Home / Knowledge / News / Textiles / KCCI, SGCCI sign MoU to strengthen cooperation
KCCI, SGCCI sign MoU to strengthen cooperation
02
Dec '13
courtesy: tribune.com.pk/NNI
courtesy: tribune.com.pk/NNI
The Karachi Chamber of Commerce and Industry (KCCI) and the Southern Gujarat Chamber of Commerce and Industry (SGCCI) have signed a memorandum of understanding (MoU) for strengthening cooperation between the two chambers.
 
The MoU was signed at the 2nd Regional Chambers of Commerce Roundtable on ‘Normalizing India-Pakistan Trade’, organized by the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), in association with the Institute of Business Administration (IBA) and the Indian Council for Research on International Economic Relations (ICRIER).
 
At the signing ceremony, SGCCI president Kamlesh Yagnik said it is possible to increase bilateral trade volume between India and Pakistan from the current US$ 2 billion to US$ 25 billion over the next 10 years, through collective efforts of Governments and business communities of both the countries.
 
According to Mr. Yagnik, trade between Indian and Pakistan is currently carried out through three routes—direct, circular and informal. While the direct trade is carried out through legal channels, circular trade involves importing products of the other country via a third country.
 
However, a huge amount of trade between India and Pakistan is currently carried out through informal route, which requires serious attention from both Governments as it affects those who trade through the direct route by paying all taxes, he said.
 
Mr. Yagnik assured KCCI representatives that SGCCI would prepare an elaborate report on the problems faced by Pakistani businessmen and exporters and forward the same to the Indian Government for a review.
 
He suggested that both Indian and Pakistani Governments should sign a currency swap agreement, as it would prove favourable compared to the existing trading in US dollars.
 
KCCI representatives said enhance trade and business relations with India will result in further improvement in the quality of Pakistani products. Moreover, Pakistani items could get an opportunity for greater penetration in the Indian market of 1.3 billion people.
 
Last year, Pakistan became the leading market for Indian synthetic and rayon fabrics and filament yarn, surpassing the US and Saudi Arabia. In 2012-13, India’s man-made fabric and yarn export to Pakistan surged by 25 percent year-on-year to Rs. 210 million.
 

Fibre2fashion News Desk - India


Must ReadView All

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

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

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

Leave your Comments


September 2018

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

news category


Related Categories:

Advanced Search