JUNEASIA BUSINESS OUTLOOK9CHINESE FASHION RETAILER SHEIN TO FORAY INTO INDIAN MARKETS BY PARTNERING WITH RELIANCE RETAILTAIWAN & THE US CONCLUDE PRIMARY PHASE OF 21ST CENTURY TRADE PLANNEWSROOMReliance Retail is planning to bring Chinese fashion giant Shein to India through a strategic collaboration, according to officials familiar with the processes, more than two years after the latter's app was banned by the Indian government."Shein is likely to source from India for other countries as well, given the scrutiny it is facing in the United States," said one of the executives.The Centre stopped Shein, one of the world's largest fashion retailers, from selling its products in India through its own app more than two years ago as part of a larger crackdown on Chinese apps in reaction to rising border tensions."Shein's positioning of affordable and trendy clothing will complement Reliance's portfolio, which also sells affordable fashion through its own store chain Reliance Trends," the executive explained.Before its app was prohibited by the home ministry in 2020, Shein had carved out a place in India for fresh trends at affordable prices.According to a Wall Street Journal story on Wednesday, Shein has raised $2 billion in its latest investment round, albeit at only two-thirds of its $100 billion valuation from last year. According to the report, the decreased valuation is due to dropping tech share prices and greater pressure from the US politicians about its employment and environmental practises.According to a second executive familiar with the negotiations, Reliance has been cooperating with fashion companies in many genres, and adding Shein will give its fast-fashion portfolio more push through physical shops and online.The United States and Taiwan have agreed on the first phase of their "21st Century" trade plan, which covers customs and border procedures, regulatory practises, and small businesses, according to the US Trade Representative's office.Negotiations on other, more complicated trade areas such as agriculture, digital trade, labour and environmental standards, state-owned enterprises, and non-market policies and practises will begin after the initial agreement of the US-Taiwan Initiative on 21st Century Trade is signed, according to USTR.According to the US Trade Representative Katherine Tai, the agreementpromotes the US-Taiwan relations and illustrates that the two countries can work together to advance trade interests for their respective populations."We look forward to continuing these discussions and finalising a strong and high-standard trade agreement that addresses 21st-century economic challenges."In a statement, Taiwan's Office of Trade Negotiations termed the deal "historically significant" and stated that Taiwan hoped to complete negotiations on all outstanding matters by the end of the year.The agreement is not likely to change goods tariffs, but supporters say it will improve economic ties between the United States and Taiwan, open the Chinese-claimed islandto more the US exports, and increase Taiwan's ability to resist Chinese economic coercion. Taiwan, which is democratically governed, firmly opposes China's claims to sovereignty.China has responded angrily to Taiwan President Tsai Ing-wen's recent meetings with high-level the US legislators, including one with high-level the US legislators, Speaker Kevin McCarthy in April. The trade agreement was announced just days before meetings between China's commerce minister, Wang Wenta, and USTR Tai.
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