The readymade garments (RMG) sector in Bangladesh is facing perhaps its biggest ever crisis since it grew by a whopping 280% from January 2009 to 2022-23 under Sheikh Hasina Wazed who was forced to flee the country on 5 August. In the throes of a political turmoil, we shall have to wait and watch how the situation unfolds at the cost that the RMG sector will have to pay. 

A mini-series of texfash analyses and reports.

It all began in 2008. Talks were suspended between 2013–23. Finally, after 21 rounds of intense negotiations, on 10 March 2024, Member States of the European Free Trade Association (EFTA)—Iceland, Liechtenstein, Norway, and Switzerland—and India signed a comprehensive Trade and Economic Partnership Agreement (TEPA). An intergovernmental organisation, the EFTA was set up for the promotion of free trade and economic integration to benefit the four Member States and also their trading partners around the globe.

India’s TEPA with the four-nation non-EU European Bloc aims to further facilitate trade between them by providing for expedited procedures and transparent rules for trade in goods and related services. The Agreement incorporates and builds on the WTO Agreement on Trade Facilitation and includes provisions that are in line with relevant international standards and agreements.

texfash.com tries to understand how EFTA could translate into more business for the Indian textiles industry.

Just last month the European Parliament adopted the report prepared by the Committee on the Environment, Public Health and Food Safety (ENVI) on revising the EU’s ecodesign framework for sustainable products. The underlying reasons pertained to circularity and sustainability, and this would be achieved by ensuring longer product lifespans and better-informed consumers. This new ‘product passport' would contain accurate and up to date information to increase transparency. Besides, how is this going to help the textiles sector meet its climate goals? And, how is it going to impact suppliers to the European Union? 

A texfash.com deep dive into the issue of DPP or digital product passport in a 3-part WireFrame series.