Staff Reporter: The BGMEA has sought the cooperation of Rushnara Ali and Rupa Haque, two MPs of Bangladeshi descent, to maintain duty-free access to UK exports to the UK market even after the Least Developed Countries (LDCs) transition from Qatar.
In particular, the leaders of the organization stressed on the need to continue duty-free export of garments made of major export products. The facility was sought by BGMEA at a meeting in London on Sunday.
The meeting discussed the transition from LDCs, possible changes in tariff rates for Bangladeshi products entering the UK market and the impact on the export sector. At the time, BGMEA President Farooq Hasan specially requested MPs Rushnara Ali and Rupa Haque to take a positive role in taking a decision in favor of Bangladesh in this regard.
“The absence of duty-free access in the UK, one of the largest markets for readymade garments, will have a negative impact on employment and women’s empowerment,” she said.
By the way, Bangladesh was supposed to be promoted from LDC to the list of developing countries in 2024. The UN Development Policy Committee (UNCDP) decides which countries will be on the list. UNCDP has postponed this deadline to 2026 at the request of the Bangladesh government considering the situation of epidemic corona.
According to WTO rules, no country’s goods are no longer subject to duty-free export after transition from LDC. As such, after 2026, Bangladesh will lose duty-free access to UK exports. At present, the United Kingdom, along with other developed countries, has duty-free access to its exports. The United Kingdom exports an average of কোটি 3.5 billion a year.
In the last three months of the current financial year, from July to September, exports of ready-made garments to the UK increased by 10 per cent. Clothing worth more than ৪ 104 million has been exported to the country at this time. At the same time last year, the amount was a little over কোটি 940 million.
During the meeting, the BGMEA President requested to encourage UK entrepreneurs to invest in value added products in Bangladesh, especially synthetic fiber garments. He also highlighted various achievements and recognitions of Bangladesh in the development of working environment in the garment sector. British politicians of Bangladeshi descent were also present at the meeting.
Source: Daily StockBangladesh by www.dailystockbangladesh.com.
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