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UK trade reforms to boost Sri Lankan apparel exports, jobs
UK trade reforms to boost Sri Lankan apparel exports, jobs

Fibre2Fashion

time14-07-2025

  • Business
  • Fibre2Fashion

UK trade reforms to boost Sri Lankan apparel exports, jobs

The UK government recently unveiled a package of reforms to simplify imports from developing countries. New measures include simplifying rules of origin, enabling more goods from countries like Sri Lanka, Nigeria and the Philippines to enter the United Kingdom tariff-free, even when using components from across Asia and Africa. Upgrades to the Developing Countries Trading Scheme (DCTS) make it easier for businesses to trade with the United Kingdom and help lower prices on the UK high street. The UK has unveiled a reforms package to simplify imports from developing nations. New measures include simplifying rules of origin, enabling more goods from countries like Sri Lanka, Nigeria and the Philippines to enter the UK tariff-free, even when using components from across Asia and Africa. For Sri Lanka, the rules of origin for the garments sector specifically will be liberalised. The changes, announced as part of the UK's wider Trade for Development offer, aim at supporting economic growth in partner countries, while helping UK businesses and consumers access high-quality, affordable goods. The announcement builds on the UK's Trade Strategy published last month. 'The most significant positive change for Sri Lanka is that the rules of origin for the garments sector specifically will be liberalised. The changes will ensure that DCTS countries can now source their materials from a wider range of nations and will give manufacturers from countries such as Sri Lanka the opportunity to take advantage of 0-per cent tariffs on garments. These changes are expected to be in place by early 2026,' an official UK government release said. 'This is a win for the Sri Lankan garment sector, and for UK consumers. With the UK being the second largest export market and garments making up over 60 per cent of that trade, we know manufacturers here will welcome this announcement,' British high commissioner to Sri Lanka Andrew Patrick said. 'With the Sri Lankan government's ambition to grow exports, and with the simplification of rules of origin for other sectors too, we strongly encourage more exporters to explore how they can benefit from the preferences offered by the DCTS,' he added. 'We are delighted that, for garments, it will now be possible to source more raw material regionally and continue to qualify for duty free export to the UK. This will be a game-changer for our trade with the UK under the DCTS,' Yohan Lawrence, secretary general of the Joint Apparel Association Forum (JAAF) in Sri Lanka , said. 'We believe that the changes will also deliver significant improvements against the objectives of the Scheme. At around $675 million in value, the UK is the second largest market for Sri Lanka Apparel, accounting for close to 15 per cent of apparel exports, while the industry supports a million livelihoods across the country,' he noted. 'This announcement will help secure employment opportunities and ensure sustainable growth in Sri Lanka by allowing us to compete on equal terms with our major competitors, and we expect exports to increase significantly when the new rules come into effect,' Lawrence added. Launched in 2023, following the United Kingdom's exit from the European Union, DCTS is the UK's flagship trade preference scheme. Covering 65 countries, it offers reduced or zero tariffs on thousands of products. In addition to the DCTS changes, the United Kingdom will continue to provide targeted support to help exporters in Sri Lanka to access the UK market and meet import standards particularly focused on agri-foods and apparel sectors. This is through programmes being delivered by the International Trade Centre (ITC) in partnership with the Sri Lanka Export Development Board. Fibre2Fashion News Desk (DS)

India has demonstrated how scale and speed can go hand-in-hand: FM Sitharaman
India has demonstrated how scale and speed can go hand-in-hand: FM Sitharaman

Hans India

time05-07-2025

  • Business
  • Hans India

India has demonstrated how scale and speed can go hand-in-hand: FM Sitharaman

Rio de Janeiro: India, with its dual role as a leading emerging economy and a global influencer, is uniquely positioned to lead the transformation not just for itself, but for all those who share its aspirations, Finance Minister Nirmala Sitharaman has stressed. Adrdessing the flagship 'Governors Seminar' on the theme 'Challenges for Financing Sustainable Development for the Global South' here during an official visit, FM Sitharaman said that financing sustainable development in the Global South is not just about raising funds — it's about building fairness, trust and leadership. 'For India, accelerating development is essential to ensure access to housing, healthcare, education and livelihoods for millions. At the same time, climate-related risks such as heatwaves, water stress, and extreme weather events are also increasing,' she told the gathering. India is also increasingly working to integrate them through initiatives like the National Electric Mobility Mission, and province-level climate action plans. 'The real challenge is not choosing between development and sustainability, but designing policies - particularly in partnership with Emerging Markets and Developing Countries (EMDEs) - that promote inclusive growth and strengthen sustainable development,' the Finance Minister mentioned. According to her, as we strive towards the 2030 agenda, 'the financing gap for Sustainable Development Goals (SDGs) in developing countries has widened to over $4.2 trillion annually post-pandemic, reflecting the widening gap between ambition and reality.' 'India stands at a unique crossroads. The aspirations of a billion people converge with the imperatives of a fast-changing planet. And in this moment, policy will determine pace. India has demonstrated how scale and speed can go hand-in-hand,' she added. Through transformative policy initiatives like UPI, Aadhaar and Jan Dhan, the country has driven financial inclusion even to the last-mile. 'Our policy ecosystem has been further strengthened by programs such as the Gati Shakti National Master Plan, the National Green Hydrogen Mission and installation of over 220 GW of renewable energy capacity to accelerate clean energy transition. These efforts are complemented by a commitment to macroeconomic stability,' the Finance Minister highlighted. In recent years, India has laid a strong foundation for green finance through initiatives like sovereign green bonds, ESG disclosure mandates and the proposed taxonomy for climate finance. She further stated that India is building a more resilient, inclusive and innovation-driven financial architecture that aligns capital with climate and development goals.

India Has Shown How Scale, Speed Can Go Hand-In-Hand: Finance Minister
India Has Shown How Scale, Speed Can Go Hand-In-Hand: Finance Minister

NDTV

time05-07-2025

  • Business
  • NDTV

India Has Shown How Scale, Speed Can Go Hand-In-Hand: Finance Minister

Rio de Janeiro: India, with its dual role as a leading emerging economy and a global influencer, is uniquely positioned to lead the transformation not just for itself, but for all those who share its aspirations, Finance Minister Nirmala Sitharaman has stressed. Addressing the flagship 'Governors Seminar' on the theme 'Challenges for Financing Sustainable Development for the Global South' here during an official visit, FM Sitharaman said that financing sustainable development in the Global South is not just about raising funds - it's about building fairness, trust and leadership. "For India, accelerating development is essential to ensure access to housing, healthcare, education and livelihoods for millions. At the same time, climate-related risks such as heatwaves, water stress, and extreme weather events are also increasing," she told the gathering. India is also increasingly working to integrate them through initiatives like the National Electric Mobility Mission, and province-level climate action plans. "The real challenge is not choosing between development and sustainability, but designing policies - particularly in partnership with Emerging Markets and Developing Countries (EMDEs) - that promote inclusive growth and strengthen sustainable development," the Finance Minister mentioned. According to her, as we strive towards the 2030 agenda, "the financing gap for Sustainable Development Goals (SDGs) in developing countries has widened to over $4.2 trillion annually post-pandemic, reflecting the widening gap between ambition and reality." "India stands at a unique crossroads. The aspirations of a billion people converge with the imperatives of a fast-changing planet. And in this moment, policy will determine pace. India has demonstrated how scale and speed can go hand-in-hand," she added. Through transformative policy initiatives like UPI, Aadhaar and Jan Dhan, the country has driven financial inclusion even to the last-mile. "Our policy ecosystem has been further strengthened by programs such as the Gati Shakti National Master Plan, the National Green Hydrogen Mission and installation of over 220 GW of renewable energy capacity to accelerate clean energy transition. These efforts are complemented by a commitment to macroeconomic stability," the Finance Minister highlighted. In recent years, India has laid a strong foundation for green finance through initiatives like sovereign green bonds, ESG disclosure mandates and the proposed taxonomy for climate finance. She further stated that India is building a more resilient, inclusive and innovation-driven financial architecture that aligns capital with climate and development goals.

Jordan, Britain talk economic cooperation
Jordan, Britain talk economic cooperation

Jordan Times

time03-05-2025

  • Business
  • Jordan Times

Jordan, Britain talk economic cooperation

Minister of Industry, Trade and Supply Yarub Qudah on Saturday discusses with the British Trade Envoy to Jordan, Kuwait and Palestine, Lord Iain McNicol ways to enhance joint economic and trade cooperation (Petra photo) AMMAN — Minister of Industry, Trade and Supply Yarub Qudah on Saturday discussed with British Trade Envoy to Jordan, Kuwait and Palestine Lord Iain McNicol ways to enhance economic and trade cooperation within the framework of the bilateral partnership agreement signed in 2021. The two sides, in presence of British Ambassador to Jordan Philip Hall, went over progress in implementing the agreement, in terms of streamlining rules of origin and developing the government structure to monitor its provisions by launching a partnership council and its technical committees, the Jordan News Agency, Petra, reported. Qudah noted the need to address challenges related to the "complexities" of the rules of origin and the "high" costs of compliance and export, compared with the facilitations granted by the UK to competing countries under the Developing Countries Trading Scheme (DCTS) programme. Qudah called for reviewing the current terms of the "simplified" rules of origin decision to ensure Jordanian products have "preferential" access to British markets. For his part, McNicol stressed his country's "keenness" to expand economic cooperation with Jordan, underlining his country's support for developing the Kingdom's investment environment and enhancing trade exchange through sustainable initiatives, including support for small and medium-sized enterprises and stimulating British investment in Jordan's "vital" productive sectors. On future action, both sides agreed on the "importance" of accelerating the pace of work to organise the upcoming Jordanian-British Business Forum. The ministry said that the event would serve as a platform to boost partnerships in the two countries' private sectors and explore "new" cooperation opportunities, Petra added. Page 2

Jordan, UK explore deepening trade ties under partnership agreement
Jordan, UK explore deepening trade ties under partnership agreement

Arab News

time03-05-2025

  • Business
  • Arab News

Jordan, UK explore deepening trade ties under partnership agreement

AMMAN: Jordan and the UK have reaffirmed their commitment to strengthening economic and trade cooperation under the framework of their 2021 bilateral partnership agreement, the Jordan News Agency reported. During talks in Amman on Saturday, Minister of Industry, Trade, and Supply Yarub Qudah met with British Trade Envoy to Jordan, Kuwait, and Palestine, Iain McNicol, to discuss progress made under the deal and explore further avenues of collaboration. Philip Hall, the British ambassador to Jordan, also attended the meeting. According to a statement from the Jordanian Ministry of Industry, the discussions touched on efforts to streamline rules of origin and the development of mechanisms to monitor the agreement's implementation; chief among them the launch of a Partnership Council and technical committees. Qudah highlighted several ongoing challenges, including the complexity of the rules of origin, and the comparatively high costs of compliance and export for Jordanian producers. He stressed the need to review the terms of the current agreement to ensure Jordanian products are granted preferential access to UK markets— particularly in light of the United Kingdom's Developing Countries Trading Scheme, which offers more favorable terms to other nations. McNicol affirmed Britain's 'keenness' to deepen trade ties with Jordan and expressed support for improving the Kingdom's investment environment. He also emphasized the UK's commitment to sustainable trade initiatives, including support for small and medium-sized enterprises, and stimulating British investment in Jordan's 'vital' productive sectors. Looking ahead, both sides agreed to accelerate preparations for the upcoming Jordanian-British Business Forum, which they said would provide a key platform to strengthen private-sector ties and explore new areas of economic cooperation.

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