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India urges Bangladesh to notify it as textiles supplier
30
Jan '13
India has urged Bangladesh to notify it as a textile raw material supplying country, as it would enable Bangladeshi apparel manufacturers, who procure yarn from India, to enjoy tariff benefits on their exports to the European Union.
 
The matter was discussed at a bilateral meeting between India’s Commerce and Industry and Textiles Minister Anand Sharma and Bangladesh Commerce Minister Ghulam Muhammed Quader, on the sidelines of a Confederation of Indian Industry (CII) summit in Agra.
 
Bangladesh, being a least developed country (LDC), exports its products to the EU at a lower tariff under the generalized scheme of preferences (GSP).
 
Under the EU’s revised rules of origin, if Bangladesh notifies India as a source country for its textile raw material inputs, EU’s tariff concession benefits will also be available to those garments that are made using yarn and fabric imported from India.
 
During his meeting with Mr. Quader, Mr. Sharma also mooted a proposal to allow smaller commercial ships to ply between Chittagong and Visakhapatnam, as it would reduce the cost of transshipment between the two countries.
 
At present, most of the sea route trade between India and its neighbor takes place via Singapore, which adds to costs.
 
The Indian side also requested Bangladesh to remove port restrictions on items like cotton yarn. 
 

Fibre2fashion News Desk - India

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