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Growth-oriented setting key to economic development

15
Dec '10
More focus should be given on the generation of a growth-oriented environment in order to ensure proper development of the country's economy.

The Bangladeshi government needs to ascertain that the backward linkage industries are provided with adequate gas and power supply, so as to help them meet the deadlines for manufacturing of yarns and fabrics. This has emerged as an urgent requirement, now, because the European Union has adopted new Rules of Origin (RoO) and the same is likely to become effective from January 1.

Implementation of these new RoO is expected to considerably boost the country's exports to EU. The existing rules do not allow Bangladesh to gain much from the GSP as the country does not produce sufficient high quality fabric domestically. But, the new rules may provide the Bangladeshi exporters an opportunity to explore the high-end EU markets.

As the EU relaxes its rules for the least developed countries (LDCs) under the generalised system of preferences (GSP) in textile trade, it is likely to prove advantageous for the apparel export sector of Bangladesh.

The biggest reform that these new rules would bring is allowing single-stage processing that is production from fabric in several cases, in place of the two-stage processing which involves production from yarn.

This means that majority of the apparel products from all the LDCs henceforth will become eligible for a zero-duty access in the EU, irrespective of the country of origin of the raw-materials. Presently, an import duty of 12 percent is levied on readymade garments in EU.

The GSP is a business agreement that permits low or zero-duty on imports of goods from developing countries, while the RoO decides if these goods actually have their origin in the countries under the GSP.

Fibre2fashion News Desk - India


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