Home / Knowledge / News / Textiles / Nicaraguan textiles may lose US tariff preferences
Nicaraguan textiles may lose US tariff preferences
02
Aug '13
Textile industry of Nicaragua may lose tariff preferences in the US, which are up for renewal in 2014, as s senior US official has said that such an extension of tariff preferences is not necessary.
 
The textile industry of Nicaragua could compete globally and maintain its position in the market with or without the trade preferences, Walter Bastian, US undersecretary of Commerce, said at a press conference in Managua.
 
The Preferential Tariff Regime (TPL) awarded by the US to textile companies operating in Nicaragua’s free trade zones (FTZs) expires in December, 2014.
 
The TPL allows duty-free export of clothing made of yarns and fabrics from third countries, to US for a maximum of 100 million square meters per year.
 
The Government of Nicaragua and entrepreneurs of the textile industries are calling for an extension of the TPL until 2024.
 
The US undersecretary said the ultimate decision is in the hands of the US administration and it has not yet announced an official final position regarding the TPL.
 
The Nicaraguan Association of Textiles and Apparel (Anitec) estimates that without TPL the production costs would increase by 40 percent and will affect jobs in factories that operate in a free zone.
 
In 2012, Nicaragua exported more than US$ 890 million in clothing, according to an official data.
 
Nicaragua has over 215 free zone companies employing more than 103,000 people and these companies together contributed US$ 700 million in Gross Domestic Product, in 2012.
 
Free zones in Nicaragua are exempt from income tax for the first 15 years of operation and also from sales tax, capital gains, and real estate, among others.
 

Fibre2fashion News Desk - India


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Urmil Arya

Sushila International, a well established textile organisation established ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Johan Berlin
InvestKonsult Sweden AB

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

January 2018

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
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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