Synopsis Officials from Commerce, Industry, and Finance ministries, along with shipping and industry stakeholders, are to meet on Friday to discuss critical tax issues in the maritime sector. This comes as exporters face high freight rates amid the West Asia conflict, impacting India's exports which saw a significant decline recently. New Delhi: The commerce and industry ministry will on Friday meet officials of finance and shipping ministries and industry stakeholders to discuss tax related issues in the maritime sector. Officials said that India's proposed Vessel Sharing Agreements could be discussed at the meeting which is being held amid exporters witnessing high air and shipping freight rates due to the conflict in West Asia. "Industry has flagged trade related issues such as tax matters and they would be discussed in the meeting," said an official. India's goods exports have fallen for two straight months, with August witnessing a 13-month low contraction of 9.3%. Traders attributed it to rising shipping costs, slowdown in China and recessionary trends in the West. Issues related to tonnage tax, requirements of certificates while remitting freight, container availability and goods and services tax in the shipping sector could be discussed. Traders have faced challenges such as container shortage, surge in ocean freight rate and shipping cost, shipping delays at the Indian ports, and turnaround time at the ports and the impact of geopolitical uncertainty including the Red Sea crisis which are impacting exports. Last month, India decided to reduce certain charges at ports and purchase five additional second-hand container vessels by the Shipping Corporation of to resolve shipping sector-related problems of traders and push exports.
Source: Economic Times
Synopsis Experts urge the government to enhance the Geographical Indications (GI) law for better quality control and post-registration monitoring. Recommendations include regular inspections, a statutory oversight body, and quality checks. Emphasis is also placed on ensuring strict standards for GI-tagged food products and improving protections for unregistered users of GIs. The government should strengthen the Geographical Indications (GI) law in the area of quality control and post registration monitoring as the existing framework lacks effective mechanisms for ensuring the consistent quality of these goods, experts say. They said that the proposed amendment in the Geographical Indications of Goods (Registration and Protection) Act, 1999 should consider implementing statutory liabilities for inspection bodies and establishing a structured quality control process. The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views and comments of stakeholders on the proposed amendments Nilanshu Shekhar, founding partner at law firm KAnalysis, recommended mandating regular inspections, creating a dedicated statutory oversight body, and instituting random quality checks for the products. A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory Once a product gets a GI tag, any person or company cannot sell a similar item under that name. This tag is valid for a period of 10 years following which it can be renewed. The famous goods which carry this tag include Basmati rice, Darjeeling Tea, Chanderi Fabric, Mysore Silk, Kullu Shawl, Kangra Tea, Thanjavur Paintings, Allahabad Surkha, Farrukhabad Prints, Lucknow Zardozi and Kashmir Walnut Wood Carving. Shekhar added that given the increasing significance of e-commerce and digital protection, it is essential that the amended Act includes provisions facilitating and regulating the online sale of GI products. Kavita Bhatnagar, CEO of Kanegrade Flavours & Ingredients, said that while there is a need to raise awareness about the importance of getting more and more GI tags from India, the government should ensure a focus on mandatory quality standards for GI-tagged products, especially food items. "Otherwise, it may have an opposite effect. Food products under the Indian GI tag must meet stringent safety and authenticity benchmarks in collaboration with regulatory bodies like FSSAI," Bhatnagar added. Ravi Bhardwaj, Founder of EduLegaL, said that the current legal framework does not adequately protect unregistered users of GIs, leaving them vulnerable to exploitation and unfair competition from larger, registered enterprises. "To resolve these issues, a comprehensive, data-driven approach is necessary," he said. Jogeshwar Mishra, Partner Shardul Amarchand Mangaldas & Co., too said that the amendments should streamline the overall GI regime by making it more consistent with parallel practices of patents, designs and trademarks. "Providing for a fully electronic system, covering electronic filing, prosecution, and communication, is one such area. Indeed, the amendments should provide for a more efficient system for registration of GIs, one that corresponds to regimes across major jurisdictions," Mishra said. He added that the system concerning authorised users, including process of registration as an authorised user would also benefit from a thorough review and possibly a more specific framework. "This revision would be significant pursuant to the 2020 amendment of the Geographical Indications of Goods (Registration and Protection) Rules, 2002, whereunder consent from the registered proprietor was no longer required to be provided along with applications for registration as an authorised user," Mishra said. Under the Paris Convention for the Protection of Industrial Property, GI is covered as an element of Intellectual Property Rights (IPRs). They are also covered under the WTO's Trade Related Aspects of Intellectual Property Rights (TRIPS) agreement.
Source: Economic Times
India’s Telangana state is working on developing a dry port in its northern corridor in a public-private partnership (PPP) mode. The aim is to augment its logistics infrastructure to support industrial development and boost exports. Feasibility studies are under way to consider setting up additional dry ports to further raise exports, according to media reports from the state. Exports from the state are routed now through ports in neighbouring Tamil Nadu and Andhra Pradesh states. In July 2021, the earlier dispensation had approved a proposal to set up a 1,400-acre multi-modal logistics park near Nalgonda on a PPP basis. It had decided to set up two integrated container depots (ICDs) in collaboration with the customs department. The state cabinet had also approved a proposal to set up 10 additional integrated logistics parks across the state. However, none of these projects materialised.
The current state government plans to fast-track the dry port project.
The state’s logistics sector is growing at 12 per cent annually.
Source: Daily Shipping
The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to maintain the repo rate under the liquidity adjustment facility (LAF) at 6.50 per cent, while shifting its monetary policy stance to ‘neutral.’ The standing deposit facility (SDF) rate stays unchanged at 6.25 per cent, and the marginal standing facility (MSF) rate, along with the Bank Rate, remains at 6.75 per cent. This decision comes as the MPC remains focused on achieving sustained inflation alignment with the medium-term target, set at 4 per cent (within a +/- 2 per cent band), while also supporting economic growth, the MPC said in a statement. India's economic outlook remains stable, with real GDP growth for the first quarter (Q1) of fiscal 2024-25 (FY25) recorded at 6.7 per cent, driven by robust private consumption and investment. Encouraging trends in agriculture, bolstered by above-normal rainfall, healthy reservoir levels, and kharif sowing, suggest strong performance in the coming months. The MPC has projected real GDP growth at 7.2 per cent for FY25, with Q2 at 7.0 per cent, and Q3 and Q4 at 7.4 per cent each. For Q1 FY26, GDP growth is projected at 7.3 per cent. Inflation saw a sharp drop to 3.6 and 3.7 per cent in July and August 2024, respectively, down from 5.1 per cent in June. However, inflation is expected to rise in the short term due to base effects and rising food prices, with the September print likely to show an uptick. Despite this, food inflation is predicted to ease in Q4 2024-25, thanks to favourable kharif crop arrivals and a promising rabi season. The MPC highlighted that the domestic economy continues to be supported by strong consumption and investment trends, providing scope for focusing on aligning inflation with its target. With inflation expected to moderate, aided by a strong agricultural outlook and sufficient food grain buffer stocks, the shift in policy stance from ‘withdrawal of accommodation’ to ‘neutral’ grants the MPC flexibility to monitor ongoing inflation dynamics. Risks remain from global geopolitical tensions, market volatility, and rising commodity prices.
The next MPC meeting is scheduled from December 4 to 6, 2024.
Source: Economic Times
The rupee rose 1 paisa to 83.95 against the U.S. dollar in early trade on Thursday (October 10, 2024) amid a firm trend in domestic equity markets and a weaker greenback against major overseas rivals. However, an increase in global oil prices and heavy foreign fund outflows capped further recovery in the domestic currency, according to forex experts. At the interbank foreign exchange, the rupee opened at 83.95, marginally up by 1 paisa against the U.S. dollar, and traded almost flat in early deals. The local unit had settled at 83.96 against the greenback on Wednesday (October 9, 2024). The Reserve Bank of India's (RBI) decision to keep policy rates unchanged also played a part in the rupee's range-bound movement. The RBI on Wednesday (October 9, 2024) kept the policy rate unchanged for the tenth time in a row but shifted its stance from "withdrawal of accommodation" to "neutral", which may lead to a cut in the forthcoming policies. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.06% to 102.86 points.
Brent crude, the international benchmark, gained 0.80% to $77.19 per barrel in futures trade. In the domestic equity market, the 30-share Bombay Stock Exchange (BSE) Sensex rose 203.10 points to 81,670.20 in early trade, while Nifty was up 71.55 points to 25,053.50. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday (October 9, 2024), as they offloaded shares worth ₹4,562.71 crore, according to exchange data
Source: The Hindu
In the effervescent streets of Aba, where Nigeria’s textile industry once struggled to gain global attention, a quiet fashion revolution was brewing. At the forefront of this movement was Emeka, a seasoned tailor who, like many, had witnessed the shifts in fashion trends over the years. But nothing prepared him for the ‘senator’ material craze that has taken the Nigerian menswear market by storm. The ‘senator’ material—once considered an underdog in the fashion scene—has now become synonymous with the style of choice for Nigerian men, from businessmen to politicians. Named after the distinctive attire worn by senators in Nigeria, this material is a sophisticated blend of sleek fabric and cultural pride. It represents the evolution of Nigerian menswear, which blends traditional elegance with contemporary fashion.The origin of this fabric lies in the imported textile markets of Asia, particularly from countries like China and Indonesia, where high-quality fabrics were produced en masse and sold to African markets. The early 2000s saw the rise of the senator material, but it wasn’t until the last decade that it truly found its place in Nigeria’s fashion landscape. Tailors in Aba and Lagos took the material, reinterpreting it to fit the local culture, thus birthing a trend that rapidly grew into a national phenomenon. Senator wear isn’t just for the elite anymore. Its appeal lies in its versatility—whether worn at a high-profile wedding or an office boardroom meeting, it exudes sophistication without being over the top.
This has led to a surge in demand for the fabric, and local textile markets are constantly abuzz with men looking for the latest designs. One of the little-known facts about the senator material is how it has contributed to job creation within Nigeria. While the fabric itself is imported, the tailoring and design work is wholly local. Tailors like Emeka have expanded their businesses to keep up with the demand for custom-fitted senator wear, and many now employ apprentices, passing down skills to the younger generation. In cities like Aba, this has revitalised the textile industry, creating a ripple effect that goes far beyond the fashion sector. The material may be imported, but its economic impact is undeniably Nigerian. According to market research, the senator material market is projected to grow at an unprecedented rate in the next five years, thanks in part to its versatility and the rise of the Afrocentric fashion movement.
Nigerian designers are increasingly using the fabric for international collections, showcasing its adaptability on the global stage. There are even rumours that Western fashion houses are eyeing this trend, intrigued by the blend of simplicity and luxury that the senator material offers. Interestingly, what makes the senator wear even more appealing is how it has evolved from a fabric of high status to a cultural symbol that speaks of aspiration. Even in rural areas, men save up to have their senator material suits tailored, wearing them as badges of pride on important occasions. It has transcended its origin, becoming a fashion language understood by all Nigerians, regardless of social class. In the end, the senator’s material is more than just fabric. It is a testament to Nigeria’s ingenuity, blending the global with the local in a way that speaks of both identity and ambition. For Emeka and thousands of tailors like him, this trend is not just about fashion—it’s a lifeline, an industry reborn, and a future filled with endless potential.
Source: Business DayNg
A group of textile and apparel exporters is projecting a “moderate” boost in their shipments to South Korea with the planned free trade agreement (FTA) between Manila and Seoul. According to Foreign Buyers Association of the Philippines (Fobap) President Robert Young, they exported around $50 million worth of mixed apparel to South Korea in 2023. “Due to [the] increasing cost of China apparel … the Philippines can have a share of the apparel business in the Korean local market,” Young told the Inquirer. Fobap members’ exports to South Korea include woven and knitted fast fashion and casual wear, Young said. But the free trade pact may prove double-edged, as Young said they are still concerned with Korean-made apparel flooding the Philippine market, which he said could kill the few remaining local players. “Fobap’s main concern is the oversupply of low-priced, cheap fabric and textile into the Philippines, which will definitely put the last nail to the plan of putting up Philippine textile mills,” he said. Citing information from the director of the Department of Trade and Industry’s (DTI) Export Marketing Bureau, Young said that South Korean textile firms that are exporting to the Philippines may enjoy an array of tariff cuts that would take effect when the FTA has been in force for three, 10, and 15 years. A tariff reduction of 50 percent in the base rate in 15 years is also on the table for products which are deemed “sensitive,” such as rugs under two tariff headings. Meanwhile, Philippine textile exporters to South Korea may enjoy tariff elimination on 11 tariff lines in three years, with the rest enjoying the same benefit once the FTA’ enters into force. President Ferdinand Marcos Jr. announced the signing of the FTA in September last year, five years since both governments initiated a reboot in negotiations. The Philippine Senate ratified the agreement just last month, leaving the Korean National Assembly, the East Asian country’s unicameral legislative body, the last hurdle in finalizing the agreement. INQ
Source: business.inquirer.net
The center of fairs in Turkey, Fuar İzmir opened its doors to Fashion Prime – 7th Textile-Ready-to-Wear Suppliers and Technologies Fair, Fashion Tech – 3rd Ready-to-Wear Garment and Textile Machinery, Printing Technologies Fair and Fashion Home İzmir – Home Textile Fair, which was organized for the first time this year. Speaking at the ceremony, President Tugay said, “I wholeheartedly believe that these fairs will bring a new breath to the textile and fashion sector and lay the foundations for new collaborations and commercial successes. We are successfully representing İzmir once again with these major organizations. İzmir, as the symbol of Turkey’s commercial and industrial power, will continue to be a pioneer in this field in the future.”
Turkey's largest and most modern fairground, Fuar İzmir, hosts three important textile and ready-to-wear fairs at the same time. Fashion Prime - 7th Textile, Ready-to-Wear Suppliers and Technologies Fair organized by İZFAŞ and hosted by İzmir Metropolitan Municipality, Fashion Tech - 3rd Ready-to-Wear, Garment and Textile Machinery, Textile Printing Technologies Fair organized by İZFAŞ - İzgi Fuarcılık and Fashion Home İzmir - Home Textile Fair organized for the first time opened their doors with a ceremony hosted by İzmir Metropolitan Municipality Mayor Dr. Cemil Tugay and his wife Öznur Tugay. The ceremony was attended by CHP Denizli Deputy Şeref Arpacı, Denizli Metropolitan Municipality Mayor Bülent Nuri Çavuşoğlu, Aegean Exporters' Union Coordinator President Jak Eskinazi, İzmir Tradesmen and Craftsmen's Chambers President Yalçın Ata, Denizli Chamber of Commerce President Uğur Erdoğan, Bayraklı Mayor İrfan Önal, heads and representatives of civil society organizations, chambers, associations attended. Plaques were presented to the institutions, associations and chambers that provided support at the opening. Mayor Tugay and his wife Öznur Tugay toured the stands and wished the participants a successful fair.
Tugay: I believe it will be the center of important meetings
Emphasizing the importance of organizing three fairs at the same time, Izmir Metropolitan Municipality Mayor Dr. Cemil Tugay started his speech by saying, “We are experiencing one of the important days of Fuar Izmir. Today, we are opening three fairs at once. I believe that the Fashion Prime, Fashion Tech and Fashion Home Izmir fairs that we are hosting for the first time as Izmir Metropolitan Municipality will start a new era in the textile sector and will be the center of important meetings. The meetings here will contribute to many areas from production to export, from employment to technological developments; they will increase the share of our local companies in the world market and increase our competitive power in the international arena. I wholeheartedly believe that these fairs will bring a new breath to the textile and fashion sectors and lay the foundations for new collaborations and commercial successes. We are successfully representing Izmir once again with these major organizations. As the symbol of Turkey’s commercial and industrial power, Izmir will continue to be a pioneer in this field in the future.”
“The union of three fairs will offer great opportunities”
Mayor Tugay, who wished the fairs to open up to international markets, said, “We know how important innovation, sustainability and digitalization are in the textile and fashion sector. As the Izmir Metropolitan Municipality, we always support these three basic principles. These fairs, which we are opening today, will accelerate the digital transformation of the textile sector, popularize sustainable production models and prepare the sector for the future with innovative solutions. The union of the three fairs will also offer great opportunities to participants and visitors. These three fairs, where ready-made clothing and apparel manufacturers can find everything they are looking for from fabric to accessories, from machine technologies to software, from home textiles to yarn, will also be the largest integrated meeting where the sector comes together. I hope that the fairs will enable our companies serving the textile sector to open up to international markets and increase their exports. As you know, the Aegean Region is the leading region of the textile sector. Our city, Izmir, is also an ambitious city in the field of fairs. This city has been the pioneer of trade, industry and innovation throughout its history. "It is also a source of pride for Izmir to organize three fairs at the same time, which are divided into categories and cover all components of the textile industry in such an important sector," he said.
Çavuşoğlu: Denizli's vision will develop further
Denizli Metropolitan Municipality Mayor Bülent Nuri Çavuşoğlu said, “When I say Denizli, I am here as the mayor of a city that has come a long way in home textiles and has completed a great process in terms of shaping the future. We have full faith that Denizli's vision will develop even more in the upcoming period thanks to these collaborations and fairs. This fair will be a source of pleasure for Denizli, İzmir and our country.”
“We had three fairs within IF Wedding”
İZFAŞ General Manager Canan Karaosmanoğlu Alıcı said, “We have three new fairs within the IF Wedding – Wedding Dress, Suit and Evening Dress Fair. These three fairs will grow even more in the coming years.” İZGİ Fair General Manager Mustafa Kemal Hisarcıklıoğlu said, “We opened three fairs together this year. The success we achieved is due to the participating companies that provided their support to this fair.”
Three fairs in one
At the Fashion Prime Fair to be held from October 9th to 11th, 2024, the leading manufacturers of the ready-to-wear sector will come together with representatives of supplier companies, while ready-to-wear brands will have the opportunity to share their experiences with leading professionals of the sector, from fashion designers to sub-product providers. Organized in partnership with İZFAŞ and İzgi Fuarcılık, with the support of Exen Media, Aegean Clothing Manufacturers Association and Denizli Textile Clothing Manufacturers Association, Fashion Tech – 3rd Ready-to-Wear, Garment and Textile Machinery, Textile Printing Technologies Fair opened its doors for the third time from October 09th to 12th, 2024. Held for the first time from October 9th to 11th, 2024, Fashion Home İzmir – Home Textiles Fair will bring together the leading brands of the home textile world and ensure that the latest fashion trends in the sector are exhibited for three days. The latest trends that combine comfort, aesthetics and technology are exhibited at the Fair, which is organized in partnership with İZFAŞ and İzgi Fair Organization, in cooperation with Denizli Textile Clothing Manufacturers Association, Babadağ Industrialists and Businessmen Association, and Karat Media.
Source: Railly News
Turkish Ambassador to Cairo, Salih Mutlu Şen, announced that cooperation between Turkish companies and Egypt in the textile sector, through exports, imports, and investments, will continue to grow significantly in the coming years. Moreover, Turkish Ambassador emphasized that Turkish companies are promoting and adding value to the "Made in Egypt" label. During a visit to the Akay garment factory in Port Said, accompanied by a large group of Egyptian journalists, Ambassador Şen noted that the factory produces Mavi Jeans, one of Türkiye’s leading clothing and denim brands. During the visit, information was shared about the factory’s production capacity, quality, and product range. Furthermore, Turkish Ambassador explained that the factory employs nearly 1,500 Egyptian workers, technicians, engineers, and managers. He added, "The factory produces jeans exclusively for the Turkish national brand Mavi Jeans and the globally renowned luxury brand Hugo Boss." He also added that the annual production capacity is 2.5 million pieces of jeans, and the factory in Port Said was established with an investment of $35 million, fully funded by Turkish capital, noting The factory also plans to increase its capacity with an additional investment of approximately $15 million. Mavi Jeans is one of the most important denim and clothing brands in Turkey, with stores in every Turkish city. The company designs and markets its products under its own brand, offering both outerwear and underwear. Mavi Jeans is also well-known in the United States, Europe, and other parts of the world. In his remarks during the visit, Ambassador Şen highlighted that Mavi Jeans is a global Turkish brand, just like Beko, Hayat Kimya, and Pasha Bahçe. He stated that Turkish manufacturers have chosen Egypt as a base for producing denim fabrics and manufacturing jeans and denim jackets. He further mentioned that denim fabric producers in Egypt provide a significant portion of the country's total denim production and not only supply fabric to local manufacturers but also export it woworldwide. The Turkish Ambassador also affirmed that Akay Tekstil exports nearly all of its production and that Turkish-Egyptian cooperation in the textile sector, through exports, imports, and investments, will continue to grow in the next 5, 10, and 20 years, bringing more job opportunities and exports to Egypt. He added that this relationship is based on a win-win approach for both Turkish companies and Egypt. The Turkish brand Mavi Jeans has attracted global attention with its "Made in Egypt" label, and Turkish companies are promoting and adding value to this label.
Source: See News
