Turkish government to strengthen trade ties with Pakistan is ready to sign the much-awaited Preferential Trade Agreement (PTA) with Pakistan. From the Turkish side there is nothing pending but there seems to be a delay by the Pakistani government, according to the Turkish official.
Brandix, Sri Lanka’s largest textiles and garments exports holding company through Brandix’s Disrupt Unlimited start-up have entered into an agreement with Sri Lanka Inventors Commission (SLIC) to establish a partnership to promote innovation in Sri Lanka and enhance opportunities in the fields of Textile, Apparel and Accessories. As Sri Lankan textile firms is looking to innovation to fuel growth with its exports soaring up 15.7% in the first five months of the year.
The All Pakistan Textile Mills Association (Aptma) on Friday appreciated the overall increase in textile exports, which went up by 3.9 percent, but expressed trepidation over decline in exports to the rest of the world other than the European Union. This decline could have been avoided if the government addressed the issues, which resulted in the decline.
The Cotton Textiles Export Promotion Council (Texprocil) has urged the ministry for higher incentives including 5 percent duty reduction for exports to China. This incentive will help to put another USD 7 billion worth of fabrics and home textiles into China and reduce the trade deficit of USD 32 billion with China.
India has a USD 32 billion trade deficit with China, in which USD 12 billion worth of imports are allowed to come into India either duty free or at concessional duties. India on the other hand has not acquired any reciprocal benefit.
Finance Minister Arun Jaitley’s announcement of duty-free entitlement for import of trimmings, embellishments and other specified items to five percent of the value of their exports, from the current three percent is a good boost for the readymade garment sector of India.
This move will help Indian manufacturers to compete with other countries in getting more orders from global retail sourcing entities, such as Walmart. As it will help bring down the cost of readymade garments meant for export by two to three percent.
Pakistan textile exports in the month of July-May 2014 has witnessed a bound of 5.95 percent; however textile sector representatives has termed this increase a usual phenomenon.
Federation of Indian Chambers of Commerce (Ficci) envision textile sector to touch $145 billion of export in the next ten years with the support of the new textile policy.
Pakistan textile exports which presently stand at $13 billion likely to see a boost with the implementation of textile policy. The textile policy is likely to be announced in the second week of July. Subsequent to the implementation of textile policy the people will see rapid growth in textile sector of the country and there will be an increase of at least $1 billion in the first year and $2 billion from the second year.
Pakistan with around 163000 metric tonnes of cotton grown and processed with Better Cotton Initiative (BCI) is Textile industry is currently the leading producer of BCI cotton and is planning to further, undertake an initiative to broad-base the Better Cotton Initiative (BCI) cotton production. In order to make the initiative sustainable and expand it to maximum areas of cotton production is preparing a proposal to the Ministry of textile Industry for funding the project from the Export Development Fund (EDF).
The Malaysia External Trade Development Corporation (Matrade) is focusing on fashion as it has substantial growth potential and could become Malaysia’s major exports. They also plan to focus on promoting fashion-related programmes this year beginning with the Malaysia Fashion Week to be held in October.
Last year, the lifestyle segment generated RM1.4 billion in sales and they hope to double that this year after the promotion agency signed a memorandum of understanding with Stylo International, a foreign fashion network.
