The Aldersgate Group, an alliance of dozens of business and civil society leaders which also includes Tesco and John Lewis, says that all post-Brexit Free Trade Agreements (FTAs) should include reciprocal commitments to the Paris Agreement and a binding non-regression clause.

Significantly, the UK is currently negotiating an FTA with the US – the only major economy not to have committed to the Paris Agreement, after the Trump administration pulled the nation out of the deal.

Entitled ‘Seize the Moment’, the Aldersgate Group’s report says all future FTAs should also contain measures to remove barriers to the trade of low-carbon goods and environmental services, and a legally binding right for either party to increase environmental or climate standards.

This would help both parties reap their fair share of the global low-carbon goods market, forecast to surpass £1 trillion (US$1.25trn) by 2030, while ensuring that they can respond to future climate events and improved scientific research.

Aside from the FTAs, the report urges the upcoming Trade Bill to guarantee that all agreements receive adequate parliamentary scrutiny and stakeholder engagement “well ahead” of their ratification to allow time for in-depth sustainability impact assessments. The report also highlights the need to “look beyond FTAs" and also use bilateral trade negotiations and multilateral bodies, such as the UN and the World Trade Organisation (WTO), to boost low-carbon trade.

Finally, the Aldersgate Group reiterates its demands for stronger domestic policies designed to spur a just low-carbon transition which boosts the national economy. The publication of the report comes less than a week before the UK is due to begin FTA agreements with Australia and New Zealand. New Zealand, like the UK, has enshrined a 2050 net-zero target in law. Australia is currently considering a 2050 net-zero target.

The American Apparel & Footwear Association (AAFA) has written to the US Federal Trade Commission urging it to provide a timely update to its decades-old product labeling regulations to better leverage digital solutions.

AAFA says consumer experiences could be improved by making product-specific details more readily-available to the tech-savvy consumers of today. It says scrapping product labeling would reduce the environmental impact of apparel manufacturers, brands and retailers.

As much of the information included in product labels and packaging is subject to a series of legislative and regulatory requirements, AAFA believes a timely-update is in order to stray from what can be large, irritating product labels, to instead harness technologies like QR codes, URLs and other scanning solutions that are readily available.

The Vietnam National Textile and Garment Group (Vinatex) has forecasted its consolidated profit before tax this year will fall by half to VND 382 billion year on year due to the negative impact of the COVID-19 pandemic. This is the lowest consolidated profit before tax over the past four years, according to the company. Consolidated revenue is estimated to decline 27 per cent to VND 14.64 trillion compared to last year’s figures, according to reports presented at its annual general meeting this year.

In the report, Vinatex has also reduced its revenue targets of parent company by 5 per cent to about VND 1.33 trillion and profit before tax by 56 per cent at 130 billion compared to 2019 because of difficulties in production and business during and after the pandemic. In the 2020-25 period, the group must adjust its development strategy because it faced competition in technology but not in price 10 years ago.

For its development in this period, Vinatex plans to promote mergers and acquisitions, and restructure its businesses because the group's current business and production model will become inefficient, according to a Vietnamese media report.

Besides continuing divestment, it would also buy shares of other companies as well as invest in newly-established enterprises necessary for the development strategy.

The value of fabric imports by the US from January to April 2020 declined 11.37 per cent, revealed latest reports by OTEXA. According to the report, the country imported $1.83 billion worth of fabrics during the period. However, volume-wise decline was less than the previous year. The country imported 4,023.27 million SME of fabrics during the period. As far as major exporting destinations are concerned, China plunged significantly in both volumes and values by 23.07 per cent and 29.30 per cent, respectively.

Korea Republic, the second largest fabric exporter to the US, fell in its value-wise fabric exports but shipped more volumes of fabrics than the last year. Noting 8.22 per cent surge, Korea Republic shipped 416.67 million SME fabrics to the US worth $180 million which fell 6.16 per cent. India too fell by 4.21 per cent to ship 531.72 million SME of fabrics to the US in the review period and clocked $155.18 million revenue which is 6.78 per cent less than the same period of 2019.

In contrast, non-traditional fabric exporting countries such as Cambodia, Myanmar, Indonesia, Australia, Malaysia and Denmark registered huge growth in their volume-wise fabric exports to US. Some of these even noted growth in value-terms.

APTMA demanded competitive pricing for energy in Pakistan including electricity and gas. It has also urged the government to reduce the rate of sales tax and ensure quick issuance of refunds. According to APTMA, Pakistan’s textile exports are likely to reach $17.5 billion in the financial year 2020-21 as textile manufacturers are receiving orders from various exporting countries that could result in utilization of 80-90 per cent production capacity by next quarter.

The export earning of the textile sector is likely to increase by $3 billion this year keeping in view the demand in the international market, which will not only increase exports of the sector with a possible value of $17.5 billion but it could enhance the overall exports of the country by $27 billion in the next financial year.

The export earnings of the textile sector will also support the dwindling foreign exchange earnings in case of dwindling inflows of remittances, the letter added. However, textile exporters could also achieve these benchmarks if the government revisits the financial bill and introduces incentives for the sector.

Pakistan government has released additional Rs 6.2 billion refunds to support its textile sector which has been badly hit by the outbreak of COVID-19 in the country. The money has been released under the drawback of local taxes and levy (DLTL) scheme of the government to facilitate exporters.

With the release of additional money, the cumulative amount released under the scheme reached Rs 51.2 billion during FY20. The government hopes this will resolve the liquidity issues of its exporters and enable them to further their exports through investment.

Pakistan's exports including the textile sector have been badly affected by the outbreak of the pandemic, partially due to closure of manufacturing units during the lockdown period and partially due to the fall in demand of Pakistani products in the international markets. Earlier in April, the government had issued DLTL refunds of Rs 20.5 billion for the textile sector to help industrialists pay dues to their employees during the closure of industries during the pandemic.

Last month, the Pakistan Readymade Garments Manufacturers and Exporters Association demanded several incentives from the government including release of the DLTL for export-oriented sectors including textile sector to sustain the industry amidst the severe liquidity crunch due to COVID-19.

It may become harder to find second-hand clothing in future as COVID-19 has put many clothing and textile bank collection systems at risk. In May ,the UK’s Textile Recycling Association said the average price of clothing left in textile banks fell from £130 a ton in March to £30 in April. The International Bureau of Recycling warned that the textile salvaging industry has entered a critical stage which threatens the existence of many collection, sorting and recycling operations.

Closure of retail outlets around the world has led to a glut of raw materials and finished products. This has pushed the price of raw materials so low that it’s often not economically viable for textile recyclers to collect them. In future, this could reduce the supply of second-hand clothing further down the line.

A May report by UK’s Textile Recycling Association revealed the average price of materials left in textile banks had plunged from £130 a ton in March to £30 in April, with further declines expected. Even in the more positive scenarios, it would take 18 to 24 months until the current stocks have been reduced to normal levels and business is normalized.

According to Forrester Research, hurt by the closures of its department and retail stores due to the COVID-19 lockdowns, Nike Inc has reported its first quarterly loss in more than two years. The brand’s wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis. This led to a 50 per cent fall in shipments, increased inventory and higher costs due to order cancellations.

As a result, gross margin of the brand fell by 820 basis points in the fourth quarter. However, Nike’s investments in its digital platform over the years helped it to record a 75 per cent rise in online sales, as many consumers shopped for activewear and sneakers from the comfort of their homes.

The company is now accelerating focus on its online presence, and expects its overall business to reach 50 per cent digital penetration. Online sales accounted for 30 per cent of total revenue in the quarter.

The Italian Chamber of Fashion has decided to reappoint Carlo Capasa as president until 2022. Capasa was first appointed in this role by the Milan-based association in April 2015. He succeeded Mario Boseli, who headed the organization for 15 years and is now its honorary president.

Since his appointment, Capasa has been focusing on several aspects of development including: sustainability, inclusion and diversity, digitization and support to young designers. Last year, the association issued a manifesto to guide companies in implementing inclusive practices. He has also forged tight relationships with international institutions and promoted Italian fashion through compelling storytelling.

In particular, Capasa has hosted roundtables and collaborated aimed at defining practical guidelines to promote sustainability across the whole fashion chain besides launching the Green Carpet Fashion Awards Italia project in collaboration with Livia Firth, founder and creative director of Eco-Age. Last year, the organization additionally joined the Kering-led Fashion Pact initiative with the role of coordinating Italian brands. In his new tenure, Capasa will lead the organization’s relaunch after the Coronavirus pandemic forced brands to reconsider their overall strategies.

Crocs Inc plans to open new global headquarters in Broomfield, Colorado, which will enable the casual footwear company to employ more full-time staff. In addition to the 375 positions already maintained at the company’s corporate headquarters, Crocs plans to hire new full-time employees for the Broomfield facility. Its new global HQ offers its employees a wide range of adaptable collaboration spaces, from video technology-equipped conference rooms to huddle spaces and one-on-one meeting rooms. Other features of the headquarters include living green walls, skylights and roll-up doors for maximizing the presence of natural light in the environment, a full-service café, and wayfinding technology designed to help staff navigate the space.

Crocs also intend to make a positive impact on its new HQ’s local community by supporting small businesses in the region. It has started making donations to the Broomfield Chamber of Commerce and the Denver Metro Chamber of Commerce for their "Prosper Colorado" initiative. It will also be looking for new ways to get involved in the Broomfield community in the future.

The Coronavirus crisis has also taken its toll on the company’s first quarter financial results, contributing to a decline of 5.0 per cent in quarterly revenues, which totaled $281.2 million. Crocs’ net income for Q1 was $11.1 million, or $0.16 per diluted share.