·
Good
news very soon on India-Oman trade agreement: Piyush Goyal
·
"Will
negotiate a fair balance, " Piyush Goyal optimistic of wrapping up FTA
with EU by year end
·
India,
EU can wrap up FTA talks before year-end: Piyush Goyal
·
Trade
talks with US to resume in Delhi next week
·
Exports
to rebound in FY26, touch $1 trillion: FIEO
·
Govt
may support exporters to deal with EU regulations.
·
Govt
highlights 40% jump in services FDI in FY25
·
SGCCI
seeks removal of QCO on textile machinery
·
Vietnam’s textile and footwear exporters set
sights on key markets
·
Government finalises
Ghana Textiles and Garments Manufacturing Policy
·
APTMA,
Uzbek textile bodies agree to boost bilateral trade
Commerce
and Industry Minister Piyush Goyal has said that negotiations between India and
Oman for the proposed free trade agreement (FTA) are progressing, and some
"good news" may come "very soon" on that. The negotiations
received a much needed impetus after the visit of
Goyal to Muscat in January this year. The talks for the agreement, officially
dubbed as the Comprehensive Economic Partnership Agreement (CEPA), formally
began in November 2023. "I think you will see some good news very soon on
the Oman FTA," the minister told reporters here when asked whether the FTA
talks with Oman can be concluded this year. Goyal is here on an official visit
to hold talks with French leaders and businesses to boost trade and
investments. He will also attend a mini ministerial meeting of the World Trade
Organization (WTO) on June 3. In such agreements, two trading partners either
significantly reduce or eliminate customs duties on a maximum number of goods
traded between them. They also ease norms to promote trade in services and
attract investments. Oman is the third-largest export destination among the
Gulf Cooperation Council (GCC) countries for India. India already has a similar
agreement with another GCC member UAE which came into effect in May 2022. The
bilateral trade was about USD 10.5 billion (exports USD 4 billion and imports
USD 6.54 billion) in 2024-25. India's key imports are petroleum products and
urea. These account for over 70 per cent of imports. Other key products are
propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and
steel. Taking about such agreements, the minister said these FTAs not just
promote trade in goods and services, but also strengthen supply chain, bring
confidence in businesses of both sides about stable polices, and predictability.
"So, in a way, it's a big message when you conclude an FTA," he
added. relationship to "our own" domestic efforts to make the country
more attractive. "These agreements are more towards opening markets on
both sides which lead to greater competitiveness, improved productivity and
efficiency in all processes," he said. Goyal said the National
Manufacturing Mission, announced in the Budget, may come up soon. It will
further bring an "orderly shape" to how states and the Centre work
together in the direction of promoting manufacturing in India, he added.
Source:
The Economic Times
Commerce
and Industry Minister Piyush Goyal expressed optimism that India could finalise its Free Trade Agreement (FTA) with the European
Union (EU) ahead of the year-end deadline, citing minimal divergences between
the two economic blocs. Goyal emphasised the
complementary nature of the Indian and European economies. "There are not
too many issues where we have divergence of opinion. We have both complementary
economies," he stated. "In most cases, what is of offensive interest
to India does not hurt the European economy. And likewise, goods and services
that Europe would like to provide to India only support our growth story."
The minister acknowledged that certain sensitive areas require careful
negotiation on both sides. "Obviously, in any trading relationship, there
are certain sensitive issues on both sides which we have to resolve amicably in
the interest of both the European Union and India," Goyal noted.
India
has positioned itself strongly on key issues concerning the EU, particularly
regarding gender equality and sustainability. "We are proud of our sisters
and our women and the fantastic work they have done and continue to do,"
Goyal said. "Therefore, if you have a subject like gender, India is on the
front foot. When it comes to subjects like sustainability, India is right at
the forefront." Both sides have raised specific concerns that must be
addressed in the negotiations. "We have certain concerns about European
Union practices and regulations. Likewise, they have certain areas of things
they would like to discuss," the minister explained. Goyal expressed
confidence that these issues could be resolved through fair negotiation.
"Some issues are on the table and we will
negotiate a fair balance and free trade agreement," he said. "There
would be many issues on both sides which will come up for discussion so that we
can come up with a robust agreement that will support market access and promote
easier trade." The minister clarified that free trade agreements operate
independently of domestic business reforms. "Free trade agreements stand
on their footing. They have no relationship to our internal domestic effort to
make it attractive to do investments and businesses," he explained.
Instead, FTAs focus on market liberalisation that
benefits both economies. "Free trade agreements are more towards opening
markets on both sides, which leads to greater competitiveness, improved
productivity and efficiency in all processes," Goyal said. The agreement
is expected to create broader economic opportunities across multiple sectors.
"It opens the doors to larger engagement, be it in goods, services,
investments, all areas related to the economy," the minister noted.
"All of this benefits 1.4 billion consumers." The India-EU FTA
negotiations represent a significant step in strengthening economic ties
between India and one of the world's largest trading blocs. The agreement aims
to reduce trade barriers, enhance market access, and create new opportunities
for businesses on both sides. With both
economies showing complementary strengths and shared commitments to
sustainability and gender equality, the successful conclusion of the FTA could
mark a new chapter in India-Europe economic cooperation, potentially benefiting
millions of consumers and businesses across both regions.
Source:
Economic Times
Commerce
Minister Piyush Goyal expressed optimism that India and the EU could finalize a
comprehensive free trade agreement by year's end, citing significant progress
and complementary economies. While sensitive issues remain, both sides are
committed to resolving them amicably. Negotiations resumed in 2022 after an eight year hiatus, with bilateral trade reaching $137.41
billion in fiscal 2024.
Source:
Economic Times
Union
Minister Piyush Goyal projected India as the fastest-growing economy for the
next three decades, highlighting major FTA progress, record FDI inflows, and a
$500 billion investment goal. Union Minister for Commerce and Industry Piyush
Goyal said that India will remain the fastest-growing large economy in the
world for the next 30 years. While addressing the CII Annual Business Summit
2025 held in New Delhi on Friday, May 29, Goyal highlighted India’s strong
economic growth of 6 to 7 per cent and its aim to push it to 8 per cent at
constant prices amid global uncertainties.
He
said, “Even amidst international upheavals, we are among the better-performing
emerging markets.” While speaking on India’s progress on several Free Trade
Agreements (FTAs) — including those with the UAE, Australia, the UK, and the
EFTA nations (Iceland, Liechtenstein, Norway, and Switzerland) — Goyal said,
“We are well on track with our bilateral trade agreement with the USA and
making fast progress with the European Union’s 27-nation bloc. We have also
launched negotiations with New Zealand
He
announced that the EFTA countries have committed to invest 100 billion dollars
in India over the next 15 years. This investment could potentially grow to $500
billion and may attract another $500 billion through the ecosystem created. “We
are not aiming small,” said Goyal, pointing out that this FTA includes a unique
forward-looking investment clause — the first of its kind globally.
India
to be the third-largest economy by 2027: Goyal
Goyal
also mentioned the projection of the International Monetary Fund (IMF) that
India will become the world’s third-largest economy by 2027. He highlighted
that India currently holds the fourth-largest foreign exchange reserves in the
world — around $690 billion. Inflation has stayed below 4 per cent for the last
three months. “The Reserve Bank has done a commendable job balancing liquidity
and currency management,” he added.
FDI
inflows are consistently breaking records: Goyal
The
Minister underlined that India remains an attractive investment hub. “Over the
past 20–25 years, Indian companies have delivered nearly 20 per cent CAGR
returns, making India a compulsive investment destination. FDI inflows are
consistently breaking records,” he said. He added that the country is back on
its growth path and is actively building international trade relations to
support it.
Source:
Financial Express
India-US
trade talks to resume in Delhi on June 5-6, aiming for an interim deal to avoid
26% tariffs on Indian exports. Minister Piyush Goyal and US officials push for
progress, with hopes the agreement will boost India's exports and forge deeper
economic ties amid global trade shifts. A team of
trade negotiators from the US will be in New Delhi next week to take forward
discussions on the interim trade agreement which could come as soon as by the
last week of June.
The US negotiators will be in India from June 5 or June 6, a
senior official said. Through the interim trade agreement India is looking to
avoid additional 26% tariffs on its exports to the US, which were announced by
President Donald Trump under the reciprocal tariff plan on April 2.
“We are well on track in our Bilateral Trade Agreement (BTA) with the US,” commerce and industry
minister Piyush Goyal said at the Annual General Meeting (AGM) of industry body
CII.
Earlier speaking at the same event, Special Secretary in the
Department of Commerce Rakesh Agrawal and chief negotiator for US trade talks
said, “e are progressing well, and hopefully in these
tough times also, we will be able to navigate and come out with good outcomes
sooner than later.”
India is pinning a lot of hope on the BTA to give an impetus to
its sagging goods exports. Recently, the finance ministry said in its monthly
economic report that the trade pact with the world’s largest economy would help
“flip headwinds into tailwinds.” The US team visit comes
close on the heels of the visit of Indian negotiators and commerce and industry
minister Piyush Goyal to the US last week. While negotiators were talking,
Commerce and Industry Minister Piyush Goyal met US Commerce Secretary Howard Lutnick twice during the course of the week to give a political direction to the negotiations. While the talks
started with the aim of concluding the first tranche of the BTA by the autumn
of this year, the reciprocal tariffs and its 90-day suspension has steered the
discussions on having an interim trade deal.
There is a natural synergy between India and the US and companies
from both sides will be able to work together and forge natural alliances,
Agrawal said.
“There are only a few areas where we actually compete. Most of the
areas are where we can complement each other. If we can do a good trade deal,
this can actually be a defining partnership in the trade arena, and that’s what
is the intent behind approaching this bilateral trade agreement,” he said.
Source: Financial Express
India's
exports are projected to hit $1 trillion in FY26, driven by robust growth in
electronics, engineering, pharma, and trade deals with the UK, EU, and EFTA,
says FIEO. However, new EU regulations like the Digital Product Passport may
pose compliance challenges for MSMEs. India’s overall exports are expected to touch $ 1
trillion this financial year as buyers seek to diversify their sourcing in the
wake of additional global tariffs. The shipments will be aided by more
trade agreements with the most important economies coming into force, the apex
body of exporters said Tuesday.
This will amount to a growth of 21.2% growth over last year’s $
824.9 billion. In 2025-26 the merchandise exports are expected to grow 12% to
touch $ 525-535 billion while services exports were expected to grow 20% on
year to $ 465-475 billion, President of Federation of Indian Export Organisations S C Ralhan said.
If the predictions come true, it will be a remarkable turnaround
for goods exports, which saw an over 3% decline in FY24 and flat growth in
FY25. Services exports have on the other hand have been relatively
buoyant and raising their share in the country’s overall exports. All the
major sectors are expected to show a big improvement over the previous year
with big increases expected in electronics, engineering sector,
chemicals, textile and clothing, pharma and even agriculture.
Even the petroleum and gems and jewellery exports
will be in a positive zone in the coming year.
The electronics exports are expected to touch $ 60 billion this
year from $ 44 billion in 2024-25. One of the key drivers will be the
electronics manufacturing units being set up under the production linked
incentive scheme starting production this year. Another factor will be the
buyers – particularly in the US – looking beyond China for sourcing. Apple has
already announced that it will be shifting assembly of all iPhones for the US
market to India. In the last financial year Apple sourced Rs 1.5 lakh crore
worth of [products from India. It is not just Apple, many other companies
are looking to India and trade diversion from China will bring at least an
additional $ 5 billion worth of opportunity, director general and chief
executive officer Ajay Sahai said. The
Bilateral Trade Agreement (BTA), FTAs with UK, European Free Trade Association
(EFTA) and European Union (EU) wll be
aiding the efforts. The interim trade deal that exempts India from reciprocal
tariffs itself will offer a big advantage over the competitors, Sahai said.
Gems and jewellery sector’s exports will
touch $ 32-25 billion this year as compared to $ 29.8 billion last year. The
exports from the sector have been contracting in the past two years due to fall
in demand and difficulty in sourcing natural diamonds. Petroleum exports that
contracted 25% in FY 25 to $ 63.3 billion will be back to more than $ 70
billion, the FIEO CEO said.
Agriculture exports will grow to $ 55 billion from $ 48.5 billion,
chemicals will chip in with $ $ 40=45 billion exports, textile
and clothing with $ 23-25 billion and pharma $ 30 billion.
Despite the healthy outlook, some headwinds are expected to come
from technical and non-tariff barriers. The latest one facing the industry is
the implementation of Digital Product Passport (DPP) that will be implemented
by the EU from January 1, 2026
It will be mandatory for a wide range of products, starting with
sectors like electronics, batteries, textiles, and construction materials from
1st Jan, 2026 with wider rollouts expected by
2026–2030. DPP aims to digitally record, store, and share information
about a product’s entire life cycle—from raw materials to manufacturing, usage,
recycling, and disposal.
It will increase the compliance burden for Indian exporters,
particularly Micro, Small and Medium Enterprises (MSMEs). Non-compliance with
DPP requirements may lead to rejection of consignments or loss of
competitiveness in the EU market, which is becoming increasingly sustainability
focused, FIEO said. This DPP comes on the back of EU’s carbon tax,
deforestation regulations and Eco Design Sustainable Product Regulation all of
whom will come into force from January 1, 2026.
Source: Financial Express
India may support exporters in tackling EU
regulations like Digital Product Passport (DPP) starting 2026. Commerce Minister urges better FTA use; new trade deals
underway. Export Promotion Mission to address non-tariff barriers. Centralised exporters portal also in development. Commerce
and industry minister Piyush Goyal on Tuesday stated that the
government may consider extending support to exporters in dealing with
the European Union (EU) regulations such as the Digital Product
Passport (DPP). In a meeting with exporters, the minister urged them to enhance
the utilisation of lower tariffs available under the
existing Free Trade Agreements (FTAs) with over 13 countries and
economic blocs. The exporters were also informed that around 9–10 additional
FTAs are currently in the pipeline. Discussions are ongoing regarding proposed
FTAs with the EU and the US. The DPP regulation, which is being rolled out under the
EU’s Green Deal and Circular Economy Action Plan, aims to digitally record,
store and share detailed information about a product’s entire life cycle—from
raw material sourcing to manufacturing, usage, recycling, and eventual
disposal. This regulation will become
mandatory for a wide range of products—starting with sectors such as
electronics, batteries, textiles, and construction materials—beginning January
1, 2026. A broader rollout is expected to follow between 2026 and 2030. India,
as a major exporter to the EU in many of these sectors, is likely to face
direct impacts from the implementation of DPP.
The Export Promotion Mission (EPM) that was announced in the budget is
now being finalised will have support to exporters to
deal with technical regulations and non-tariff barriers as one of its
components. Apart from DPP, discussions were
also held on EU Deforestation Regulation, Carbon Border Adjustment Mechanism
and Eco Design Sustainable Product Regulation. These three regulations will
also come into force on January 1, 2026.
The meeting also discussed proposed centralised
exporters portal, The portal is expected to be a one stop shop for buyers to
link with exporters in India and even undertake transactions.
Source: Financial Express
India
saw record $81.04B in gross FDI in FY25, up 14% YoY, with services sector
inflows surging 40%. Manufacturing FDI rose 18%, while net FDI plunged 96% due
to high repatriation and outbound investments. Singapore led as top FDI source;
Maharashtra drew most equity inflows. India received record gross Foreign Direct Investment
(FDI) inflows of $81.04 billion in 2024–25, marking a 14% increase, the
government said on Monday citing provisional data. FDI equity inflows crossed
$50 billion in the year, up 13% on year on the back of performance of the
services sector.
However, in the fourth quarter of the last financial year (Q4),
gross FDI dropped 24.5% to $ 9.34 billion.
The statement follows the Reserve Bank of India’s May Bulletin revealing that the country’s net FDI
inflows plunged by 96% in 2024–25 to just $353 million from $10.1 billion in
2023-24. Net FDI is the difference between gross inflows and the sum of
repatriation and outward FDI. The drop in net FDI was caused by a rise in
repatriation of profits by foreign companies in India, and a jump in outward
investments by Indian companies. According to the RBI, repatriation and
disinvestment rose to $51.5 billion in 2024-25, the highest in a decade.
Simultaneously, Indian companies invested $29.2 billion abroad, a 75% surge on
year. The central bank bulletin described this a “sign of a mature market”
which allows foreign investors to enter and exit smoothly. However, among
political circles, this created furore, with the
opposition parties calling it a failure of the country to attract investments
and even Indian companies preferring to re-locate. According to a release by
the Department for Promotion of Industry and Internal Trade (DPIIT), gross FDI
in the services sector in 2024-25 grew 40.7% on year to $ 9.34 billion. FDI in
non-conventional energy saw growth of 6.5% to $ 4.01 billion. The services sector for the purpose of
calculating FDI equity inflows includes financial, banking, insurance,
outsourcing, research and development, courier, technology testing and and analysis. “India is also becoming a hub for
manufacturing FDI, which grew by 18% in FY 2024–25, reaching $ 19.04 billion
compared to $16.12 billion in FY 2023–24,” the DPIIT claimed.
In absolute terms the computer software and hardware sector is the second biggest recipient of FDI in 2024-25 but it saw
a decline of 2% to $ 7.81 billion. In the telecom sector the FDI grew 164.5% on
year in the last fiscal to $ 746 million. In trading the growth was 8.0% to $
4.17 billion. The infrastructure construction sector was FDI inflows
contracting by 46% to $ 2.24 billion. In development of townships and housing
the foreign equity flows increased 135% to $ 529 million. Singapore remained
the biggest source of FDI in 2024-25. The flow of investment from Singapore was
up 26.9% to $ 14.94 billion. It was followed by Mauritius with $ 8.34 billion,
the US with $ 5.45 billion, Netherlands with $ 4,.62 billion. UAE $ 4.34
billion and Japan, with $ 2.47 billion. In total FDI in 2024-25 Singapore led
with 30% share, followed by Mauritius (17%) and the United States (11%). Maharashtra accounted for the highest share
(39%) of total FDI equity inflows in FY 2024–25, followed by Karnataka (13%)
and Delhi (12%). “These trends reaffirm India’s position as a preferred global
investment hub, enabled by a proactive policy framework, an evolving business
ecosystem, and rising international confidence in India’s economic resilience,”
the DPIIT statement added. If the reinvested earnings and other forms of
capital are added then the FDI in 2024-25 stood at $ 81.04 billion, a growth of
14% on year.
Source: Financial Express
Surat:
Representatives from the South Gujarat Chamber of Commerce and Industry (SGCCI)
recently raised concerns over the Quality Control Order (QCO) on textile
machinery before the Union Minister of heavy industries, H D Kumaraswamy, and
senior officials of his ministry in New Delhi. SGCCI demanded the removal of
the QCO on textile machinery, claiming it would adversely impact growth in
South Gujarat. SGCCI representatives pointed out that the current size of the
textile market is $165 billion, and it is expected to grow to $350 billion by
2030. For this growth, about 450,000 high-speed weaving machines will be
required, necessitating an investment of $15 billion in machinery. Since some
of this machinery is not manufactured in India, SGCCI gave a list of such
machinery to the ministry. SGCCI emphasised that
decisions regarding the QCO on textile machinery should be reconsidered with
consultation from user industries. SGCCI vice-president-elect Ashok Jirawala said: "In the embroidery industry, each unit
operates multiple embroidery machines. Every two to three years, new technology
emerges, necessitating the replacement of old machines. However, these machines
are also not manufactured in India, hence the industry depends on import.
The
representatives pointed out that that many entrepreneurs had booked machines on
a letter of credit and if these machines are delivered after Aug 28, 2025,
their payments may get blocked, and the machines will not be cleared at ports.
On one hand, entrepreneurs face blocked funds, and on the other, banks are
reluctant to finance new weaving projects because modern weaving machinery
still needs to be imported. Therefore, a renewed consultation with user
industries regarding the QCO on textile machinery was demanded.
Source:
Times of India
As the dynamics of global trade change and tariff challenges are
rising, Vietnam’s textile and footwear industries are moving in definite
directions to expand their global presence. Top industry players are directing
their attention to countries with existing FTAs while expanding into growing
economies with untapped markets. Vietnam Textile and Apparel Association
(VITAS) Vice Chairman Trương Văn Cẩm
explained that producers are now preoccupied with meeting consistent export
orders. However, there is increasing pressure to have access to granular market
information that has the potential to tap into new markets in untapped areas
like Russia, Brazil, Chile, and the Middle East. The drive for diversifying the
market arrives as leading trading partners, such as the United States and
European Union, realign their trade policies — changes that already are echoing
through Vietnam’s export-driven industries. For Phan Thị Thanh Xuân, Vice
Chairwoman and General Secretary of the Vietnam Leather, Footwear and Handbag
Association (Lefaso), the policy shifts are
instilling a strategic shift to South America and Middle Eastern markets, where
consumer taste is diverse and demand is strong. In the short run, the footwear
market continues to focus on established destinations in Africa, Asia, Japan,
Europe, and the U.S. But to future-proof its global presence, the industry is
also experimenting with digital platforms — tapping new sales channels on
global e-commerce portals like Alibaba and Amazon. For this strategic growth,
the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency is
increasing trade promotion activities. These target Vietnamese exporters and
aim to link them with high-potential markets such as Latin America, India, the Halal
consumer market, Russia, and the wider Middle East. However, it is not all
smooth sailing. Most Vietnamese companies are small-scale and short of the
finance and expertise to undertake large-scale promotions or act quickly to
changing trade environments. Officials from the trade promotion body are
calling on exporters to utilise Vietnam’s extensive
network of FTAs — particularly with nations like Canada, Australia, Japan, the
EU, China, and ASEAN partners — to minimise tariff
pressures and become more competitive.
Government assistance will also persist at major international
trade exhibitions, such as Germany’s Anuga, France’s SIAL, China’s Canton Fair,
World Food Moscow, and Trade Expo Indonesia. The participating companies will
be given logistical and financial support to strengthen their visibility. Do Ngọc Hưng,
Vietnam’s Counsellor for Trade in the US, stressed long-term competitiveness.
He appealed to enterprises to diversify supply chains, reduce dependence on
individual sources of input, and fully benefit from new-generation trade
agreements. Hưng also mentioned Canada as a
high-potential market and advocated for faster domestic consumption coupled
with renewed FTA negotiations.
Simultaneously, VITAS’s Cẩm
encouraged Vietnam’s overseas trade offices to be more responsive, calling on
them to report timely on changing consumer patterns, trade talks, and policy
trends — important weapons, he claimed, to assist exporters in adjusting and
prospering amid a rapidly changing world economy.
Source: Apparel Resource
The
dialogue organised by the Development Bank Ghana
(DBG) in collaboration with Association of Ghana Industries (AGI) was on the
theme: “Revamping Ghana’s Textiles and Garments Industry-The Challenges,
Pitfalls and Opportunities.” The dialogue was to discuss and identify key
policy bottlenecks, pitfalls and opportunities within the textile and garment
industry. It aimed at formulating policy recommendations to accelerate growth
in the sector. It was also part of DBG’s
broader initiative of supporting SMEs and PFIs in the textile and garment value
chain through technical assistance and capacity building. He said the industry
was faced with myriads of challenges that had hindered the country’s ability to
harness its full potential. “As industry players and stakeholders, we all know
these challenges and I may not want to bother you repeating them,” he added. He
said the policy was to address these challenges and create a dynamic
environment to attract investment into the industry. The Chief Director said the
policy sought to address the challenges of the industry through various
prescriptions under nine thematic areas. These are fiscal and regulatory
framework, textiles and garments industry, aggregation, market access and
investment promotion, raw material development and secularity, trade
facilitation and infrastructure development among others.
He
expressed the hope that the outcome of the dialogue would further inform and
enrich the draft policy. Dr Tumfo said in addition to
this, the government would soon be outlining a carefully crafted package for
the implementation of the 24-hour economic initiative which industry can take
advantage of. He said under the government’s big push agenda, the development of
garments and textiles park had been prioritised. The
Chief Director said these parks were expected to have plug and play shelves
which would cut down the lead time for establishing garment factories and also
the difficulties in identifying suitable sites for factory construction. Dr
Randolph Nsor-Ambala, Chief Executive of DBG, assured
stakeholders of the bank’s commitment to supporting practical outcomes with
financing arrangements and technical assistance. He said DBG offered a platform
for crowding in needed investments to be able to unleash the full potential of
the industry. He said textiles offered more than just products, most important,
it offered a great opportunity for the consumers, because it was a large
entrepreneurial company for vulnerable people.
He
said the focus was on unleashing the potential of the textile industry to be
able to achieve the benefits associated with it. “DBG stands at the forefront
of Ghana’s development agenda not just as a financier, but as a long-term
driver of structural transformation,” he added. He said through partnerships,
policy alignment, and inclusive finance, DBG was laying the groundwork for a
competitive and resilient economy. “This dialogue on the textiles and garment
industry is part of our wider mission to catalyse
sustainable industrial growth across the country,” he added. the government to
deliver a stable, export-oriented incentive regime, arguing that manufacturers
were poised to invest once clear rules were in place.
Source:
Ghana.org
LAHORE: The All Pakistan Textile Mills
Association (APTMA) and textile associations of Uzbekistan have agreed to
significantly enhance bilateral trade, which currently stands at $114 million. The
understanding was reached during a meeting between an Uzbek textile delegation
and APTMA members and office-bearers, held at the APTMA House in Lahore on May
29, 2025. The delegation, led by Tokhtaev Akobirjon Khakimovich, invited an
APTMA delegation to visit Uzbekistan and urged them to participate in the
Investment Expo scheduled to take place there next month. The visiting
delegates highlighted several agreements already signed between the two
countries, including the Income Tax Convention and its Final Protocol. An
agreement is also being finalised between the State
Bank of Pakistan (SBP) and an Uzbek bank to enhance cooperation in the banking
sector. They noted the commencement of direct flights from Lahore to Tashkent,
with a travel time of only two hours, and mentioned that additional routes from
Islamabad and Karachi are being operationalised to
further ease travel between the two nations.
The Uzbek side also discussed progress on finalising a transit
trade agreement between Uzbekistan and Pakistan via Afghanistan. They emphasised that the distance from Torkham to Uzbekistan is
only 600km, with a secure road corridor, and added that the process for issuing
drivers’ visas is being expedited to facilitate the swift movement of goods and
people. Speaking on the occasion, APTMA Chairperson Kamran Arshad outlined
challenges hindering bilateral trade, including logistical constraints and
difficulties related to the use of letters of credit (LCs) in trade
transactions.
Source:
Pak.net
