Home / Knowledge / News / Textiles / New global currency a must to attain higher trade volumes
New global currency a must to attain higher trade volumes
25
Oct '10
Developing nations are stuck at sea in midst of the currencies of developed countries, Halit Narin, President of the International Textile Manufacturers Federation (ITMF) said while addressing the federation's annual meeting in Sao Paulo, Brazil on October 19.

He was trying to point towards the need for an all together new currency to converge with the globally rising demand and supply of textiles. He said that, developing countries including Russia, China and Brazil are trapped between dollar and euro, which is hurdle-some to the rising trade volumes between these countries.

Formerly, the world visualized dollar as a sole trade currency, but later on people comprehended that it was not possible to raise the trade volumes with a single currency. Then, the euro emerged, which turned to be one more envisagement for more expedient trade.

However, now with trade volumes prevailing at extremely higher levels, a third currency is required for trading, Narin said. There is an urgent need to work out a solution to the issue; else it would get in the way of their desire to attain higher trade volume globally, he added.

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 23rd Aug 2017

BRC welcomes clarity on goods flow during Brexit

British Retail Consortium (BRC) has welcomed the greater clarity that ...

Courtesy: Rieter

Textiles | On 22nd Aug 2017

Rieter unveils new generation of RDB-D 50 draw frame

Rieter, a producer of textile machinery and automobile components,...

Courtesy: Alizilla

Textiles | On 22nd Aug 2017

‘New Retail’ strategy Alibaba’s focus in next 15 years

Alibaba executive vice chairman Joe Tsai has said that the next 15...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Aditi Somani
Aditi Somani

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

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
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

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
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

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
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


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