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EU trade agreement gives glove-maker a helping hand
Hestra is a family-owned glove-making business. It exports its gloves to over 30 countries around the world.
- Founded in: 1936
- Headquarters: Hestra, Sweden
- Employees: 270
- Annual turnover: €38 million
Hestra has achieved international recognition for its expertise in making a wide variety of gloves.
The company specialises in producing gloves for outdoors, but also makes dress and work gloves.
Headquartered in Sweden, the company sources its materials from a wide range of countries. Its gloves are made in Hestra's factories in different countries.
The company's presence in Vietnam is set to expand in the coming years.
How the trade agreement could help:
Opening up the EU's market
Hestra will benefit from the removal of EU tariffs on gloves of up to 9%. This will make it easier for Hestra to export its products to the EU.
Simplifying export procedures
The agreement's new 'rules of origin' will make it easier to trade products tariff-free when they include inputs from other countries the EU has trade agreements with.
This will benefit textile producers, as well as Hestra. The firm exports textiles and wool from the EU to its factory in Vietnam, where it makes its gloves. With the trade agreement, these gloves can then be shipped to the EU tariff free.
With a free trade agreement in place, we would look to invest in a new factory in Vietnam with 200-400 employees, alongside our current factory. This would not only be a good opportunity for our company, but also create more job opportunities for the local community.
Claes and Svante Magnusson,