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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.
Bid for FTA with EU
India's Ministry of Textiles is constantly in touch with the Ministry of Commerce for signing an FTA with the EU to boost trade especially in the textile sector. This was revealed recently by Secretary, Ministry of Textiles, Rashmi Verma.
EU retail to gain a lot: FTA with Vietnam
The EU’s free trade agreement with Vietnam is expected to boost European growth and job creation in the retail sector, as well as the development of Vietnam, according to EU trade negotiators.
EU apparel imports from China on decline
EU clothing imports from China dropped by a considerable volume of 9.9 per cent in the first three months of this year compared to that of last year, reveals Textiles Intelligence in a recent report.
Nigeria imports textiles worth $4 bn
Nigeria currently spends over $4 billion annually on importing textiles and readymade clothing, despite the Nigerian government’s initiatives to revive the textile sector in recent times, according to the Director General (DG) of Nigerian Textile Manufacturers Association (NTMA), Hamma Kwajaffa. Textiles is Nigeria’s second largest employer after the government.
BREXIT Hopes Amid Gloom
Britain’s decision to exit from the European Union is likely to heighten the uncertainty in garments and other sectors in India. Karthik Muthuveeran analyses its impact on textiles. The Brexit impact is not only limited to Britain, but also European countries. London has always acted as a financial hub, which gives access to capital markets of the world to Europe. But with Brexit, European Union will end up having a limited access to capital markets. In all likelihood, access to this market will form a key part of trade negotiations. There are as many pros as cons in Britain exiting the Europe.
Lakshmi Automachines online loom monitoring system
Located in Coimbatore, Lakshmi Automachine is well known for textile automation developed by a rare class of engineers, working comfortably with both electronics and textile disciplines of engineering, thereby redefining the benchmarks to improve performance by continuous monitoring.