India is considering shifting the sourcing of certain products from countries like Turkey, New Zealand, and China to the US in an effort to reduce its trade surplus with the latter. This move is part of ongoing negotiations for a trade deal and aims to increase trade engagement between the two nations.
Source: The Economic Times
The government is addressing trade restrictions with the EU and focusing on sectors like Agri-food, APIs, and Clean Technologies. Aiming for a fair Free Trade Agreement, it also highlights the importance of imports from China for various industries and introduces stringent quality controls to curb sub-standard imports. The government has strongly taken up all trade restrictive measures, either within the World Trade Organization framework or otherwise, with the EU and its member states at relevant multilateral and bilateral forums including at the IndiaEU Trade and Technology Council and the India-EU High Level Dialogue, Parliament was informed on March 18, 2025.
Source: The Economic Times
India and Malaysia have agreed to take necessary steps for speeding up the review of the Asean India Trade in Goods Agreement (AITIGA) for its substantial conclusion by 2025, the government said on March 18, 2025. Malaysia is one of the ten-member countries of Asean and is the Asean chair for 2025. The issue was discussed at a bilateral meeting between minister of state for commerce and industry Jitin Prasada and Liew Chin Tong, Malaysian Deputy Minister of Investment, Trade, and Industry. The two also discussed the bilateral trade issues, market access issues, Collaboration in Semiconductor Industry, Cooperation in Service Sector and the issues related to Foreign Manufacturers Certification Scheme (FMCS) of Bureau of Indian Standard (BIS).
Source: The Economic Times
India and New Zealand aim to finalize a comprehensive free trade agreement in 60 days, potentially increasing bilateral trade significantly. The agreement will focus on various sectors including pharma, critical minerals, and tourism. Discussions will consider areas of sensitivity, such as dairy, addressing both countries' interests.
Source: The Economic Times
Central Goods and Services Tax (CGST) officials in the recent months have investigated over two dozen textile manufacturing companies across the country for mis-classifying textile processing activities and subsequently paying lesser tax.
According to official sources, the CGST department has observed that several textile manufactures are recording activities which involve ‘changing the nature of cloth’ as ‘washing and dyeing’, and therefore are paying lower tax rate of those incomes. Under the GST laws, washing and dyeing are considered as ‘job work services’ in the textile industry and attract a GST rate of 5%; while processes that significantly transform the fabric, such as bleaching, printing, or other treatments that alter its essential characteristics, attract a GST rate of 18%.
Source: The Financial Express
Pakistan’s textile exports recorded a significant increase of 9.31% during the first eight months of the current fiscal year (July-February 2024-25) compared to the same period last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.
During this period, textile exports reached $12.18 billion, up from $11.14 billion in July-February 2023-24, reflecting steady growth in the country’s textile.
The textile industry continues to be a key driver of Pakistan’s economy, with knitwear, garments, and bedwear leading the growth in exports. However, declining cotton-related exports highlight the challenges in raw material supply and production. Moving forward, sustained policy support, innovation, and global market expansion will be crucial to maintaining this growth trajectory.
Source: Daily Times
Industrial production in China witnessed steady growth in the first two months this year, driven by robust manufacturing performance and the sustained effect of combined macro policies, according to the National Bureau of Statistics (NBS).
Value-added industrial output went up by 5.9 per cent year on year (YoY) during January and February—up by 0.1 percentage points from the full-year growth rate of 2024.
The value-added of the manufacturing sector increased by 6.9 per cent YoY during the period. In February alone, the industrial output grew by 0.51 per cent month on month.
Source: Returns
The UK Fashion & Textile Association (UKFT) has introduced a new membership category to support circularity, growth and innovation within the UK's fashion and textile industry.
UKFT’s newly launched Reuse and Recycling membership is designed for those engaged in textile collection, sorting, grading, mechanical recycling, upcycling, and innovative recycling practices.
The new membership category hopes to assist businesses operating in the textile reuse and recycling space by offering specialised resources, strategic guidance, and advocacy to advance circular fashion solutions.
Source: Just Styles
