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Domestic polyester fibre and yarn manufacturers give a sigh of relief due to the government's decision to raise customs duty on their import to encourage Indian producers

Related Keywords: apparel, fabrics, Filatex, import of manmade fibres, man-made filaments, man-made staple fibre products, nylon spun yarn, polyester, polyester filaments including shirting, polyester manufacturers, polyester staple fibre, polyester value chain, suitings and sarees, Textile Industry, textile value chain, Viscose staple fibre, woven fabrics

Filatex plans to increase its production capacity by nearly 90,000 tonnes to 237,000 tonnes for FY 2018-19. A similar capacity expansion was planned by other polyester manufacturers as well. Polyester prices have moved in a narrow range over the last few months following crude oil prices. Data compiled by the Confederation of Indian Textile Industry (CITI) showed $1.6 billion worth of man-made filaments and man-made staple fibre products imported into India during the financial year 2017-18.

Direct trade to improve with grant of MFN status to India by Pak

Related Keywords: bilateral trade, Commerce and Industry Minister, direct trade, FDI, man-made filaments, MFN status, Pakistan and India trade, SEZ, transaction cost

Pakistan has not yet granted the most favoured nation (MFN) status to India while India granted the status way back in 1996. With Pakistan granting the MFN status to India, it will open new clear direct trade between the two countries and also help in reducing transactions cost.
 
According to Commerce and Industry Minister Nirmala Sitharaman, with the grant of MFN status the trade would then take place bilaterally at significantly lower cost. It will also restore Pakistan's international commitment under WTO of reciprocity to MFN status.
 

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