Fashion
China decelerates steadily as India turns key growth engine: IMF chief
Global growth is forecast at roughly 3 per cent over the medium term, down from 3.7 per cent before the COVID-19 pandemic, she noted.
“Global growth patterns have been changing over the years, notably with China decelerating steadily while India develops into a key growth engine,” IMF managing director Kristalina Georgieva recently said.
She suggested Asian economics to deepen internal trade to include more final goods and more services and press forward with reforms to strengthen the service sector and access to finance.
She was addressing the opening event of the Milken Centre for Advancing the American Dream (MCAAD) in Washington, DC.
She suggested Asian economics to deepen internal trade to include more final goods and more services and press forward with reforms to strengthen the service sector and access to finance. IMF’s analysis suggests a push for more regional integration—notably by lowering nontariff barriers—could raise gross domestic product (GDP) by 1.8 per cent in the long run, she noted.
“Comprehensive business-friendly reforms, combined with progress in building the Continental Free Trade Area, could lift the real GDP per capita of the median African country by over 10 per cent,” she observed on Sub-Saharan Africa.
She recommended Europe to consider appointing a ‘single market czar’ with real authority to drive reforms forward. “Remove border frictions in the labour market, goods and services trade, energy and finance. Build a single European financial system. Build an energy union. Complete your project. And catch up with the private sector dynamism of the US,” she added.
Fibre2Fashion News Desk (DS)
The package establishes a modern framework for both sides, enabling frictionless access to a market of 460 million consumers in key sectors, delivering economic benefits to both parties.
European Commission President Ursula von der Leyen and Swiss President Guy Parmelin yesterday signed a broad package of agreements aimed at deepening and expanding EU-Switzerland ties.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides of the border.
Additionally, it will ensure more consistent rules for individuals who live, work or study across the EU-Swiss border. Switzerland will contribute to the development of legislation in the areas covered by the package and will have the opportunity to influence these rules as they are being designed.
“By modernising and deepening our ties across key sectors, from trade and transport to health and energy—we are strengthening legal certainty, fostering innovation and creating new opportunities for our citizens and businesses,” von der Leyen said in a release from the Commission.
The package includes updates to four already existing agreements, which already give Switzerland access to the EU internal market, regarding air transport, land transport, the free movement of persons and mutual recognition of conformity assessment.
New agreements on food safety, electricity, health and Switzerland’s participation in the EU Agency for the Space Programme were signed. A new agreement introduced a permanent and fair financial contribution by Switzerland to economic and social cohesion within the EU.
Apart from a protocol on parliamentary cooperation, the package includes also a joint declaration on the establishment of a high-level dialogue on the broad bilateral package.
Fibre2Fashion News Desk (DS)
Following earlier increases in purified terephthalic acid (PTA), melt and PSF, Indian producers have now raised PFY prices. POY, FDY and PTY prices have been increased by ****;* per kg across all deniers and lustres with effect from March *, reflecting rapid cost pass-through amid heightened volatility in crude-linked value chains, according to the market sources.
In the previous weekly revision effective February **, ****, PTA was increased by ****;*.** per kg to ****;**.** per kg, while monoethylene glycol (MEG) was retained at ****;**.** per kg. Polyester melt prices were raised by ****;*.** per kg to ****;**.** per kg. Downstream PSF prices were also revised upward by ****;*.** per kg from March *.
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