Garment exporters said, Bangladesh should start negotiations with the new US government to get back the generalized system of preferences (GSP) and duty-free market access for apparel items.
Republican candidate Donald Trump has won the US presidential election, which the local garment exporters termed as the beginning of a new era not only for the US economy, but also for Bangladesh's trade ties with the USA.
The US is the largest export destination for Bangladesh. The immediate past president of BGMEA, Atiqul Islam said that “So, any major change in US politics and economy is important for us,”.
After the Rana Plaza building collapse, Bangladesh improved its workplace safety and labor rights, as per recommendations by the US government, but the Obama Administration did not give back the GSP status, Islam said.
MA Jabbar, managing director of DBL Group, a leading exporter, said, “I can see a positive change for us in the US markets.”
Trump, in his speeches, said he will cancel the Trans Pacific Partnership (TPP) agreement. If the TPP does not go through, Bangladesh would be more competitive in the global apparel markets, Jabbar added.
Currently, 97% of Bangladeshi products enjoy a duty benefit to the US markets, according to the fifth Ministerial Meeting of the World Trade Organization held in Hong Kong in 2005.
But, the US kept the country's main export item -- apparel -- out of this package. As a result, Bangladeshi garments are 15.62 percent less competitive in the US markets.
Source: Daily Star
Republican candidate Donald Trump has won the US presidential election, which the local garment exporters termed as the beginning of a new era not only for the US economy, but also for Bangladesh's trade ties with the USA.
The US is the largest export destination for Bangladesh. The immediate past president of BGMEA, Atiqul Islam said that “So, any major change in US politics and economy is important for us,”.
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MA Jabbar, managing director of DBL Group, a leading exporter, said, “I can see a positive change for us in the US markets.”
Trump, in his speeches, said he will cancel the Trans Pacific Partnership (TPP) agreement. If the TPP does not go through, Bangladesh would be more competitive in the global apparel markets, Jabbar added.
Currently, 97% of Bangladeshi products enjoy a duty benefit to the US markets, according to the fifth Ministerial Meeting of the World Trade Organization held in Hong Kong in 2005.
But, the US kept the country's main export item -- apparel -- out of this package. As a result, Bangladeshi garments are 15.62 percent less competitive in the US markets.
Source: Daily Star
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