Home / Knowledge / News / Apparel/Garments / Bangladesh's garment exports to Chile may get boost
Bangladesh's garment exports to Chile may get boost
29
Oct '13
The exports of readymade garments from Bangladesh to Chile are likely to get a boost as the Latin American nation has recently announced duty-free treatment to imports from all the 49 least developed countries (LDCs), including Bangladesh.
 
According to Chile’s Ministry of Finance, under the new trade preference policy, Chile would phase out duty on imports from all LDCs over a three-year period, starting with seven vulnerable countries (with concentration index greater than 0.75)—Angola, Chad, Equatorial Guinea, Sudan, South Sudan, Yemen and Guinea-Bissau—with immediate effect.
 
The second phase of duty reduction would be applicable from January 2014 and the third phase from January 2015.
 
Bangladesh, being a LDC, is also likely to be benefited by Chile’s new policy in near future.
 
In Bangladeshi fiscal year 2012-13 that ended on June 30, garments constituted over 90 percent of the US$ 30.37 million worth of exports from Bangladesh to Chile, according to the Export Promotion Bureau (EPB) data.
 
The Chilean policy is in accordance with the recommendations of the World Trade Organisation (WTO) at its 2005 Hong Kong ministerial declaration, which established that developed and developing countries with capacity to do so would allow duty- and quota-free access to at least 97 percent of imports originating from the LDCs.
 
The commitment to the WTO has already been partially or wholly implemented by some countries, including Australia, Japan, China, Canada, India, Norway, South Korea, the United States and the European Union.
 
However, certain countries do not give duty-free access to some sensitive products from LDCs. For example, the US excludes textile and apparel from its Generalised System of Preferences (GSP) programme.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 27th Feb 2017

Surat to get a mega textile park, centre of excellence

The textiles ministry is positively working on the proposals for a...

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Courtesy: Invista

Textiles | On 27th Feb 2017

Invista explores alternatives for apparel & textile trade

Invista, one of the world's largest integrated producers of chemical...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
February 2017

February 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