Garment Apparel Tendency of Bangladesh
India allowed duty free access of Bangladesh garments with 46 kinds to its market. Which is a new window for Bangladesh, while the risk still exists. According to report, India will withdraw its objection at WTO against EU decision for allowing duty free with 75 Pakistan products, which is mostly are garments.
It will be tough competition for Bangladesh mainly for eight garment items if Pakistan is allowed the duty free facility to EU. Currently Bangladesh is the third largest garment supplier to EU after China and Turkey. Preferential duty benefit Bangladesh has been enjoying for long years, which brings Bangladesh been the member of top player in EU. Pakistan's plea for getting a GSP plus status for its 75 products for the stronger position in market when the country faced one of the devastating floods in history. GSP Plus status is given to a country under special consideration.
As reported this year, a formal announcement is expected at the forthcoming meeting of the commerce ministers of two countrys for agreed to withdraw the objection. When other developing countries faces any problems, developed countries relax the duty facility also for the developing countries. According to the study conducted by commerce ministry, Bangladesh will face tough competition in the eight major garments if Pakistan gets GSP Plus status. For this issue, Bangladesh will primarily lose $800 million garment market in EU. Pakistan currently exports worth about 3.3 million euros annually, of which 900 million euros comes from the 75 items. Major items of listed 75 products of Pakistan contains mushrooms truffles, cotton fabric, cotton yarn, woven fabric, twill weave cotton fabric, anoraks and etc.
From Internet
17 April, 2012
