Home / Knowledge / News / Apparel/Garments / Good ties can help Bangladesh RMG enter duty-free in US
Good ties can help Bangladesh RMG enter duty-free in US
30
Jul '12
Mr. Dan W Mozena
Mr. Dan W Mozena
Bangladesh should try to develop good relations with the US so as to earn duty-free access for its readymade garments (RMG) to the US markets, US Ambassador Dan W Mozena said while sharing his views during a discussion on 'Bangladesh-US bilateral trade: the way forward' organised by Dhaka Chamber of Commerce and Industry (DCCI).
 
He said earning such an access and the Generalised System of Preferences (GSP) status from the US is a political process.
 
Stating that Bangladesh has been lobbying for earning the trade preference, Mr. Mozena suggested that Bangladesh should petition before the US congress, which decides on granting zero-duty market access to any country.
 
Under the US’s existing customs rules, 97 percent of Bangladeshi items enjoy duty-free access to the US. However, garments - Bangladesh’s key export item, are not included in the list.
 
In spite of being a least developed nation, Bangladesh pays an average duty of about 15.3 percent on its garment exports to the US, which is even more than the duty paid by the developed and developing nations. For example, China, the world’s biggest apparel exporter, ships its garments to the US market by paying a duty of only three percent.
 
Stating that Bangladesh paid over US$ 600 million in duty for exporting apparels worth US$ 5.10 billion to the US in 2011, Mr. Mozena said that developing good trade ties with the US would be a good idea.
 
He suggested that Bangladesh should enter into a Trade and Investment Cooperation Framework Agreement (TICFA) with the US to develop good bilateral trade relations with that country.
 
TICFA forms a base for discussion and resolution of all trade-related problems, and hence Bangladesh should open up to have this forum, he said.
 
With its vibrant private business sector, Bangladesh has a capacity to become the world’s largest garment exporter. Also, the country can develop into a good investment destination, given its good natural gas reserves and human resources, Mr. Mozena said.
 
According to the DCCI statistics, during initial nine months of the last fiscal that concluded on June 30, 2012, Bangladesh exported goods worth US$ 3.75 billion to the US, and imported items worth US$ 0.57 billion from there.
 
During 2010-11, the country’s exports to the US stood at US$ 5.10 billion, while its imports were valued at US$ 0.68 billion.
 

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X