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Fibre2Fashion
a day ago
- Business
- Fibre2Fashion
1st round of India-Chile CEPA negotiations concludes in New Delhi
India and Chile recently concluded the first round of negotiations for a comprehensive economic partnership agreement (CEPA) in New Delhi. The terms of reference for the agreement were signed on May 8 this year and the negotiations commenced on May 26. India and Chile recently concluded the first round of negotiations for a comprehensive economic partnership agreement in New Delhi. The terms of reference were signed on May 8 and the talks commenced on May 26. Discussions covered trade in goods and services; rules of origin; technical barriers to trade; customs procedures and trade facilitation; dispute settlement; and global value chains. Discussions covered trade in goods and services; rules of origin; sanitary and phytosanitary measures; technical barriers to trade; customs procedures and trade facilitation; initial provisions and general definitions; core and institutional provisions; dispute settlement; economic cooperation; global value chains; investment promotion and cooperation; and intellectual property rights. The CEPA aims to unlock the full potential of the trade and commercial relationship between India and Chile, boosting employment, bilateral trade, and economic growth. Indian commerce secretary Sunil Barthwal said during the opening ceremony of the talks that the agreement will pave the way for a deeper economic partnership and the creation of strengthened global value chains between the two countries, an official release said. The next round of negotiations is expected in July-August this year and will be preceded by inter-sessional discussions through virtual conferences to address outstanding issues. During his official visit to India in April this year, President of Chile Gabriel Boric Font had said India is a priority partner for Chile and highlighted the need to explore strategies for enhanced and diversified trade between the two countries. Both leaders had welcomed the initiation of negotiations towards a balanced, ambitious, comprehensive and mutually beneficial CEPA aimed at achieving deeper economic integration. The Chilean negotiating team was led by Pablo Urria, director for Asia & Oceanic at the secretariat of international economic relations in the ministry of foreign affairs of Chile. The Indian delegation was headed by Vimal Anand, joint secretary in the department of commerce. Fibre2Fashion News Desk (DS)
Fibre2Fashion
a day ago
- Business
- Fibre2Fashion
Cambodia-Japan Economic Co-Creation Package unveiled
Japan and Cambodia recently agreed to further work toward maintaining and strengthening an international order based on the rule of law and a multilateral free trade system, and announced the 'Cambodia-Japan Economic Co-Creation Package', according to a joint statement issued by the two countries. During the bilateral summit meeting on May 30, Cambodian Prime Minister Hun Manet and his Japanese counterpart Ishiba Shigeru stressed on the importance of expanding and deepening the comprehensive strategic partnership between the two sides, Cambodian media outlets reported. Japan and Cambodia have agreed to further work toward maintaining and strengthening a global order based on the rule of law and a multilateral free trade system, and announced the 'Cambodia-Japan Economic Co-Creation Package'. The two sides reaffirmed their commitment to continuing cooperation towards maintenance and development of the Sihanoukville Port as a regional port and logistics hub. Related to the co-creation of economic and social values, the two Prime Ministers welcomed the progress in concrete cooperation, including the 'Co-creation for common agenda initiative' in the digital field, since the launch of the 'Three New Cooperation Approaches' in A joint initiative launched in July last year focuses on social infrastructure development in digital field and maritime connectivity, apart from other areas. Both sides agreed to further promote cooperation, such as improving the business environment in Cambodia, including through Japan's contribution to the Organisation for Economic Cooperation and Development, supporting Japanese companies, forming public-private partnership projects and advancing telecommunications networks for industrial enhancement and supply chain resilience. The two sides reaffirmed their commitment to continuing cooperation towards maintenance and development of the Sihanoukville Port as a regional port and logistics hub. Fibre2Fashion News Desk (DS)
Fibre2Fashion
a day ago
- Business
- Fibre2Fashion
Vietnam reliable alternative for buyers seeking stable supply chains
A decline in China's market share in Japan and South Korea, probably due to increased scrutiny of tax evasion practices by Chinese firms, and production in Bangladesh and Pakistan getting hit due to energy shortages and political instability has positioned Vietnam as a reliable alternative for international buyers seeking stable supply chains. However, challenges persist. A recent increase in domestic electricity prices, effective from May 10, has raised production costs, particularly affecting yarn manufacturers with narrow profit margins. A drop in China's market share in Japan and South Korea, and production in Bangladesh and Pakistan getting hit due to energy shortages and political instability has positioned Vietnam as a reliable alternative for buyers seeking stable supply chains. However, challenges persist. A recent rise in domestic electricity prices has raised production costs, particularly affecting yarn manufacturers. Companies must navigate these cost pressures while capitalising on emerging global opportunities. Domestic garment production in Vietnam also remains robust, as evidenced by the industrial production index (IIP) and labour indices consistently showing upward trends without any contraction since the the year began, a news agency reported. According to the customs department, the country's textile and garment exports reached $8.69 billion in the first quarter this year, with the US accounting for 43.6 per cent of this figure. April saw a 15-per cent year-on-year increase, totalling $3.64 billion. Fibre2Fashion News Desk (DS)
Fibre2Fashion
3 days ago
- Business
- Fibre2Fashion
US-China trade talks stalled, may need direct Trump-Xi talks: Bessent
US-China trade talks are a 'bit stalled', according to US treasury secretary Scott Bessent, who yesterday said concluding the deal would need direct talks between Presidents Donald Trump and Xi Jinping. The two nations agreed to a 90-day tariff pause along with mutual reductions around two weeks back. US-China trade talks are a 'bit stalled', US treasury secretary Scott Bessent has said. Concluding the deal would need direct talks between Presidents Donald Trump and Xi Jinping, he said. The progress since the truce in Geneva two weeks back has been slow, but he expects more talks with the Chinese side in the next few weeks, he told a TV network. Several large trade deals are near, he added. The progress since the truce in Geneva has been slow, Bessent told a TV network. He, however, expects more talks with the Chinese side in the next few weeks. 'Given the magnitude of the talks, given the complexity ... this is going to require both leaders to weigh in with each other. They have a good relationship, and I am confident that the Chinese will come to the table when President Trump makes his preferences known,' Bessent added. US secretary of state Marco Rubio announced early this week the Trump administration's decision to revoke visas of Chinese students in touch with the Communist Party of China or those enrolled in 'critical fields'. China has lodged a formal protest over this decision. Bessent also told the TV channel that several large trade deals are near. Fibre2Fashion News Desk (DS)
Fibre2Fashion
3 days ago
- Business
- Fibre2Fashion
NITI Aayog mulls boosting rail freight movement to India's hinterland
India's government think tank NITI Aayog will devise a road map to augment rail container freight movement to the hinterland. It recently invited expressions of interest for a study to identify policy challenges and suggest necessary interventions to enhance the share of container movement though railways. India's government think tank NITI Aayog will devise a road map to augment rail container freight movement to the hinterland. It recently invited expressions of interest for a study to identify policy challenges and suggest necessary interventions to enhance the share of container movement though railways. The study will identify policy bottlenecks and critical issues faced by operators. Total commodity volumes in the national freight ecosystem during 2026 is projected at 6,366 MT, of which container traffic is projected at 411 MT. Of these, 66 per cent of non-bulk freight moves on road and 30 per cent is being moved by rail or rail-intermodal. The study will analyse container freight pricing methodology in Indian railways and assess container pricing models globally for identifying the factors affecting modal share, the terms of reference say. It will also analyse private container operations and identify the critical issues and obstacles faced by the operators like high wagon turnaround time and last mile connectivity. 'The study will identify policy bottlenecks in railways hinterland container freight movement, provide policy level suggestions for cargo consolidation (specially parcel) and LCL cargo (Less than container load) and suggest ways to attract customers to railways for non-bulk movements,' the think tank said. The study will suggest suitable parameters or methodology for rationalising the freight charges to improve the outcome and competitiveness of the domestic industry; will highlight issues faced by inland container depots, container freight stations and the status of terminal handling facilities; assess demand and supply of containers; and suggest ways to mitigate lack of supply of containers. Fibre2Fashion News Desk (DS)
