Synopsis At the CII India Africa Business Conclave, Commerce secretary Sunil Barthwal said that the African Continental Free Trade Area (AfCFTA) has identified four potential sectors - automobiles, agriculture and agro-processing, pharmaceutical and transportation and logistics- where the two sides can collaborate. Commerce secretary Sunil Barthwal Thursday said that the bilateral trade between India and Africa was $100 billion in 2022 and there is a need to double this to $200 billion by 2030. At the CIIIndia Africa Business Conclave, he said that the African Continental Free Trade Area (AfCFTA) has identified four potential sectors - automobiles, agriculture and agroprocessing, pharmaceutical and transportation and logistics- where the two sides can collaborate. “We firmly believe that these sectors have huge potential for collaboration in terms of investment, trade, technology and d capacity building between Africa and India,” he said. In agriculture, he said that both sides can increase trade and cooperation in areas like processed foods and seed technology while there are opportunities to increase pharmaceutical trade and provide affordable medicines and healthcare to African people. Pharmaceutical exports to Africa were $3.8 billion in 2023. Barthwal said that India can share its expertise and best practices in the logistics sector. He also said there is a huge scope to expand the import basket from Africa. India can implement tailor-made capacity-building programmes in Africa, Barthwal said, adding that both sides need to work together in the World Trade Organization also.
Source: Economic Times
The Indian rupee is expected to open marginally higher on Friday, with traders awaiting possible cues from Federal Reserve Chair Jerome Powell on the extent and timing of interest rate cuts. The 1-month non-deliverable forward indicated that the rupee will open at 83.92 to the U.S. dollar compared with the close of 83.9525 in the previous session. For a large part of this month, the rupee has been holding near 84, except for a brief respite when it managed to hit 83.75. The Reserve Bank of India has intervened regularly to make sure the local currency does not weaken past 84. "The 84-handle will definitely be at risk on Monday morning, depending on the way markets react to Powell's comments," a currency trader at a bank said. "I doubt the RBI will be that resolute in defending 84 on Monday if post Powell's comments, we see the dollar ripping higher." The rupee has been a laggard in Asia, not benefitting from the increased confidence of the Fed cutting rates at each of the remaining three meetings this year. Powell, in his speech at Jackson Hole later in the day, is expected to reinforce that interest rates are coming. Powell's comments at Jackson Hole in the past have provided cues on where rates are headed. We expect Powell to express "a bit more confidence" in the inflation outlook and to put a bit more emphasis on downside risks in the labour market than in his press conference after the July Fed meeting, Goldman Sachs said in a note. "A speech along these lines would be consistent with our forecast of a string of three consecutive 25 bps cuts in September, November, and December," the investment bank said. Investors are more optimistic than Goldman Sachs, pricing in a total of 100 basis rates from September to December.
Source: Business Standard
The latest manufacturing PMI reading was nevertheless above the historical average of 54 and signalled a strong improvement in the health of the sector. Factory business conditions fell to a three-month low in August while the services firms saw a slightly quicker business activity, according to a flash survey by HSBC Holdings Plc. The manufacturing purchasing managers’ index dropped to 57.9 in August from 58.1 in July, while the services purchasing managers’ index rose to 60.4 from 60.3 in the previous month. As a result, the composite index fell to 60.5 from 60.7 in July, the lowest reading since May. The latest manufacturing PMI reading was nevertheless above the historical average of 54 and signalled a strong improvement in the health of the sector. “Manufacturing firms reported the first decline in outstanding business volumes for the first time in eleven months, while service providers indicated another monthly rise. Overall, firms remain optimistic, although the level of business confidence moderated due to concerns over inflation and competition,” said Pranjul Bhandari, Chief India Economist at HSBC. Companies operating across India’s private sector signalled a further increase in cost burdens during August. According to panellists, building maintenance, food, labour, raw material (e.g., iron, leather and rubber) and transportation costs rose. The overall rate of inflation eased to a six-month low, however, and was modest, it said.
Source: Financial Express
Chaudhary added that the GoM has received feedback from sectors such as restaurants, beverages, and online gaming, which will be reviewed and possibly referred to the Fitment Committee.The Group of Ministers (GoM) on GST rate rationalisation met on Thursday and largely agreed to maintain the current four-tier tax slab system. The panel has asked tax officers to analyse the impact of adjusting rates on certain items and present their findings to the GST Council. The GoM also discussed the GST rates on health and life insurance, with some states raising concerns. This issue has been referred to the Fitment Committee, which is comprised of central and state tax officials, for further examination. The GoM’s recommendations will be reviewed at the next GST Council meeting scheduled for September 9, which will be chaired by Union Finance Minister Nirmala Sitharaman and include state finance ministers. It is not likely that the Council may take up the issue of contentious 28% GST levy on online gaming industry, which was supposed to be reviewed six-months post its enforcement from October 2023. An official had told Finance Express earlier that the review was unlikely as revenue collections due to the 28% levy (on full face value of bets) has risen four-fold. Bihar Deputy Chief Minister Samrat Chaudhary, who convened the GoM, said that some members are advocating for no changes to the current tax slabs. He noted that further discussions are needed before any final decision is made. Chaudhary added that the GoM has received feedback from sectors such as restaurants, beverages, and online gaming, which will be reviewed and possibly referred to the Fitment Committee. West Bengal Finance Minister Chandrima Bhattacharya also expressed support for retaining the existing GST slabs. She mentioned that a presentation on this issue would be made before the GST Council, and the next GoM meeting would follow the Council’s session on September 9. Karnataka Revenue Minister Krishna Byre Gowda commented that the GST system has generally stabilised and questioned the benefits of altering it at this time. He indicated that discussions on reducing the number of tax slabs from four to three will be considered in future meetings. Regarding GST on health and life insurance, which is currently taxed at 18%, Byre Gowda stated that the GoM has requested additional information from the Fitment Committee. There is ongoing debate over whether these premiums should be exempt from GST. The GST Council had previously tasked the GoM with reviewing the GST rate structure, correcting the inverted duty structure, and proposing rate adjustments to simplify the tax system and enhance revenue.
The GoM, originally established in September 2021 under former Karnataka Chief Minister Basavaraj Bommai, submitted an interim report in June 2022. The Council will review these findings and decide on the next steps in its upcoming meeting. Currently, India’s GST system features five broad tax slabs: zero, 5%, 12%, 18%, and 28%. A cess is applied to luxury and demerit goods above the highest slab.
Source: Financial Express
The Textile Association (India), Mumbai Unit, is organizing an international conference titled “Automation and Robotics in Textile & Apparel Industry” on 15th November 2024 in Mumbai. This event will delve into the critical applications, advantages, and future prospects of automation and robotics within the textile and apparel sectors. The conference will feature discussions led by policymakers, respected textile professionals, and experts from India and around the world. Topics include the role of automation in textile manufacturing, innovations in apparel production, and the impact of Industry 4.0 on textile machinery development, among others. The event is expected to draw 400 participants, providing a unique opportunity to learn from leading experts in the field. The Textile Association (India), Mumbai Unit, with around 4,000 members, is known for organising impactful events on both national and global scales. This conference aims to continue that tradition by addressing relevant and innovative topics in the industry.
Source: Apparel Resource
Twenty-five Vietnamese garment makers have showcased their products at the recent Sourcing at Magic Fashion Trade Show in Las Vegas, USA, to sound out market opportunities, according to the Vietnam Textile and Apparel Association (VITAS). They displayed a wide range of products made by different materials and in different patterns and designs on 16 pavilions, that attracted a lot of attention from participating businesses and visitors during the August 19-21 event.The United States is a traditional export market of Vietnamese textiles and garments, accounting for a large turnover. The first six months of 2024 saw the United States import US$7.2 billion worth of the products from Vietnam, making up 7.2% of the US market share, second only to China.
However, the United States importers are tightening regulations on imported products, especially with supply chain control. VITAS has advised garment makers to diversify supply sources of materials from new markets, instead of relying on China that supplies more than 50% of the materials to the Vietnamese garment industry. Currently, many local garment makers have imported materials from the Republic of Korea, India and Japan, among other markets. The Government has approved the Strategy for development of Vietnam’s Textiles, Clothing, Leather and Footwear industries to 2030, with a vision to 2035, which emphasizes domestic supplies of materials. Businesses are encouraged to promote investment in modern technology in production, thereby gradually solving difficulties and proactively controlling supply sources to reduce dependence.
Source: Vietnam.net
Uzbekistan and Spain recently agreed to develop pilot projects for testing Uzbek textile products in the Spanish market and set up a trade house for such products in Madrid. The agreements were arrived at when an Uzbek business delegation, which included representatives from the ministry of investments, industry and trade and representatives from textile companies, held a series of meetings with major Spanish firms in Madrid. The delegation discussed with Alejandro Pastrana, chief executive officer of Gedepsa, promoting Uzbek products in the Spanish market.
In negotiations with international consultant Albert Hernandez, strategies for promoting Uzbek products, logistics and distribution issues were addressed. The consultant agreed to assist in establishing contacts with Spanish fashion companies and organising Uzbek producers' participation in Spanish tenders, an Uzbek media outlet reported. Discussions with the global procurement departments of El Corte Ingles and Tendam explored opportunities for placing Uzbek textile products in retail chains. Spanish companies showed readiness to participate in international textile exhibitions scheduled to be held in Uzbekistan in Fall 2024.
Source: Fibre2fashion
Counting down 5 days to the fair’s opening in Shanghai, exhibitors, visitors and industry experts from near and far are preparing to form valuable connections and seal business deals on the show floor. From 27 to 29 August, with spotlights on an array of innovative, green, and quality products, over 500 suppliers from 15 countries and regions will converge under the India Pavilion, Pakistan Zone and various other zones, including the Chemical Fibre Zone, Cotton Yarn Zone and Fancy Yarn Zone. Also accelerating industry advancement will be diverse fringe events, such as trends displays, a themed forum, and various product presentations, amplifying applications of various yarns and fibres. In Hall 8.2 of the National Exhibition and Convention Center, the upcoming edition of Asia’s leading yarn and fibre trade platform is set to draw further industry attention by leveraging the synergy of the 30th anniversary of Intertextile Apparel. Yarn Expo’s overseas contingent is set to play a strong role next week, with the participation of various key suppliers including Arkema France (France), Purecot Linen Textile (UAE), Rütex (Germany), Thai Acrylic Fibre (Thailand), The Movement (the Netherlands) and many more, alongside the notable India Pavilion and Pakistan Zone:
Source: Fibre2fashion
The economies of Azerbaijan and Uzbekistan are developing dynamically, Minister of Economy of Azerbaijan Mikayil Jabbarov said at the Uzbek-Azerbaijani Business Forum in Tashkent, according to ABC.AZ. "There is a multiple increase in the interest of Azerbaijani entrepreneurs in activities on the territory of Uzbekistan. The same thing, which pleases us, we see from the other side as well," he said. Noting that a joint investment instrument (Azerbaijan-Uzbekistan Investment Company) is already operating between the countries, the minister expressed hope for its further effective activities. Mikayil Jabbarov also emphasized the opportunities for expanding joint activities between entrepreneurs not only in Azerbaijan and Uzbekistan but also in third countries. In particular, the minister recalled that a week ago, representatives of relevant ministries and companies from Azerbaijan and Uzbekistan paid a joint visit to Afghanistan, a potential and promising direction for joint activities. He added that this is not the only jurisdiction where the two countries can successfully work and implement plans.
Source: abc.az
Textile production is expected to be established in the liberated city of Khankandi in the nearest future. The project is being implemented by a Uzbek company, Azerbaijan's Minister of Economy Mikayil Jabbarov said at a Uzbek-Azerbaijani business forum in Tashkent. ABC.AZ reports that the minister spoke about other projects being implemented in the liberated territories and expressed gratitude for the gift of the Uzbek people - the Mirza Ulugbek school, which opened last year in the city of Fuzuli.
Source: abc.az
BANDAR SERI BEGAWAN: Traditional textiles from Asean countries and Timor-Leste, including Brunei’s Kain Tenunan, are currently on showcase at the Asean Traditional Textile Exhibition at Universiti Teknologi Brunei’s (UTB) Multipurpose Hall. The exhibition was launched on Wednesday (Aug 21) by UTB Vice-Chancellor Datin Paduka Professor Dr Dayang Zohrah Sulaiman, in collaboration with Asean Diplomatic Missions in Bandar Seri Begawan. The event, a significant milestone in promoting cultural heritage and fostering regional unity, is held in conjunction with Asean Month 2024. The exhibition highlights the intricate craftsmanship and cultural significance of traditional textiles, which serve as vital links to the cultural identity, history, and community of each Asean country. Each thread and pattern reflect the vibrant traditions and diverse histories of the region, celebrating exquisite artistry and reinforcing the interconnectedness of Asean’s diverse cultures. The exhibition features carefully curated displays showcasing the cultural narratives behind each textile. Diplomats from Asean countries and Timor-Leste, as well as other special guests, were also in attendance. The exhibition includes digital displays, informative posters, and a captivating film presentation, offering a comprehensive exploration of each country’s textile traditions, techniques, and cultural stories. The theme, “Threads of Culture: Unraveling Asean Textile Tales for Young Minds,” underscores the importance of preserving and promoting traditional weaving techniques.
It also provides a platform for skilled artisans to showcase their expertise, share their cultural heritage, and engage in cross-cultural exchanges.
Source: The Star
