While US President Donald Trump is expected to visit India, trade ties between the two countries remain frosty. India’s hope of reclaiming the benefits under the US Generalized System of Preferences scheme has been quashed.
Even though the government has decided to stay out of the world’s largest trade block RCEP, it offers a market potential of USD 125 billion if domestic firms improve competitiveness, as per a World Trade Centre study.
As participating countries are expected to sign the RCEP this year, China’s textile industry must accelerate the adjustment of products, capacity and trade structure to better integrate regional development in the next stage.
Enhanced access for products of Pakistan’s export interest, particularly textile and clothing, to the United States market has been a long-standing demand of both the government and private sector.
Delegation of FICCI Textiles Committee met Smriti Zubin Irani, Minister for Textiles and Women and Child Development recently and impressed upon her to launch a special mission for synthetic fibre and textiles value chain to make Indian industry competitive in the global trade which is predominantly done in the man-made fibre (MMF)-based items.
Knitwear industrialists have urged the central government to enter into a free trade agreement with Russia, saying the former Soviet Union had given green signal to enter into such a treaty with Bangladesh.
The agreement, if inked, will be the second such US engagement in with an ASEAN-member nation, the first being with Singapore.
Despite Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs), India’s textile trade has not been performing well, said Aditi Das Rout, Trade Advisor, Ministry of Textiles.
Mexico has implemented a temporary exception to the rules of origin for textiles and apparel in its free trade agreement with Colombia.
The textile and garment industry, now far from its glory days, will have to bank on a possible free trade deal with the United States in a bid to revive its struggling businesses.
Tirupur Exporters’ Association (TEA) today stressed the need to enter into Free Trade Agreements (FTA) with European Union, USA, the UK and Russia, to face the Chinese threat in export markets.
In Pakistan, businessmen and investors are expressing concerns over free trade agreement (FTA) with China claiming that would hurt the manufacturing sector.
Indonesian exports of textile and textile products could soar threefold if the government of Indonesia finally manages to sign a free trade deal with the European Union (EU). Achmad Sigit Dwiwahjono, Director General for Chemicals, Textiles and Miscellaneous industry at the Industry Ministry, said a major obstacle for Indonesian textile exports at the moment is the weak competitiveness of Indonesian textile companies as compared to their Vietnamese counterparts.
Indonesia is pushing for Australia to open its doors to more Indonesian workers - such as nurses and cooks - as well as removing tariffs on textiles as free trade negotiations between the two countries enter the final month.
Terms on intellectual property protections, state-owned enterprises up for debate.
Un deuxième Memorandum of Understanding vient d’être signé entre Maurice et la Chine pour aboutir à un accord de libre-échange.
Prospects are bright for Vietnam’s footwear exports after the EU-Vietnam Free Trade Agreement comes into force in 2018.
US Ambassador to Cambodia said that given Vietnam’s participation in the TPP, “it would be a shame for Cambodia to miss out and be left behind”.
India wants zero duty on textiles, automobile parts and fresh fruit. On its part, Australia is seeking tariff reduction in dairy products, fresh fruit, pharmaceuticals and wines.
Many contract manufacturers in Vietnam are likely to see little benefits if the TPP goes through.