Nylon-circular-business – Plastic-additives 18-03-2022

Nylon-circular-business – Plastic-additives

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-ITOCHU and Aquafil announce the signing of a Business Alliance Agreement to expand and accelerate the nylon circular business

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) and Aquafil S.p.A. (headquartered in Italy; Giulio Bonazzi, Chairman and CEO; hereinafter “Aquafil”) the creator of the branded ECONYL® regenerated nylon and pioneer in circular economy, announced they entered into a non-exclusive business alliance agreement to promote and expand the nylon circular business.

ITOCHU’s representative, Nobuyuki Tabata, Chief Operating Officer of Chemical Department, stated:

“The business alliance with Aquafil enables us to commit to the nylon circular business and strengthen our contributions to SDGs in our Medium-term Management Plan “Brand New Deal 2023”. Since the strategic partnership announced last year, ITOCHU has been promoting waste nylon collection, ECONYL® branded products sales and the development of new applications. ITOCHU’s network has brought advances in all areas.  Nylon-circular-business – Plastic-additives

To deepen and accelerate the collaboration further ITOCHU has decided to make capital participation in Aquafil. ”

Giulio Bonazzi, Chairman and Chief Executive Officer of Aquafil, stated:

“ The business alliance with ITOCHU is another key step in our long journey and provides us the opportunities and values to grow further in ECONYL® business through the collection of nylon waste and the marketing of ECONYL® branded products.

We are particularly proud of the progresses reached so far together with ITOCHU and we are sure the collaboration among our companies will provide more sustainable solutions to the marketplaces ”.

In 2011 Aquafil created its ECONYL® Regeneration System that turns recovered nylon waste such as fishing nets, carpets and post-industrial waste back to caprolactam (CPL), a crude raw material. Through its proprietary depolymerization recycling technology, Aquafil eliminates impurities completely, to achieve regenerated nylon product having the same features of the virgin quality materials.

ECONYL® nylon is made completely from nylon waste, which enables up to 90% CO2 reduction compared to conventional nylon made from crude oil. Focusing on the fashion and carpet industries, ECONYL® branded products have been adopted as an environmentally. sustainable material by more than 2,000 brands around the world.

The success and recognition of ECONYL® will be reinforced moving forward thanks to the synergies with ITOCHU’s global network in order to further promote the worldwide collection of nylon waste as well as, the sales and the development of ECONYL® branded materials both in traditional and new businesses.

Furthermore, under the two Parties’ strategies driven by circularity, innovative solutions based on eco-design projects will be developed and implemented.

ITOCHU has established that the contribution to SDGs and reinforcement of measures is a basic policy in its medium-term management plan “Brand New Deal 2023”.  Nylon-circular-business – Plastic-additives

Through the further expansion of the nylon circulation recycling businesses, ITOCHU and Aquafil will contribute to the advancement of a sustainable recycling-oriented society.

ITOCHU and Aquafil announce the signing of a Business Alliance Agreement to expand and accelerate the nylon circular business

-Japan to revoke Russia’s most favored nation trade status

Japan announced its intention on Wednesday to join Western countries in revoking the most favorable nation (MFN) status for Russia as part of its economic sanctions against the country, essentially marginalizing Russia as a trade partner.

The United States, the EU and the United Kingdom have already announced similar moves following a Group of Seven leaders’ statement last Friday that they would “endeavor” to take action to deny the preferred trade status to Russia.

Prime Minister Fumio Kishida made the announcement during a news conference on Wednesday evening, stressing the need to reinforce economic sanctions in line with the G7 statement.  Nylon-circular-business – Plastic-additives

Kishida also said Japan is planning to expand its list of banned exports to Russia, including luxury items, and add more names to freeze its assets.

Tsuyoshi Kawase, a professor of international economics at Sophia University, wrote in a report Monday that the impact of revoking MFN treatment for Russia will be huge when the entire G7 and other countries join in and not just the U.S. alone.

“As Russia’s trade partner, EU, especially Germany and the Netherlands, is important, comprising more than 40% of its export destination,” Kawase wrote in the report for the Research Institute on Economy, Trade and Industry on Monday, adding that the focus would be whether the EU will raise tariffs on energy, and if so how much.

The MFN status, a key principle of the World Trade Organization, suggests special treatment but it actually represents equal treatment for member nations.

The clause requires countries to guarantee one another equal tariff and regulatory treatment.Nylon-circular-business – Plastic-additives

“There is no formal procedure for suspending MFN treatment and it is not clear whether members are obliged to inform the WTO if they do so.”

For instance, if one country imposes a 3% tariff on lumber imports from another country, the tariff for all other member countries importing lumber to that country should also be set at 3%.

Since Tokyo is not a major trading partner for Moscow, the latest move is likely to have a limited impact on Russia.

According to the Finance Ministry, imports from Russia in 2021 totaled ¥1.54 trillion, with more than half of those encompassing oil, liquefied natural gas and coal in recent years.

Russia’s delisting would raise tariffs for seafood such as crab (from 4% to 6%), salmon (3.5% to 5%) and sea urchin (7% to 10%), according to a Mainichi Shimbun report. Seafood imports from Russia have totaled about ¥100 billion annually over the past few years.

“It’s a political message from Japan that it will stay in lockstep with other countries,” said Wakaba Kobayashi, an economist at Daiwa Institute of Research.

Kobayashi said that if Japanese companies importing those products need to find alternative suppliers, it would entail added costs that could eventually lead to rising prices in Japan. Nylon-circular-business – Plastic-additives

Nylon-circular-business - Plastic-additives

ITOCHU-and-Aquafil announce the signing of a Business Alliance Agreement to expand and accelerate the nylon-circular-business

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