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Five potential markets for Bangladeshi RMG sector - expert
02
Jun '11
Bangladesh ranks 77th among the 154 member countries of the World Trade Organisation (WTO) in terms of trade, according to M Abdur Rahman, former Director of Bangladesh's Export Promotion Bureau (EPB).

Speaking at a seminar on “Exploring Market of Readymade Garments (RMG): Japan, Russia and Latin America”, Mr. Rahman said that Bangladesh is placed at number 70 among the exporting countries and at 68 among the importing countries in world trade.

Explaining the unique position of garment industry in Bangladesh, Mr. Rahman said, “Bangladesh is at present the largest exporter of cotton T-shirts. It is also the second largest exporter of pullovers and jeans products to the European Union (EU) countries, and the third largest knitwear exporter in the world.”

The RMG industry earned 78 percent of Bangladesh's total export revenue in fiscal 2009-10, said Mr. Rahman, and added that a strong growth in exports indicate that RMG shipments might touch around US$ 22 billion at the end of the current fiscal year (June 2011).

Stressing on the need to look for new markets, the former EPB Director said that the country mainly exports RMG items to the US, Canada and EU countries. He disclosed that Bangladesh Garment Exporters and Manufacturers Association (BGEMA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) had explored new markets for RMG during the recent recession.

It was found that five countries – Russia, Brazil, Mexico, Chile and Japan – could be potential markets for exporting RMG goods. Russia and Brazil are emerging as new players in the world economy and there arises a huge scope for export to these countries, Mr. Rahman said. He advised the Bangladeshi RMG exporters to appoint local agents in Russia, to promote their products.

Speaking about Mexico, Mr. Rahman said, “It has free market and a trillion dollar economy.” Mexico has over 90 percent of its trade under free trade agreements, which it has with more than 50 countries that include Japan, Guatemala, Honduras, El Salvador, and the European Free Trade Area. He suggested that Bangladesh should also sign a bilateral free trade agreement with Mexico, in order to promote the RMG sector.

About Chile, Mr. Rahman said that the country enjoys the highest sovereign bond rating among the Latin American countries. Chile has a market-oriented economy, and is reputed for the presence of strong financial institutions.

Moreover, Chile's high degree of foreign trade is due to its 57 bilateral and regional trade agreements. These include its agreements with the European Union, China, India, Mexico, and South Korea. Hence, Mr. Rahman called for signing a bilateral trade agreement with Chile to fasten its promotion of RMG sector in that country.

Fibre2fashion News Desk - India

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