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The Canadian government will soon propose the law needed to approve the pending Comprehensive and Progressive Trans Pacific Partnership trade agreement.
The government wants to be amongst the first ones to approve the deal. The government’s decision was made public just weeks after Champagne presented the Comprehensive and Progressive Trans Pacific Partnership agreement, formerly the Trans Pacific Partnership, in the House of Commons on May 23.
The Trudeau government has been pressured by stakeholders to approve the trade agreement as quickly as possible. Mexico has already approved the multi-lateral trade deal, with Japan expected to have its ratification process concluded by the end of June.
Australia has tabled the treaty in its Parliament and vows to expedite ratification, while Malaysia and Chile are both expected to ratify quickly. New Zealand, Singapore, Peru, Vietnam and Brunei also plan to approve the law soon.
Bangladesh will need to boost productive investment by addressing infrastructure bottlenecks and strengthening the banking sector to maintain the ongoing momentum.
Boosting public investment will upgrade infrastructure (such as roads and electricity coverage), spur more private sector activity, and ultimately create more jobs.
Tax revenues in Bangladesh are currently low at nine per cent of GDP, and the country needs more revenues to finance infrastructure investment and social spending.
The country is undergoing a transformation from a low-income to a middle-income economy. Growth in Bangladesh has averaged more than six per cent over the last decade, significantly lifting per capita income.
Poverty has declined steadily and other social indicators, like gender disparity in education and maternal mortality, have also improved.
Throughout this process, the country has diversified away from an agrarian to a more manufacturing-based economy with rapid growth in the readymade garment industry.
The average tax revenue to GDP ratio for non-resource rich, low-income countries is around 15 per cent. Therefore the priority is to implement the delayed value-added tax, preferably with a single rate, reaching a broad base to help raise the much-needed revenue.
Tax policy reform should also be supported by continued efforts to strengthen tax administration and improve tax compliance with online registration and filing of tax returns.
The proposed polyester legislation from several US states in light of textile microfiber pollution appears to have hit the buffers in the respective state assemblies of California, New York and Connecticut.
Time constraints would seem to be the primary reason that any law-making on this issue has been delayed, while – with the governor’s approval – Connecticut looks set to progress the motion to a stage requiring the formation of a microfiber pollution working group.
It was in March and April respectively that the US states of California and Connecticut took the unprecedented step of proposing legislation which would see polyester garments legally required to bear warning labels regarding their potential to shed microfibers during domestic washing cycles.
Without allowing for proper research to study methods of curbing microfiber pollution, this approach would create confusion among consumers by insinuating that synthetic fibers have a worse environmental impact than natural fibers without the data to support this conclusion.
The proposed legislation in California hopes to start addressing this pollution. It’s necessary to improve the information available to consumers so warning labels on clothing about microfibers could be a positive step.
A similar bill proposed in New York State has been referred to the Environmental Conservation committee.
UBM Fashion recently launched its first combined NY Men’s and Women’s marketplace.
The highlight of this show is the BLUE @ PROJECT, its premium denim area, which will feature the latest offerings from the hottest brands.
The area has been positioned in the front of the show to merchandise it with its own point of view. It’s also strategically positioned at the nexus between the men’s and women’s sections.
To further entice shoppers, UBM Fashion is launching THE FOUNDRY @ PROJECT, which is designed to create a one-stop shop for buyers looking to complete their assortments.
The Raleigh Denim+ brand will debut some limited edition pieces at the show. The brand is also working with Bernhardt Design on a new furniture collection and another big development that it’s keeping mum on for now.
The S.M.N brand marries the understated, elegant visual merchandising with the aesthetic.
It offers garments that range from $190 to $300 on average and spans up to $550 for a capsule created in Japan.
The fashion industry in GCC states continues to maintain a positive momentum attributed to key factors in influencing the market like robust economic growth, rising purchasing power, growing population comprising a large proportion of expatriates, changing consumer patterns and increasing penetration of international retail players.
The Gulf is also gearing to host events such as the World Expo 2020, leading to a growing influx of tourists and creating immense opportunities for existing and new retailers in the region.
Products are now launched in the Gulf at the same time as the West - to the minute including special lines for the Gulf customers in terms of sizes, cuts, shades and scents.
UAE ranks 3rd largest country in terms of apparel and textile exports and is among the largest sector of the Middle East
German safety and quality assessment lab TUV SUD has expanded its textile testing laboratory in Tirupur with the offer of chemical testing services for all textile businesses in the knitwear hub. The one-stop testing services would now be available across the neighbouring regions including Karur, Salem and Erode. The facility is fully equipped to provide comprehensive textile, apparel and home furnishing testing services.
With its wide network of labs and experts across key markets including south Asia, European Union, ASEAN, the US and the UK, TV SD has in-depth familiarity with compliance in exporting and importing nations.
The all-inclusive capabilities of the laboratory will cater to manufacturers and exporters carving a niche for Indian knitwear products in global and domestic markets.
The facility is fully equipped to provide comprehensive textile, apparel and home furnishing testing services. TUV SUD will be able to assist manufacturers in improving production processes, optimising costs and reducing risks and defects by ensuring their products' compliance with the guidelines.
According to Forbes' Global 2000 list, French fashion empire Christian Dior, incepted in 1947, has retained its position as the world’s largest retailer focused on clothing, shoes and accessories.
The high-end retailer witnessed its sales rise by double digits last year to a record-breaking 44 billion euros ($49 billion).
This makes it the 150th largest company on the Global 2000 list of the world’s biggest and most powerful public companies, as measured by a composite score of revenues, profits, assets and market value.
The fashion house benefits from a 41% stake in LVMH, the French luxury empire that owns 70 brands including Louis Vuitton, Dom Pérignon and Sephora. LVMH, which is run by French billionaire Bernard Arnault (net worth: $86 billion), in turn wholly owns Christian Dior.
The companies have had a complicated ownership structure for years, with LVMH acquiring the remaining portion of Christian Dior that it didn't already own last year in a $13 billion deal.
Sri Lanka is hoping to convince India to remove the existing quota system for the apparel industry and instead requesting a US$500 million worth trade deal.
Negotiations are currently underway between the two sides to ascertain whether the existing quota system for the sale of garments to India that is limited to eight million pieces annually worth $30 million could be altered to a higher $500 million worth, value-based system.
These negotiations are said to be part of the Economic and Technological Cooperation Agreement (ETCA) discussions between Sri Lanka and India.
Sri Lanka Apparel Exporters Association (SLAEA) Chairman Felix Fernando told the Business Times that the industry has already exhausted this year’s quota and the reason why changes to the system is being requested.
Industry analysts opine it was a doubtful agreement to pull through and noted that negotiations were still underway in this regard.
India’s burgeoning middle class has an eye on branded apparels and in this respect Sri Lanka has a market to cater to for a segment that is increasingly looking at quality purchases.
Ready-made garments (RMG) manufacturers in Bangladesh will henceforth have to pay a higher corporate tax as the government has proposed to raise the tax rate from 12 per cent to 15 per cent for the 2018-19 fiscal years.
However, certified green factory owners will enjoy a 3 per cent rebate and pay 12 per cent, while publicly traded RMG manufacturers will have to pay 12.5 per cent.
The apparel sector enjoys various incentives and tax benefits such as the current withholding tax rate of 0.7 per cent on RMG exports.
The industry plays an important role in generating employment and fostering economic growth. Taking this fact into consideration, the readymade garments sector has been given special tax incentives.
According to BGMEA sources, 67 Leadership in Energy and Environmental Design (LEED)-certified factories have been operating in Bangladesh. Among these, 13 have received platinum status, 20 gold status and 34 silver status.
Ricoh launched two new RICOH Ri 3000 and Ri 6000 Direct to Garment (DTG) printers at FESPA 2017.
The highly productive RICOH Ri 3000 and Ri 6000 systems enable print providers to have more flexible, cost-effective and dynamic customer offerings by providing high quality digital printing in the traditionally analogue garment printing segment.
The Ricoh DTG printers are ideal for promotional printing on items like T-shirts, cloth bags, hoodies, sweatshirts and socks. The RICOH Ri 3000 and Ri 6000 can print on a wide range of materials ranging from 100 per cent cotton and 100 per cent light polyester to mixed (polyester) garments up to 50/50 blends.
The new Ricoh DTG range also includes the Ricoh Ri 3000 and Ri 6000 printers, designed to meet the needs of established garment-printing businesses. Both can print a wide range of materials from 100 per cent cotton and 100 per cent light polyester to mixed cotton fabrics with up to 50/50 blends.
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