India is setting up a dedicated platform - EFTA (European Free Trade Association) desk - to promote trade, investment, and business facilitation between the two regions, an official statement said on 10th February 2025. India and the four European nations EFTA bloc signed a free trade agreement on March 10, 2024, to boost trade and investment ties. The pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), is expected to come into force by the end of this year. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.
India-EFTA two-way trade was about USD 24 billion in 2023-24 against USD 18.65 billion in 2022-23. The trade gap is in the favour of the bloc. Switzerland is the largest trading partner and investor in India followed by Norway in the bloc. India received USD 10.72 billion in foreign direct investment from Switzerland during April 2000 and September 2024.
Source: The Economic Times
Indian Prime Minister Narendra Modi is preparing additional tariff cuts ahead of his meeting with U.S. President Donald Trump that could boost American exports to India and avoid a potential trade war, government officials said. Modi's trip to the U.S. on 12th February 2025, and 13th February 2025, comes as Trump plans to announce reciprocal tariffs on many countries, a move aimed at reshaping global trade relationships in favour of the United States.
Source: The Economic Times
India's total trade is expected to grow at a compound annual growth rate (CAGR) of 6.4 per cent through 2033, reaching USD 1.8 trillion annually, according to a BCG report. A major factor fueling this surge is India's growing appeal as a production hub for companies looking to diversify supply chains beyond China. The government's substantial incentives for manufacturing, a vast low-cost workforce, and rapidly improving infrastructure are further strengthening India's position.
Source: The Economic Times
India is set to host one of its most anticipated global textile events, Bharat Tex 2025 – Global Textile Expo, a grand platform celebrating the country’s diverse textile and handicraft traditions. This mega event will be held at two premier venues—India Expo Mart, Greater Noida, from February 12 to 15, 2025, and Bharat Mandapam, New Delhi, from February 14 to 17, 2025—bringing together industry leaders, artisans, manufacturers, and buyers from across the globe.
With India’s rich textile legacy at its core, Bharat Tex 2025 aims to promote traditional craftsmanship, foster innovation, and strengthen the country’s position as a leading textile and handicraft hub on the global stage. This prestigious event is expected to create significant opportunities for artisans and businesses while reinforcing India’s reputation as a powerhouse in the global textile industry.
Source: Ten News
The central government aims to target the export of USD 10 billion worth of technical textiles under its National Technical Textiles Mission, MoS textiles Pabitra Margherita informed Rajya Sabha this week. To position India as a global leader in technical textiles, the Mission was launched in 2020-21 and has been extended till 2025-26, with a financial outlay of Rs 1,480 crore. At present, India's technical textile exports are reportedly between $2 billion to $3 billion. Technical textiles are defined as textile materials and products used primarily for their technical performance in various high-end industries. There are four broad components under the Mission:
Source: The Economic Times
The government is meticulously watching banks to ensure the transmission of the recent Reserve Bank of India (RBI) rate cut to borrowers, as officials warn that insufficient rate cuts would be addressed. The RBI's quarter-percentage-point cut aims to reduce borrowing costs, but historical precedents show mixed transmission effectiveness. RBI last week announced a quarter-percentage point rate cut, the first in five years, which may lead to interest rates on home loans and other borrowings coming down. The Monetary Policy Committee (MPC) under new governor Sanjay Malhotra cut the repo rate to 6.25%.
Source: The Economic Times
Kyrgyzstan is set to enhance its textile and clothing industry with the establishment of a new testing laboratory, following a trilateral Memorandum of Understanding (MoU) signed between the Ministry of Economy and Commerce of the Kyrgyz Republic, Kyrgyz company KyrgSert, and China's Xinjiang Tianyu Engineering Testing.
The upcoming laboratory will serve as a crucial facility for testing textile and clothing products to ensure compliance with both national and international quality standards. It will also issue certifications confirming product safety for consumers and the environment.
Additionally, the facility will provide consulting services to local enterprises on quality assurance and safety measures, fostering the adoption of international certification standards.
Source: Daryo.uz
LAHORE: SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik has said that a workforce of trained and skilled workers across all sectors is crucial for meeting export deadlines, improving productivity and quality, and accelerating the pace of industrialization in Pakistan.
As the country strives to enhance its economic growth and global competitiveness, the demand for a skilled workforce has become more pressing than ever. By ensuring a steady supply of skilled workers, Pakistan can enhance its export capacity, attract foreign investment, and strengthen its position in the global economy.
Source: The News
