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IFM to facilitate EU investment into India
India and the European Union have decided to set up a mechanism to facilitate EU investments into the country, India’s Commerce and Industry ministry said. The Investment Facilitation Mechanism (IFM) will allow for a close coordination between the EU and India with an aim to promote and facilitate investment in India.
EU angles for closer ties with Pakistan
The European Union (EU), which has provided Pakistan GSP Plus status, has proposed to work on a a five-year strategic partnership with that country.The textile industry in Pakistan contributes 8.5 per cent to GDP and 60 per cent to exports while employing 38 per cent of the workforce. The EU has provided Pakistan GSP Plus status. Pakistan wants brand owners of textiles from the EU to divert the bulk of their buying from Pakistan since it is well placed for the production and supply of high quality textile goods at attractive prices. Fighting poverty and helping the country on its path towards inclusive and sustainable growth are the aims of EU support to Pakistan. The EU considers that such goals will only be achieved by increasing political stability, improving the rule of law, bringing about human and social development, creating productive and decent work opportunities and diversifying the economy.
Brexit will not impact textiles export to UK
With the referendum to quit European Union, the impact on India’s textiles export to Great Britain will be minimal although it is a major market for apparels made in India. However, there could be initial turmoil due to structural changes and fresh negotiations being finalised. In perspective, EU imported textiles worth $235 billion in 2015 from the world. Of this, UK accounted for 15 per cent or $35 billion. Thus, the country is one of the largest markets for textiles including fibres, yarns, fabrics, apparels and other textile products. However, it is not a major supplier of this industry and thus will have negligible impact on sourcing.
Garment export to US, EU on the rise
While Bangladesh, India and Pakistan are expecting higher exports of readymade garment (RMG) to the U.S. and European Union (EU), exports from the East Asian giant China and start-ups Cambodia and Vietnam are the on decline.
$64 bn export by 2017 | An Uphill Task?
Severe competition on global level and lack of initiatives and direction on the domestic front have made a dent in India´s textile exports with a dip in figures for FY 2014-15, diminishing the scope of achieving the cherished goals. S Joseph & M Karthik take an overall look at the scene.
New textile policy very soon
Union Minister of State for Textiles Santosh Gangwar said the national textile policy will be finalised soon and it is likely to be ready by the month of April. Speaking to Indian Textile Journal, Gangwar said, ´The national textile policy will be finalised soon. May be at the end of April.
Dumping is a two-way traffic. ´Dumpers´ are victims themselves at times. For the global textile industry, which has come a long way since dismantling of quotas in 2005, this is a disputable irritant that rears its ugly head now & then.