore at the top of the rankings table. Meanwhile, Thailand signalled the strongest deterioration in operating conditions for the second time in the past three survey periods. “The ASEAN manufacturing sector remained in growth territory at the start of the second quarter of the year. New orders rose at a quickened pace, signalling a further improvement in demand trends. Growth in output remained solid overall, despite the upturn easing slightly,” said Maryam Baluch, economist at S&P Global Market Intelligence.
Source: Fibre2fashion
HANOI: The textile and garment industry has long faced an imbalance between production stages. The two stages at the beginning and end of the chain, yarn and sewing, have a very large scale of development, while weaving and dyeing have remained industry bottlenecks for years. Infrastructure for weaving, dyeing and fabric production is still limited, and there is no planning for development and centralised wastewater treatment, said Nguyen Thi Tuyet Mai, deputy general-secretary of the Vietnam Textile and Apparel Association. Some local governments refuse textile and dyeing projects, saying that the textile and dyeing industry causes pollution, although investors say they will use modern processing technology that will not have a negative impact on the environment. Meanwhile, to enjoy preferential tariffs from new free-trade agreements (FTAs), businesses must meet the rules of origin “from the yarn on” or “from the fabric onwards”. “To solve the problem of limited raw-material supply, we need to take advantage of the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to attract foreign investment in the raw material supply chain,” Mai told the online news site Kinh Doanh Business. Experts believe that if the bottleneck in the dyeing process can be resolved, it would help raise Vietnam’s position in the global textile and garment supply chain, enabling it to take full advantage of FTA tariff preferences.
Source: The Star
