Home / Knowledge / News / Apparel/Garments / EU assures Bangladesh of continuing GSP facility: BGMEA
EU assures Bangladesh of continuing GSP facility: BGMEA
05
Jul '13
The European Union has assured Bangladesh that it would not follow the US on the continuation of the Generalized System of Preferences (GSP) facilities, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
 
Addressing ‘Meet the Press’ at Dhaka Reporters Unity (DRU) conference, BGMEA president M Atiqul Islam said the EU has assured Bangladesh that unlike the US, it would continue extending the GSP benefits to Bangladesh.
 
Mr. Islam said the Bangladesh readymade garment (RMG) industry is presently passing through a crucial phase, Bangladesh news agency BSS reported.
 
Diversifying products, making high-end garments, and penetrating new markets are necessary to give a boost to the Bangladesh RMG sector, Mr. Islam noted.
 
Talking about the withdrawal of the GSP facility to Bangladesh by the US Government, the BGMEA president said it would have been better if the US imposed a restriction on duty-free imports, instead of withdrawing the facility.
 
He said Bangladesh can earn US$ 40 billion a year through export of garments, provided there is political stability, infrastructure growth and positive campaign to build the country’s image.
 
Recent accidents like the Tazreen factory fire and the Rana Plaza building collapse have raised questions regarding safety and work conditions in Bangladesh RMG factories, and have also prompted the US Administration to suspend the GSP facility until work conditions improve.
 
If the EU decides to follow the US in withdrawing the GSP facility, it would be a severe blow to Bangladesh’s RMG industry, as it would mean the end of the duty-free facility enjoyed in the EU market by the Bangladesh garment sector.
 
Meanwhile, more than 50 global retailers have signed to a legally binding building safety agreement, wherein each of the signatory brands has agreed to contribute up to US$ 500,000 a year towards installation of fire safety measures and rigorous factory inspections in garment manufacturing units across Bangladesh.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search