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TMAS members ready to support digital textile transformations
Members of TMAS—the Swedish textile machinery association—have adopted a range of new strategies in response to the Covid-19 pandemic, aimed at assisting manufacturers of textiles and apparel to adjust to a new normal, as Europe and other regions emerge cautiously from lockdown.
Go beyond FTAs
According to a report of analytics firm Fitch Solutions, Asia is expected to remain a dominant player in garment production over the coming decade even as China looks to reduce its apparel manufacturing operations and move up the value chain. In spite of this, India and Indonesia, which offer low-cost cheap labour and large domestic markets, may not be able to take advantage of the situation due to the lack of conducive business conditions.
T.T. trademark is now registered for the whole of Europe
T.T. trademark become well known and is recognised in more than 65 countries of the world in its business journey since 1964. Recently, T.T. trademark has been registered in the Register of European Union Trademarks (EUIPO). T.T. trademark is also registered in neighbouring SAARC countries of India (Nepal, Bhutan, Sri Lanka, Pakistan and Bangladesh).
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.
Brexit will not impact textiles export to UK
With the referendum to quit European Union, the impact on India’s textiles export to Great Britain will be minimal although it is a major market for apparels made in India. However, there could be initial turmoil due to structural changes and fresh negotiations being finalised. In perspective, EU imported textiles worth $235 billion in 2015 from the world. Of this, UK accounted for 15 per cent or $35 billion. Thus, the country is one of the largest markets for textiles including fibres, yarns, fabrics, apparels and other textile products. However, it is not a major supplier of this industry and thus will have negligible impact on sourcing.
Garment export to US, EU on the rise
While Bangladesh, India and Pakistan are expecting higher exports of readymade garment (RMG) to the U.S. and European Union (EU), exports from the East Asian giant China and start-ups Cambodia and Vietnam are the on decline.