Home / Knowledge / News / Textiles / NEGOTIATORS CLOSE PACIFIC TRADE DEAL
NEGOTIATORS CLOSE PACIFIC TRADE DEAL
05
Oct '15
The US and 11 trading partners across the Pacific Rim have announced a landmark trade deal that will link 40 per cent of the global economy. The agreement on the Trans-Pacific Partnership (TPP) -- which comprise Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam -- was announced on Monday and will be the world's largest regional trade pact.
 
The TPP will be the biggest trade agreement struck since the 1994 completion of the Uruguay Round, which created the World Trade Organization (WTO), and does not include China and India, two of the largest economies. The TPP is likely to have an adverse effect on India's textile and apparel exports, among other sectors.
 
The text of the agreement has not yet been released, fuelling speculation on various aspects of the deal. The negotiations had been shrouded in secrecy and had caused a stir after Wikileaks had on at least two occasions published extracts from the ongoing parleys. The TPP has come in for trenchant criticism from various sections of society in almost all the participating countries.
 
The Office of the US Trade Representative claimed in a statement that the TPP will eliminate or reduce "tariff and non-tariff barriers across substantially all trade in goods and services and covers the full spectrum of trade, including goods and services trade and investment, so as to create new opportunities and benefits for our businesses, workers, and consumers." 
 
The TPP includes 30 chapters covering trade and trade-related issues, beginning with trade in goods and continuing through customs and trade facilitation; technical barriers to trade; trade remedies; intellectual property; labour; environment; etc. There are two sections that India would like to examine closely once the details of the deal are released: 'textiles and apparel' and 'rules of origin'.
 
The 12 member countries have agreed to eliminate tariffs on textiles and apparel, industries which are important contributors to economic growth in several TPP Parties’ markets. According to the statement, most tariffs will be eliminated immediately, although tariffs on some "sensitive" products will be eliminated over longer timeframes. 
 
The textiles and apparel chapter also includes specific rules of origin that require use of yarns and fabrics from the region comprising the TPP countries, which will promote regional supply chains and investment in this sector, with a “short supply list” mechanism that allows use of certain yarns and fabrics not widely available in the region. 
 
Moreover, there would be commitments on "customs cooperation and enforcement to prevent duty evasion, smuggling and fraud, as well as a textile-specific special safeguard to respond to serious damage or the threat of serious damage to domestic industry in the event of a sudden surge in imports."
 
The Indian textiles and apparel industry will be keen on knowing the details of the relevant chapter, especially in the backdrop of the one on 'rules of origin' which may adversely affect its equations with Vietnam.

By Subir Ghosh


Must ReadView All

Textiles | On 19th Aug 2017

New fabric interfaces to interact with computers

As computer capabilities evolve, new fabric-based interfaces are...

Textiles | On 19th Aug 2017

Brazilian cotton prices drop in first fortnight of August

Cotton prices dropped in the Brazilian market in the first fortnight...

Apparel/Garments | On 19th Aug 2017

Target to acquire Grand Junction for faster deliveries

Target Corporation has announced that it has agreed to acquire Grand...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search