Home / Knowledge / News / Textiles / Bangladesh impervious to TPP, says minister
Bangladesh impervious to TPP, says minister
26
Oct '15
Bangladesh Commerce Minister Tofail Ahmed told the Bangladesh Economist's Forum that the Trans-Pacific Partnership (TPP) agreement would not have any impact on the country's economy, especially on export of readymade garments (RMG), according to newspaper reports.

The minister's statement came at the discussion meeting at the second conference of Bangladesh Economist's Forum (BEF)-2015, as some evolving adversities, including possible impact of a new bloc led by the US, came up for a close scrutiny.

"Bangladesh is the second-largest RMG-exporting country. The TPP will not affect the export of RMG, as the participants in TPP have very little share of Bangladesh export except the USA, which also denies duty-free access," Ahmed.

Twelve Pacific Rim countries signed the TPP agreement on October 5 in Atlanta to boost trade and business among themselves.

Economists and businessmen feared that it might affect Bangladesh trade and business as a number of Bangladesh's competitors, especially in apparel sector, are on the TPP bandwagon.

But the commerce minister ruled out the possibility of any such fallout as most of the TPP members do not have any significant stake in world RMG sector, excepting Vietnam.

At the discussion, Bangladeshi experts highlighted the urgency of strengthening country's institutional capacity, both economic and political, alongside good governance for sustainable economic growth amidst latest developments on the external front.

Although the Commerce Minister claimed that despite various limitations, Bangladesh has achieved significant progress in many sectors than its neighbours such as India and Pakistan, the speakers focused on tenuous pillars of such spontaneous advances in various sectors are based on and called for urgent steps for building and bolstering the institutions.

"You cannot ensure proper development without strengthening the government institutions and establishing good governance," said Prof Wahiduddin Mahmud while making his suggestions.

Prof Mahmud, a former caretaker government adviser, identified tax-GDP ratio and education as two major weak areas where the government should give more attention and called for making government institutions more transparent and accountable.

The annual budget has problem with revenue shortfall and optimistic ADP falling short due to implementation problem, the noted economist observed.

Bangladesh Bank governor Dr Atiur Rahman also stressed the need for strengthening the institutional capacities of government institutions, free from undue external influences.

"Public institutions like monetary, financial and capital market regulators have suffered much from external undue influence denying them free hand in decisions on licensing, regulation and supervision of financial markets and institutions," he said.

"Management efficiency in SOEs has remained abysmal, eroding accountability and entailing enormous drain on public resources," the governor told the meet. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Gujarat hopes extended textile policy to attract Rs 5000 cr

The Gujarat government feels that its recent decision to extend its...

Apparel/Garments | On 26th Sep 2017

Cash burn by e-tailers in India may double during festivals

During this year’s festival season, which has already started,...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

September 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
75.0%
No
12.5%
Skip
12.5%

Total Votes: 48

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

Yes No

Active Poll

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

Yes
62.5%
No
25.0%
Skip
12.5%

Total Votes: 48

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

Yes No

Active Poll

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

Yes
87.5%
No
6.3%
Skip
6.3%

Total Votes: 48

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

Active Poll

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

Yes
70.8%
No
10.4%
Skip
18.8%

Total Votes: 48


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