Commerce minister Piyush Goyal on July 30 came down heavily on domestic industry for their lack of ideas and initiatives on a range of policies by the government, including ease of doing business and Make in India. Ironically, speaking at an event organised by apex industry body Confederation of Indian Industry (CII), Goyal said, "When I appeal to you that one person can you use a (made-in- India) product by another person, you say you can save if you import that same product. Are you even worried about India's foreign exchange? Foreign exchange is not your responsibility! It is the RBI's and government's responsibility!" Goyal also criticised the industry for not actively taking part in committees tasked to design and fine-tune government policies such as the production-linked incentive scheme (PLI). "PLI scheme came out of a SCALE committee (Steering Committee on Advancing Local value-add and Exports). Pawan Goenka headed it. I want to know which industry partners of CII attended and took part in the SCALE committee meetings or recommendations actively. FICCI and Assocham were never part of these meetings. So, it is important you make up your mind. You tell us how do we initiate change?" Pawan Goenka, IN-SPACe chairman and former chief executive officer of Mahindra & Mahindra used to head the SCALE committee and played a key role in designing the PLI scheme. The commerce minister urged the industry to be more demanding and active in aiding policies that are being envisaged and implemented by the government. He further pointed out the low levels of participation from the industry to help improve policies around Ease of Doing Business (EODB) and National Single-window System (NSWS). The minister also asked industry to step up on ideas to help reduce the compliance burden of businesses. The minister added that Indian industry's resistance on tax concessions for goods sent to partner nations could hinder the country's ability to clinch key trade pacts with the likes of United Kingdom (UK) and European Union (EU). This is not the first time that the commerce minister has expressed disappointment over the lack of initiative and suggestions from the industry towards policies of the government. On July 10, Goyal revealed that he was "struggling to prepare Jan Vishwas II" amid lack of ideas from the private sector.
Source: Money Control
Indian exporters are facing potential disruptions in their business operations, EBITDA margins, and working capital due to a recent surge in container freight rates, which have increased fourfold year-on-year, according to credit rating agency India Ratings and Research (Ind-Ra). The agency cautions that if this surge persists, it could significantly affect the exporters throughout fiscal 2025 (FY25). Freight rates had seen significant corrections through 2023 and the first nine months of 2024, following a post-COVID surge in 2022 due to supply chain bottlenecks. However, the reduction in freight and forwarding costs for Indian companies was less pronounced compared to international costs and is expected to rise again in FY25. Additionally, the working capital cycle, which had peaked during the pandemic before returning to normal levels, is now showing signs of lengthening in FY25, as per Ind-Ra. This surge in freight rates could be temporary, influenced by the advance of Chinese exports ahead of impending US duty protections effective from 1 October 2024, and the re-stocking of products for Christmas. However, it highlights broader issues such as container shortages due to longer shipping routes avoiding the Red Sea channel. On the other hand, the Baltic Exchange Dry Index has doubled since July 2023 but remains below the high seen in December 2023, indicating that bulk container freight costs are likely to remain stable. Ind-Ra believes the increased freight rates will result in higher working capital financing requirements. The agency analyzed 102 listed companies with at least 25 per cent of their revenues and/or raw materials sourced from foreign trade over the period FY19-FY24. In its previous analysis of the Red Sea disruption, Ind-Ra highlighted the impact on working capital cycles and freight and forwarding costs for companies, which are likely to worsen if the disruption continues. Factors contributing to the rising freight rates include increased fuel usage and higher insurance risk premiums, leading to higher transportation costs. The increased travel time and expanded trade routes are causing congestion at major ports, further increasing ship turnaround times and costs. The revival of merchandise exports from Asian countries, which grew substantially in the first five months of 2024, has also contributed to higher freight costs. The increase in exports from China can be attributed to concerns over impending import duties and uncertainties surrounding new trade policies following the US election results. However, this strong momentum could be temporary, with export growth potentially flattening as more clarity emerges. The disruption of sea routes, particularly through the Suez Canal, which has seen a 70 per cent decline in usage due to attacks on shipping vessels since mid-November 2023, has exacerbated the situation. The Freight Container Index has increased fourfold since July 2023, although the current scenario is not as severe as during the COVID-19 pandemic. Exporters are likely to struggle to pass on the recent rise in shipping costs to end- consumers due to weak global demand, providing resilience to inflation. There are no significant signs of a resolution to the ongoing disruption in the near future. The Atlantic-Pacific trade exchange has also been affected by restricted ship movement through the Panama Canal, caused by a long-term El Nino dry season. This has led to a 24 per cent drop in the volume of merchandise traded through the canal compared to 2023, with the normalcy of operations dependent on climate change.
Source: Fibre2fashion
The downstream value chain of the Indian polyester textile industry can expect an imported supply of Purified Terephthalic Acid (PTA) from South Korea (Republic of Korea) and Thailand at globally competitive prices following a recent Supreme Court order which has stayed a reinstatement order issued by the High Court of Gujarat.
The government imposed anti-dumping duty on the import of PTA from several countries for five years in 2016 after due investigation. It levied the duty on imports from South Korea and Thailand in July 2019. However, the government removed the duty on PTA in its Union Budget 2020 proposals, citing public interest. Finance minister Nirmala Sitharaman stated in the Union Budget 2020 proposal that PTA is a critical input for textile fibres and yarns. Its availability at globally competitive prices will support the downstream industry to grow.
However, the country’s dominant producers of PTA, Reliance Industries Limited (RIL) and other upstream petrochemical companies, had to face competition from global suppliers. Therefore, the premature removal of the duty was challenged by RIL and other companies in the Gujarat High Court. The High Court quashed the notification and ordered the reinstatement of the anti-dumping duty. It directed the government to initiate a sunset review, affirming that the ADD on the product was leviable. Following this, the Directorate General of Trade Remedies (DGTR) initiated a sunset review investigation on supplies of Purified Terephthalic Acid (PTA) from South Korea (Republic of Korea) and Thailand.
On Monday, a Supreme Court bench comprising Justices BV Nagarathna and N Kotiswar Singh stayed the Gujarat High Court’s order. It has also sought responses from RIL and other parties. The bench raised the question of whether a high court can supervise the economy. Ashish Gujarati, former president of the Southern Gujarat Chamber of Commerce & Industry (SGCCI), commented on the matter, “The SC order will directly benefit fibre and yarn manufacturers and indirectly benefit the fabric and garment industry. It is a good sign from the central government, which challenged the Gujarat HC order in the Supreme Court. It shows the government is very much concerned for the downstream yarn and fabric industry.” He mentioned that the anti-dumping duty on PTA has already lapsed after the completion of five years. However, the government will take a positive approach if the sunset review begins. The Indian non-cotton fibre, yarn, and fabric industry is struggling to get raw materials like PTA and other downstream products at globally competitive prices and quality. Anti- dumping duties and quality control orders (QCOs) have restricted supplies from global suppliers, making them increasingly dependent on local suppliers. The Ministry of Textile is facing great difficulty in striking a balance between the interests of stakeholders in the entire textile value chain. The downstream industry argues that costlier raw materials are detrimental for them to compete in the global market as they are dependent on high-priced domestic supplies.
Source: Times of India
The negotiations to review the free trade agreements (FTAs) implemented with Japan, Korea, and ASEAN are moving slowly, but India is pursuing those talks, Commerce and Industry Minister Piyush Goyal said on July 30. He said these agreements were signed and implemented during the UPA regime. These pacts are hurting the domestic industry and almost all firms stated that they are “unfair” agreements, Mr. Goyal said. “I am helpless as those agreements (came into effect) before we came to power. I am helpless to change it until we close the negotiations. We are under re-negotiations but obviously when they (Japan, Korea, ASEAN) realise that the Congress's agreement was better for them (Japan, Korea, ASEAN), they are happier to keep that rather than change the agreements... they are going very slow, (but) we are also pursuing," he said while speaking at a CII programme on Viksit Bharat.
ASEAN (Association of Southeast Asian Nations) is a major trade partner of India, with a share of 11% in the country's global trade. The bilateral trade stood at $122.67 billion in FY2023-24. Members of the bloc include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. In general, such review exercises include implementation issues, rules of origin; verification process and release of consignments; customs procedures; further liberalisation of trade in goods; and sharing and exchange of trade data. The India-Korea agreement, dubbed as comprehensive economic partnership agreement (CEPA), was operationalised in January 2010. India has sought greater market access for certain products like steel, rice, and shrimp from South Korea to boost exports of these goods. India has flagged issues over Korean firms not buying Indian steel. India has also raised concerns about the growing trade deficit between the two countries. India's exports to Korea dipped to $6.41 billion in 2023-24 from $6.65 billion in 2022-23 and $8 billion in 2021-22. India and Japan had implemented the CEPA in August 2011. Mr. Goyal added that the Modi government signed four free-trade pacts (Australia, Mauritius, EFTA, and the UAE) after holding a series of consultations with stakeholders. "I am happy to do more FTAs and the industry can guide us on that. FTA is a two-way traffic. I would urge your cooperation to do move faster on FTAs and QCOs (quality control orders)," he said. The Minister also urged the industry to come forward and support the startups in funding so that they do not have to sell their ideas for "few" dollars. "Why do we have to sell out cheap at a very low valuation, the ideas of young boys and girls... I would urge all of you to please be forthcoming and support the startups and MSMEs," he said.
Source: The Hindu
Synopsis Replying to the discussion on Union Budget 2024-25 and Union Territory of J&K in Rajya Sabha, Sitharaman said the government is well on track to achieve the fiscal deficit target of 4.5% of GDP by 2025-26. "The government has always maintained fiscal prudence as one of the important governance principles... From 2026-27 onwards we will adhere to a path to ensure that the central government debt as a percentage of GDP is at a declining trend," she said. NEW DELHI: Finance minister Nirmala Sitharaman Wednesday said the budget seeks to strike a fine balance among several overriding priorities and will provide impetus to local manufacturing, boost employment and raise India's share in global growth. "Growth, employment, welfare spending, capital investments, and fiscal consolidation are given equal place," she said in Rajya Sabha. presented in February. "While this budget seeks to consolidate our earlier accomplishments, I have announced a slew of measures in providing a renewed impetus to the manufacturing sector," the minister said. The aim is to boost domestic employment, create jobs, and ensure a high and sustained increase in India's share in the global GDP over the next five years, she added. Replying to the discussion on Union Budget 2024-25 and Union Territory of J&K in Rajya Sabha, Sitharaman said the government is well on track to achieve the fiscal deficit target of 4.5% of GDP by 2025-26. "The government has always maintained fiscal prudence as one of the important governance principles... From 2026-27 onwards we will adhere to a path to ensure that the central government debt as a percentage of GDP is at a declining trend," she said. Cooperative Federalism Sitharaman dismissed the opposition allegation of ignoring the opposition ruled states while asserting unflinching support to cooperative federalism. "I would like to underline our unflinching commitment to cooperative federalism," She said. The total resources proposed to be transferred to the states in 2024-25 is estimated at ?22.91 lakh crore, she said. Sitharaman stated that the Finance Commission recommends the devolution of taxes as a percentage of the 'net proceeds', as defined in Article 279 of the Constitution, which are calculated by deducting cesses, surcharges, & the cost of collection from the gross tax receipts. "It is wrong to calculate devolution based on gross tax receipts, and then claim that the centre is devolving less than what is suggested by the Finance Commission," she said. 8/1/24, 11:16 AM Budget aims to push mfg, boost India's share in global growth:
Inflation Management
Sitharaman noted that the government took measures leading to a reduced average inflation of 4.5% from FY 2014-15 to FY 2018-19, well within the RBI's target range of 2-6%. The government, she said, managed to contain inflation at 5.7% from FY 2019- 20 to FY 2023-24 despite challenges like the Covid-19 pandemic while many countries faced 3 or 4 decade high double-digit inflation after the pandemic.
Agnipath Scheme The finance minister defended the Agnipath scheme countering opposition's demand to roll it back, saying it would ensure that the country has fit soldiers at the frontline. "This means that armed forces will have a much younger force, thus reducing the average age of the Indian soldier," she said, adding that it was with the acceptance of armed forces that this scheme was brought.
NEET Sitharaman observed that the Supreme Court did not scrap the NEET exam and that it had ensured cost-effective medical education for backward families and hurt certain vested interests and listed names of several students from humble backgrounds who had cleared the exam.
Source: Economic Times
Having renegotiated several free trade agreements (FTAs) signed by the erstwhile governments, Commerce and Industry Minister Piyush Goyal said India would have become a country of salesmen and salesgirls hawking cheap Chinese imports had it not exited the Regional Comprehensive Economic Partnership (RCEP) in 2019. India had walked out of the 15-nation bloc in 2019 to protect the domestic economy from dumping of cheap Chinese goods and farm products from Australia and New Zealand. While he pointed out that India stands to save billions of dollars every year in double taxation courtesy of the existing trade deal with Australia, he explained that the removal of angel tax for start-ups took time as there were concerns over misuse, which will now be dealt with by the Finance Ministry. Speaking at a session at the ‘Journey Towards Viksit Bharat: A Post Union Budget 2024- 25 Conference’ organised by the Confederation of Indian Industry (CII) in New Delhi, he assured that the government is looking to address the industry's concerns on the levy of sanctions by the European Union (EU) on Russian diamonds. While India is opposing demands for testing of its domestic diamonds in Antwerp to protect the cost and ease of doing business (EODB), the Minister has warned the EU of possible retaliatory measures which may entail testing of their exported products in India's remote areas, like the J&K or Chhattisgarh. Highlighting the government's consumer and industry-oriented focus on the FTAs being signed, he pointed to the $100 billion investment commitment secured under the India- EFTA (European Free Trade Association) FTA, apart from the investment made by pension funds. The 4-nation bloc EFTA is comprised of Switzerland, Liechtenstein, Norway and Iceland. With the government setting up 12 new industrial parks across India and 5-6 mega textile parks lined up, the Minister urged the industry to participate extensively as well as take part in committees formed by the government for their assistance.
Source: CNBC TV
Synopsis Commerce Minister Piyush Goyal criticized Indian industries for prioritizing imports over local products, impacting foreign exchange reserves. He noted their reluctance to offer market access while demanding duty concessions in FTAs. Goyal also expressed concern over low industry participation in meetings aimed at boosting local value-add and exports. New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday took to task India Inc for ignoring national interest for small gains. He regretted that many industries have not been buying made in India products, unmindful of impact of such imports on foreign exchange for small gains. The Indian industry always seeks protection, he said, adding, "Then how will we do FTA with the UK and with the European Union (EU)?" The industry states that "do not give duty concessions in India but allow us to export at zero duty to the UK, and the EU. Is this the way FTA happens? What is the cooperation from your side?" he asked. "When I appeal to you to buy goods made by Indian firms, you (industry) say you save money from importing," he said. The industry does not think about India's forex reserves as if it is the only responsibility of the government and the Reserve Bank of India, the minister said. "I think you make up your mind," Goyal said. Citing example of meetings of Steering Committee on Advancing Local value add and Exports (SCALE), he said the industry participation in meetings are low. "So you tell me, how we will bring changes," he asked. The minister was speaking at CII's Viksit Bharat programme.
Source: Economic Times
Synopsis Commerce and Industry Minister Piyush Goyal highlighted India's potential for economic growth, suggesting that increased shipping, focus on electric mobility, and self-sufficiency in defense could lead to rupee appreciation. Speaking at an Assocham event, he drew parallels to China's growth from 2000-2020, aiming for a similar trajectory. Emphasizing infrastructure development, anti-corruption measures, and employment generation, Goyal predicted India could become a $5 trillion economy within 3-3.5 years and potentially a $55 trillion economy by 2047 with sustained growth and low inflation. New Delhi: As India increases shipping, focuses more on electric mobility and becomes sufficient in defence, it could witness rupee appreciation, commerce and industry minister Piyush Goyal said Wednesday. At an Assocham event, he also said that India can replicate, if not better, the China story between 2000-2020, the two decades where China relentlessly grew at 8% with a stable currency and low inflation. It is that “sweet spot” in which India is today, he said. “As we increase shipping, focus more on electric mobility and become sufficient in defence and a little bit more on things like oilseeds, rubber, pulses we are looking at a rupee appreciation,” Goyal said, in a panel discussion with former chief economic advisor KV Subramanian. He said the government has focussed on infrastructure and actions on making India corruption-free and encourage employment generation. “We want to see similar thrust on areas like shipping where India has a long way to catch up,” he said. At times, Goyal said, there will be certain jolts to the politics of the country but “we have to be prepared for that”. “We do have a coalition currently, but at the core of this coalition is a party with 240 seats,” he said. He said going forward, the focus will be on defense self-sufficiency, replacing oil economy with electric economy and bring quality in manufacturing and consumer choices. On leader of opposition Rahul Gandhi’s comments on the Budget halwa ceremony, Goyal said that Prime Minister Narendra Modi does not get swayed by such frivolous comments. “It is not as if he will suddenly start scouting and start looking at everybody’s caste because just for a photo opportunity, we have to appoint them,” the minister said. “The bureaucrats are not bad. The leadership and direction that you provide that defines the work you get out of them,” he said, adding that the government is constantly working to liberalize and decriminalize laws and reduce the compliance burden. Goyal added that India will become a $5 trillion economy in the next 3-3.5 years, making it the world’s third largest economy. At the event, Subramanian said that India has potential of becoming a $55 trillion economy by 2047, if going forward, the country can maintain headline inflation at 5% in the next two decades or more along with a real GDP growth of 8% in real terms.
Source: Economic Times
India is not “rethinking” supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India’s chief economic advisor last week said India had two “choices” to benefit from the so-called China plus one strategy, either by integrating into that country’s supply chain or by promoting foreign direct investment (FDI). “Chief economic advisor’s report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country,” Goyal told reporters in Delhi. “India faces two choices to benefit from China plus one strategy: It can integrate into China's supply chain or promote FDI from China. Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past. Moreover, choosing FDI to benefit from China plus one approach appears more advantageous than relying on trade," said the survey. Government data shows that investment from China hasn’t been robust, but India’s dependence on Chinese goods has been rising for almost two decades. In the January- March quarter of 2024, FDI equity inflow from China stood at $1.7 million, or just 0.01 per cent of the total inflows. On a cumulative basis, Chinese FDI equity inflows between January 2000 and March 2024 stood at $2.5 million. More than four years ago, India made prior approval mandatory for foreign investments from countries that share a land border with India – China, Pakistan, Nepal, Myanmar, Bhutan, Bangladesh, and Afghanistan – to curb opportunistic takeovers of domestic firms after the pandemic. India-China ties are under strain after their militaries clashed in the Galwan Valley in June 2020. Despite strained ties, China was India’s largest trading partner in FY24 and has been India’s largest import partner for almost two decades. India’s trade deficit with China was the highest in FY24.
Carbon tax
Goyal said the European Union (EU) has suggested that instead of paying for carbon border tax, India instead can devise its own mechanism. “They (EU) are keen to pursue that (carbon border adjustment mechanism, or CBAM) and have offered – India could instead of paying CBAM taxes to the EU, (can) devise its own mechanism. We will consider their suggestion and come out with whatever is good for Indian industry and the people of India,” Goyal told reporters. CBAM will result in the imposition of a levy on imported carbon-intensive products such as cement, fertiliser, and metals. Several countries, including India, have raised concerns about its impact on their exports. It entered a transition phase on October 1 and full implementation is planned by January 2026. “As regards CBAM, we are in dialogue with the European Union. My own thinking is that CBAM will hurt the EU – their infrastructure, cost of living, industrial and consumer products, all will become expensive and their economy will face further distress, but that’s my reading of CBAM,” said Goyal.
Source: Business Standard
Vietnamese Prime Minister Pham Minh Chinh called for exploring a free trade agreement with India during his visit to New Delhi. Speaking at the Vietnam-India Business Forum, he emphasized the goal of increasing bilateral trade to USD 20 billion and urged Indian businesses to invest more in Vietnam, particularly in strategic infrastructure areas. NEW DELHI: India and Vietnam should explore the possibility of a free trade pact to further strengthen the economic cooperation, Vietnamese Prime Minister Pham Minh Chinh said on Wednesday. Chinh, who is accompanied by a high-level delegation, including several ministers, deputy ministers and business leaders, is on a three-day visit to Indi Going forward, the Vietnamese Prime Minister said that the two nations should aim to increase their bilateral trade to USD 20 billion while addressing the Vietnam-India Business Forum. "I would like to ask that we expand our...market access to each other's products such as through a suitable FTA between Vietnam and India. Of course, we need to discuss this...We need to make sure that our benefits are shared with each other for Indian businesses. I hope that you (India) will continue to invest more in Vietnam," he said at the Business Forum organised by Ficci.
Source: Economic Times
Synopsis Vietnamese Prime Minister Pham Minh Chinh called for stronger economic cooperation with India, aiming for $20 billion in bilateral trade. Speaking in New Delhi, he highlighted opportunities in infrastructure, pharmaceuticals, and digital technology. Chinh invited Indian businesses to invest in Vietnam, focusing on strategic sectors and integrating Vietnamese companies into their supply chains. Vietnamese Prime Minister Pham Minh Chinh has called for stronger economic cooperation between Vietnam and India, setting an ambitious target of $20 billion in bilateraltrade. Speaking at the Vietnam-India Business Forum, organised by FICCI in New Delhi on Wednesday, Prime Minister Chinh outlined Vietnam's economic achievements and invited Indian businesses to invest in strategic sectors such as infrastructure, digital technology, and pharmaceuticals. Chinh emphasised the longstanding friendship between Vietnam and India, dating back 2,000 years. He highlighted upgrading bilateral relations to a comprehensive strategic partnership, which he said has "opened up a new space for cooperation across the board." The Prime Minister emphasised Vietnam's foreign policy of independence, self-reliance, and multilateralism, stating that the country aims to be "a good friend and reliable partner of all countries around the world, and a responsible member of the international community." Chinh invited Indian businesses to invest more in Vietnam, particularly in semiconductors, science and technology, innovation, digital transformation, green hydrogen, pharmaceuticals, renewables, and biotechnology sectors. He noted that Vietnam currently sources 33% of its pharmaceuticals from India and expressed interest in establishing "a proper pharmaceutical ecosystem in Vietnam to help protect the health and life of our people." The Prime Minister also called for Indian businesses to facilitate Vietnamese companies' integration into their supply chains and urged Indian businesses to consider Vietnam to be a strategic destination. Chinh revealed that he had met with several Indian companies that have pledged to invest in Vietnam. He welcomed these commitments and expressed hope for continued investment and cooperation. Speaking on this occasion, Jitin Prasada, Minister of State for Commerce & Industry; Electronics and Information Technology, called for stronger economic cooperation between India and Vietnam, emphasising the complementary nature of their growth strategies and the potential for mutual benefit. Prasada highlighted the economic synergies between India and Vietnam, noting that both countries are growing at nearly double the average global economic growth rate. "Both our countries are focused on improving our manufacturing prowess and playing a greater role in the global value chains and world economy," he said. The minister called for increased attention to opportunities in each other's markets, pointing out that while larger global markets are important, the potential for bilateral trade should not be overlooked. He mentioned India's recent participation as the guest of honour at the 33rd Vietnam International Trade Fair in Hanoi, indicating growing economic ties between the two nations.
Source: Economic Times
Target Corporation (NYSE: TGT) is introducing its first chain-wide Denim Take Back Event. From August 4-10, consumers can recycle their used or outgrown denim of any brand in-store and receive 20% off a new denim apparel purchase with Target Circle. "Our new Denim Take Back Event is an easy way for families to give their used denim a new life," says Gena Fox, Target's senior vice president of merchandising for apparel and accessories. "With back-to-school and college shopping top of mind for families, we're offering this 20% off Target Circle deal to make it even more affordable for our guests to refresh their denim wardrobes, while also doing our part to reduce waste and keep used denim out of landfills." How the Denim Take Back Event works
Here are the steps consumers can take to participate:
-Bring up to five denim items, in any condition, to a Target store and drop them in the marked in-store boxes.
-Receive a Target Circle promo code for 20% off all denim apparel, including Target- owned brands like Universal Thread, Wild Fable, Goodfellow & Co, Cat & Jack and national brands like Levi's.
-Redeem the Target Circle offer between August 4-10.
This limited-time event happens just in time for back-to-school shopping, making it easier and more affordable for families to stock up on new denim outfits and essentials, including trendy options like baggy and cargo silhouettes, wide and flare leg shapes, and more – starting at just $10. This event is another way Target is providing options that allow families to make more sustainable choices and, at the same time, save on items, like denim, that they use or wear in their daily lives.
Easy, fast shopping options
Consumers can shop for new denim in Target's nearly 2,000 stores and at Target.com or via the Target app. For added convenience, consumers can use the retailer's industry- leading fulfillment services including Drive Up and Order Pickup, have their denim delivered to their doorstep through Target's same-day delivery, or can take advantage of unlimited same day delivery, a benefit of Target Circle 360, Target's paid subscription.
Consumers who participate in the Denim Take Back Event and have the Target Circle Card can also save an extra 5%* off their denim purchase, in addition to their 20% off Target Circle offer.
Benefiting consumers and building on waste-reduction efforts
Target's Denim Take Back Event responds to growing consumer interest in products and programs that help reduce waste and furthers the retailer's commitment to creating and curating inclusive, sustainable brands and experiences. It allows consumers to give their old items a new life and keep used denim out of landfills, as materials from the denim will be recycled and repurposed by Target's partners. This event builds on the success of Target's Car Seat Trade-in Program, which has recycled 2.6 million car seats and 39.7 million pounds of materials since 2016.
Source: Fibre2fashion
Business and trade secretary Jonathan Reynolds have announced the UK government's intention to initiate trade talks with several key global partners, including the Gulf Cooperation Council (GCC), India, Israel, South Korea, Switzerland, and Turkiye. This move underscores the government's commitment to placing economic growth at the forefront of its agenda, aimed at improving the livelihoods of hardworking British people.
Restarting these trade negotiations is the first step towards securing high-quality trade deals essential for providing UK businesses with access to international markets, boosting employment, and driving economic growth. The government is dedicated to leveraging all available tools to help British businesses expand their global footprint. Free trade agreements (FTAs) are not the only mechanism for stimulating economic growth through trade. The government also plans to publish a comprehensive trade strategy that aligns with its industrial strategy, enhances economic security, and supports the UK's net zero ambitions. This strategy aims to reset the UK's relationship with the EU, support more small businesses in exporting, and dismantle unnecessary trade barriers, thereby supporting jobs and communities across the country, the UK government said in a press release.
The UK's trade programme is designed to secure deals that will benefit the national economy and enhance trade with some of the world's most dynamic economies. For instance, a trade agreement with the GCC represents a significant economic opportunity, with mutual investments already exceeding £19 billion (approximately $24.43 billion) as of 2021. Such an agreement could further boost this investment, allowing British companies to capitalise on a thriving market and offering British consumers greater choice. Similarly, the UK is negotiating an FTA and bilateral investment treaty with India, which is projected to become the world's third-largest economy by 2027. A trade deal with India would provide UK businesses with improved access to its rapidly growing market of middle-class consumers, expected to expand to over a quarter of a billion by 2050. Business and trade secretary Jonathan Reynolds said: “Boosting trade abroad is essential to deliver a strong economy at home. That’s why I’ve wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners. “From the Gulf to India, our trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world. Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for UK firms so they can support jobs across the country and deliver the growth we desperately need.”
Source: Fibre2fashion
