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He said that India is looking for FTAs with like-minded nations with transparency and mutual benefit and growth as key pillars. Shri Goyal said that during COVID pandemic, India has emerged as a source of resilience and a trusted Partner and added that we had tried to the best of our ability to meet all our international service commitments. He said that during the course of the pandemic, India had not only become self-sufficient in production of critical medical supplies, PPEs, testing kits, masks etc. The Minister also assured that India would continue helping nations in need as we intrinsically believed in brotherhood, partnership and the need to work together to solve problems collectively. He added that India had focussed on its neighbourhood during the pandemic and stood ready to support all its friends with vaccines and medical supplies. Shri Goyal said that we need to focus on vital aspects which will impact our future and direction of growth, as we deepen our global engagements. Listing potential sectors for investments including healthcare, infrastructure, defence, energy, civil aviation, insurance and Technology, the Minister said that various schemes to facilitate trade and investment, including PLI Scheme, Liberalised FDI Policy, etc. It may be noted that India has pledged to achieve Net Zero Emissions by The path to economic growth must be intertwined with a commitment to sustainability. He invited Ministers participating to join hands with India to bolster our collaboration in Research and Development, innovation, Intellectual Property Rights etc. He called upon Ministers from various nations to take forth the agenda of strengthening partnerships between India and the world and re-stabilize and revitalize economies in the post COVID world. Shri Goyal Congratulated CII for their efforts to organise the Partnership Summit and said that the Summit has given us a chance to deliberate and build new partnerships. The summit was attended by H. Speaking at the CII Partnership Summit , he said India's imports too are growing and thus providing opportunities to other countries to expand business and international trade with India. Imports during April-November , grew by Referring to COVID, Goyal said India tried its best to meet all international commitments and supported countries through supply of vaccines, medical supplies, and masks, among others. He assured that India will continue to support friendly nations. During the COVID period, we have focused our attention on our neighbourhood on our region to ensure that all our friendly countries get adequate medical supplies,' the minister said. Highlighting that India has already administered about 1. He also invited investments from other countries to India. I would like to invite the world to work with India in a spirit of partnership,' he said. Goyal suggested focusing on six areas to build a sustainable, inclusive and resilient ecosystem to further promote partnership with other countries. The six areas include trade agreements, investments, and promoting ease of doing business. The textile sector in India may witness some upheaval due to implementation of uniformity in GST structure from January 1, The increase in GST on finished products such as apparel will have greater financial implications for the micro, small and medium enterprises MSMEs which have a significant role in that space, according to tax experts. Goods and Services Tax GST will be increased by 7 per cent on finished products such as apparel and textiles from the beginning of the next year, according to a notification issued on November 18 by the ministry of finance. Industry experts feel that the uniform rate will lead to smaller players being pushed into the unorganised sector, as it will make harder for the sector to keep afloat. The increase in tax rate could put additional financial burden on the MSME section of the industry, which is already under stress due to slower sales and higher input costs. It may also lead to increase in cost for end consumers. However, government claims that the decision to bring uniformity in tax rates across the supply chain should help the industry in the long run by releasing the blocked working capital in form of accumulated Input Tax Credit ITC. The objective behind the proposed increase is to correct the anomalies associated with the refund of ITC on account of inverted duty structure. Inverted duty structure means higher taxes on input and lower tax on output or final product. In simple terms, businesses face higher GST rates on raw materials than on finished products. The GST Council has addressed the issue of inverted duty structure for many industries. Sanjay Garg, executive director of Punjab based spinning mills Longowalia Yarns Ltd said that it was long pending demand from the industry. Uniformity in tax structure will bring better ecosystem in the industry. The hike would have a big impact on the business of small and medium-sized businesses, which was affected when the pandemic struck last year. India's merchandise exports jumped Exports of petroleum products during November climbed Shipments of organic and inorganic chemicals jumped Imports of 'petroleum, crude and products' too surged The import of vegetable oil shot up by Non-petroleum and non-gems and jewellery exports in November rose The Budget for next fiscal is to be presented on February 1, in the backdrop of a nascent recovery of the economy, robustness in tax receipts and the continuing need for government spending to bolster the revival process. Finance minister Nirmala Sitharaman will hold the first of a series of customary preBudget consultations with various stakeholder groups on Wednesday when she meets experts from the farm and agro-processing sector. This will be the first such high-level meeting between leaders and experts from the farm sector and the finance minister since the repeal of the three contentious farm laws late last month. Farmer leaders are now demanding that the minimum support price-based procurement drive be legalised and its coverage substantially widened. The various pre-Budget stakeholder meetings will be held virtually, the finance ministry said in a tweet. The exercise comes amid fresh concerns about a new Covid strain, although the impact of the Omicron variety is expected to be less severe amid a surge in the vaccination drive. During the course of her interactions with various stakeholders across sectors in the coming weeks, Sitharaman is expected to seek inputs for reviving private consumption, fixing supply chain bottlenecks and stirring growth impulses that were damaged by the outbreak the pandemic last year. Chief economic advisor KV Subramanian expected growth to be in the 6. The focus will also be on the path of fiscal prudence after the pandemic hit the consolidation road map last fiscal. The announced plan is to reduce the deficit to below 4. Key secretaries of the finance ministry have already held several rounds of talks with stakeholders cutting across sectors. Both economic affairs and revenue secretaries have held talks with industry bodies, while the finance secretary concluded pre-budget meetings with various government departments on November 12 to take inputs for finalising their revised estimate for and budget estimate for For the first time, you will find specific paras addressing us the commerce ministry. The old history of us wanting something and the finance ministry not doing it is no longer there. If it is facing the international market, it will behave like an SEZ unit. It will still be one unit. The commerce and finance ministries are often at loggerheads over the SEZ policy on tax incentives to SEZ units and allowing them to sell in the domestic tariff area. An expert committee led by Bharat Forge Chairman Baba Kalyani, that was formed in to review the SEZ policy, has already submitted its report, recommending significant changes in the SEZ policy, including the formulation of separate rules and procedures for manufacturing and service SEZs. Everybody wants market access. I want the industry to keep that in mind. To make FTAs realistic and compliant with World Trade Organization norms, we need to have at least 90 per cent of trade covered under substantial liberalisation. It will be a deep integration of economies. There will be some sensitive lines, of course. In the Indian context, dairy, for example, is a sensitive area. We will have an interim in place by the end of this month and a full agreement by next year. We are entering into an agreement with the UK. We will have an interim in place by March-April and a final one by December next year. It is a more complex dynamic, given there are 27 countries. Is there any way to register such MEIS scrips online? However, the requirement of registration itself has not been withdrawn. The Customs immediately register. Exporters of handloom textile made-ups from Karur district are disappointed over the cancellation of the annual international trade fair, Heimtextil , which was to be held from January in Frankfurt in Germany. Heimtextil, a major trade fair of international relevance, has been cancelled for the second consecutive year due to the pandemic. Messe Frankfurt, the organiser of the fair, has indicated that it was working with the industry to determine whether the fair could be held in the summer of Retailers, wholesalers, designers, furniture and bedding stores, interior decorators, interior architects, architects, hotel outfitters and many other decision makers come to Heimtextil every year. A range of product samples right from decorative and furniture fabrics to textiles for the bedroom and bathroom and table are displayed at the expo. The exhibition also gives an overview of the latest trends in the industry and popular designs. Every year, about 40 exporters from Karur, which is famous for its handloom made-ups such as table cloths, kitchen towels, bedsheets, curtains and other home furnishing products, travel to the expo and set up stalls to attract buyers and secure orders. It is disappointing. There was lot of expectations on getting good business as the fair was to be held after a gap of two years. Those who had planned to participate may have suffer some loses by way of payments to contractors, flight and hotel bookings etc. Though the organisers are now exploring the possibility of holding it in summer, but June is holiday time in Europe, he said wondering whether such a move would be successful. However, exporters say that all is not lost due to the cancellation of the fair. But the fair was cancelled in too, yet we managed to get good business. Gopalakrishnan said. Nevertheless, attending the fair in person, especially in the absence of China, would have helped participants to get better business, he added. Some of the participants were sore that the fair has been cancelled at the last minute. Many had booked tickets, made the registrations and other arrangements may stand to loose some money individually, pointed out Arasu Sethupathi, Joint Secretary of the association. We were hoping to garner some orders from such buyers. Sethupathi said. On the other hand, some also feel that the cancellation of the fair may be a blessing in disguise in the wake of the Omicron scare. Indorama India Private Limited formerly called Indorama Industries Limited , which is engaged in the production and marketing of INVIYA brand of spandex since , has solemnised the ground-breaking ceremony of its third plant termed as P-3 at its existing site at Baddi in Himachal Pradesh recently. INVIYA is well positioned to provide functional solutions to high end garments, accessories like elastics, tapes etc and hygiene products like diapers. INVIYA spandex is available in denier ranging from 10 to in different lustres to address the consumer needs across various segments. Apart from these, various cross functional teams of INVIYA work closely with customers to work out solutions to meet various requirements. Spandex market demand is pegged at around 45, MTs in India and with a push from the government, this is slated to grow at CAGR of around per cent. The committee is headed by Lucknow-based manufacturer of dyes and natural products Yawer Ali Shah, who has been named convener f the panel. This has created need for standardisation as there is excess of players and products in the market. The presence of ECO logo along with ISI Mark on a product indicates that it meets certain environmental criteria along with the quality requirements as specified in the relevant Indian Standard. Shah said the natural dyes mark will cover a range of items that use natural dyes like fabrics, colours, inks, denims etc. He also urged people to use natural-dyed products as besides being eco-friendly as they consume less water and energy , they also help in eliminating waste and creating employment. Agreement includes the launch of new consumer e-commerce and FinTech platforms and measures to streamline customs operations and establish new inland logistics network Dubai's DP World, one of the largest port operators globally, signed a framework agreement with Uzbekistan to expand its presence in the Central Asian country in a move that will boost the flow of global trade and help to develop digital infrastructure. The deal covers areas of economic co-operation, including the launch of new consumer ecommerce and FinTech platforms in Uzbekistan, as well as measures to streamline customs operations and establish a new inland logistics network that will support the expansion of the Navoi Free Economic Zone and the cargo terminal at Navoi International Airport. Our agreements signed today will help design and shape a world-class trading ecosystem in the country. The Uzbekistan economy continues to grow at a strong pace, making it an attractive destination for long-term investments,' Mr Bin Sulayem said on Tuesday. The revival and further development of trade, which was battered by Covid, is considered to be a key pillar for the global economy in the post-coronavirus era. DP World in October reported an 8. The port operator has also forged several partnerships in the final quarter of This will be the DRC's first deepwater port. As part of the agreement with Uzbekistan, DP World will establish a road-and-rail-linked logistics network across all major distribution and consumption centres in and around the capital Tashkent. The agreement will result in DP World becoming a strategic partner for the growing Navoi FEZ and the connectivity of the Navoi air cargo terminal in south-west Uzbekistan, linking it to major international centres. The announcement by the organisation of textile owners' marks a significant change from its previous position on the issue, when it repeatedly objected to importing the essential raw material for textile production through any other ports except Benapole land port. However, leaders of organisations demanded that the ports need to install measuring machines provided by them and employ skilled manpower to ensure the right yarn is being imported. The meeting also demanded the removal of other bottlenecks in textile materials import, including revoking the condition of obtaining a bond license to import raw materials such as cotton, man-made fibre and other yarns. It also called for measures to prevent misuse of power by customs officials in issuing HS code product identification number on import of machine spare parts. However, no decision has been taken by the NBR on these issues. The price of yarn has been rising in the country for the last 10 months. To make it easier to import yarn, BGMEA has been demanding for yarn to be imported through other ports alongside Benapole, and that partial import is allowed against the same LC. But BTMA has been opposing these demands till now, arguing this could lead to widespread irregularities and damage local textile mills. China's economically important Zhejiang province wrestled on Tuesday with a Covid outbreak that has left half a million people quarantined and some districts under business shutdown. Zhejiang, a major industrial and export hub on the country's east coast, reported 44 of China's 51 domestically transmitted coronavirus cases on Tuesday, bringing the total since late last week to nearly Although Chinese case counts are miniscule compared to other major economies, officials in Zhejiang have employed the country's signature mass testing blitz and targeted lockdowns with concern high over fresh outbreaks as Beijing gears up to host the Winter Olympics in February. More than , people have been put in quarantine in Zhejiang, officials have said. The problems in the province come as Chinese media reported on Monday that the country's first case of the fast-spreading Omicron variant had been identified in the northern port city of Tianjin. In recent days, districts in Ningbo -- the province's main port -- and the nearby city of Shaoxing said they also were suspending some business operations. Ningbo's Zhenhai district, a large petrochemical base, said all enterprises not related to virus control or deemed crucial to the public would be shut down and that petrochemical producers would have to reduce output. A district in Shaoxing had ordered business to halt last Thursday. Several publicly listed companies in Hangzhou, the province's capital and largest city, have also released statements saying they had suspended production. Data from flight tracker VariFlight on Tuesday showed that hundreds of flights out of Hangzhou had been cancelled. Zhejiang is one of China's leading provinces in terms of GDP and exports. He expects the flare-up could take up to 40 days to subside, with manufacturers possibly resuming work only after the Lunar New Year holiday in February. The world's second-largest economy battled weeks of widespread power cuts -- blamed on strict emissions targets and record coal prices -- before stabilising the situation last month. More than 5, textile dealers in Kwara State have said that they have been driven out of business by the effect of the COVID pandemic. The meltdown affected businesses all over. In the aftermath of the COVID, no fewer than 5, registered members of our association were severely affected. Many of our members are currently out of business as a result of the adverse effect of the pandemic on our business. We have been doing that, but with the current hike in the price of everything in the country such loans might not suffice. Duly registered members of the association that were affected in Kwara central alone is well above 5, The state Commissioner for Enterprise, Hajia Arinola Lawal represented by Director, Commerce in the ministry, Ibrahim Sani, had put in place windows of opportunity to assist traders in the state. The commissioner revealed that the government recently resuscitated the bureau of micro, small and medium enterprises MSME. The association has been in partnership with the ministry for the economic development of the state. And this government will continue to assist members of the association. Others are still coming. All these are windows of assisting the members of the association to promote their trade. All rights reserved. Powered by eRegNow. Home Contact Us Site Map. Circulars Antidumping Trade Centre. Source: Fibre 2 Fashion Back to top Exports rise Source: Business Standard Back to top Sitharaman to hold pre-Budget talks from today The Budget for next fiscal is to be presented on February 1, in the backdrop of a nascent recovery of the economy, robustness in tax receipts and the continuing need for government spending to bolster the revival process. Source: Business Standard Back to top Cancellation of Heimtextil fair disappoints Karur exporters Exporters of handloom textile made-ups from Karur district are disappointed over the cancellation of the annual international trade fair, Heimtextil , which was to be held from January in Frankfurt in Germany. Source: The Hindu Back to top Indorama to establish third plant in India to expand spandex capacity Indorama India Private Limited formerly called Indorama Industries Limited , which is engaged in the production and marketing of INVIYA brand of spandex since , has solemnised the ground-breaking ceremony of its third plant termed as P-3 at its existing site at Baddi in Himachal Pradesh recently. Source: Times of India Back to top DP World and Uzbekistan sign deal to boost trade and develop digital infrastructure Agreement includes the launch of new consumer e-commerce and FinTech platforms and measures to streamline customs operations and establish new inland logistics network Dubai's DP World, one of the largest port operators globally, signed a framework agreement with Uzbekistan to expand its presence in the Central Asian country in a move that will boost the flow of global trade and help to develop digital infrastructure. But BTMA has been opposing these demands till now, arguing this could lead to widespread irregularities and damage local textile mills Source: TBS News Back to top Over five lakh people quarantined as China export hub faces covid outbreak China's economically important Zhejiang province wrestled on Tuesday with a Covid outbreak that has left half a million people quarantined and some districts under business shutdown. Photo Gallery. Export Award Istanbul Yarn Fair - Turkey Texworld Paris - France Interfabric - Russia Techtextil North America May Heimtextil, Germany. Source India Istnabul Yarn Fair, Turkey Exchange Rates. US Dollar Converter.

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