Kazi Zahidul Hasan :
The US withdrawal from the 12-nation Trans-Pacific Partnership (TTP) free-trade deal has come as a ‘big relief’ for the Bangladeshi exporters, say BGMEA leaders.
“The US withdrawal from the TTP is a good news for Bangladesh since Vietnam could have enjoyed tariff preferences on the US market under this deal,” Md Siddiqur Rahman, President of the Bangladesh Garment Manufacturers and Exporters Association told The New Nation on Wednesday.
The BGMEA president said, “Once the trade deal (TTP) was made effective, it would have affected growth of our local export oriented industries, particularly apparel manufacturing, to the US market.”
It is to be noted that, Vietnam, which also did well like Bangladesh, was included the TTP deal but Bangladesh was kept out of the bloc. It (Vietnam) was also supposed to enjoy duty-free access to the US and other TTP member-country markets which had increased Bangladesh’s competition.
In February last year, 12 countries bordering the Pacific Ocean signed a pact aimed at deepening economic ties, slashing tariffs and
boosting trade. Those who signed are: USA, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile, and Peru.
These countries represent nearly 40 per cent of the global economic output.
Siddiqur Rahman said though we got some sort of relief from the USA decision of pulling out from the TTP, it many not be the long-term if we consider the trade policy of Donald Trump.
“The US President has taken a protectionist policy to promote and protect its local industry first. Under the protectionist trade policy, the US administration would impose additional customs duty on goods entering the American market. If that happens, it may affect Bangladeshi products in the US market,” he noted.
When asked, the BGMEA leader said, “We cannot talk much on the issue because it is entirely an US policy. We should only observe the situation”.
He, however, stressed the need for pursuing bilateral trade deal with the USA to promote trade and investment between the two countries in line with America’s policy.
“Trump’s decision about the end of US’ participation in the TPP would be beneficial for Bangladesh,” Abdus Salams Murshedy, Present of the Exporter Association of Bangladesh (EAB) told The New Nation yesterday.
Referring to reports of international agencies, Murshedy said Bangladeshi goods were supposed to face huge competition in the US market as the TTP deal paved the way of duty free access of products from Vietnam, one of our main competitors in global apparel trade. The EAB president urged the Bangladesh government to strengthen the existing bilateral economic relationships with the United States for sustaining Bangladesh’s export to the USA market as well as restoring the GSP facility. The US is the single largest importer of Bangladeshi goods which enter the market after paying an average 15 per cent duty, he said.
The US withdrawal from the 12-nation Trans-Pacific Partnership (TTP) free-trade deal has come as a ‘big relief’ for the Bangladeshi exporters, say BGMEA leaders.
“The US withdrawal from the TTP is a good news for Bangladesh since Vietnam could have enjoyed tariff preferences on the US market under this deal,” Md Siddiqur Rahman, President of the Bangladesh Garment Manufacturers and Exporters Association told The New Nation on Wednesday.
The BGMEA president said, “Once the trade deal (TTP) was made effective, it would have affected growth of our local export oriented industries, particularly apparel manufacturing, to the US market.”
It is to be noted that, Vietnam, which also did well like Bangladesh, was included the TTP deal but Bangladesh was kept out of the bloc. It (Vietnam) was also supposed to enjoy duty-free access to the US and other TTP member-country markets which had increased Bangladesh’s competition.
In February last year, 12 countries bordering the Pacific Ocean signed a pact aimed at deepening economic ties, slashing tariffs and
boosting trade. Those who signed are: USA, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile, and Peru.
These countries represent nearly 40 per cent of the global economic output.
Siddiqur Rahman said though we got some sort of relief from the USA decision of pulling out from the TTP, it many not be the long-term if we consider the trade policy of Donald Trump.
“The US President has taken a protectionist policy to promote and protect its local industry first. Under the protectionist trade policy, the US administration would impose additional customs duty on goods entering the American market. If that happens, it may affect Bangladeshi products in the US market,” he noted.
When asked, the BGMEA leader said, “We cannot talk much on the issue because it is entirely an US policy. We should only observe the situation”.
He, however, stressed the need for pursuing bilateral trade deal with the USA to promote trade and investment between the two countries in line with America’s policy.
“Trump’s decision about the end of US’ participation in the TPP would be beneficial for Bangladesh,” Abdus Salams Murshedy, Present of the Exporter Association of Bangladesh (EAB) told The New Nation yesterday.
Referring to reports of international agencies, Murshedy said Bangladeshi goods were supposed to face huge competition in the US market as the TTP deal paved the way of duty free access of products from Vietnam, one of our main competitors in global apparel trade. The EAB president urged the Bangladesh government to strengthen the existing bilateral economic relationships with the United States for sustaining Bangladesh’s export to the USA market as well as restoring the GSP facility. The US is the single largest importer of Bangladeshi goods which enter the market after paying an average 15 per cent duty, he said.
