A NEWS report published in The New Nation recently said that the new Trans Pacific Partnership (TPP) pact designed to curb out a new duty-free market for 12-member Asia-Pacific nations is likely to come into effect from later this year. The disclosure based on a study report of Standard Chartered Bank said the US-led trade pact would contribute to usher in a new era of development based on mutually agreed duty-free market for member states. But Bangladesh’s exclusion may hurt its interest all the more. Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam are negotiating the deal.It appears that Vietnam, which is Bangladesh’s close competitor in apparel sector, is going to get a vast Trans Pacific market for the apparel products. Vietnam will only expand its existing industrial capacity to supply the new duty-free market while Bangladesh will lose its existing lead to Vietnam in apparel export and may even face more marginalization by losing the competitiveness. What appears is that Bangladesh is not only facing the growing diplomatic isolation for its pro-socialist and anti-west outlook essentially remaining confined to Indian influence, its trade diplomacy is failing to support the country’s business interest abroad. The recent failure to restore the GSP facility is highly frustrating for the nation when it is the only country in South Asia and from 122 countries to be left out of the bandwagon. Needless to say that the US is the leader of the world trading system as the leader of the democratic world and Bangladesh’s falling from its good book is not only shrinking its trade interest abroad, the country stands nowhere now to look for good friends and an avenue to make a try to become a member of the Trans Pacific free trade zone. Many believe that given the huge share of Bangladesh apparel export to global market and the country’s potential to be a rising trading nation, the move for inclusion in the new duty-free market was all the more important but the country is apparently leaderless to take that move. The Standard Chartered Bank study shows Vietnam is likely to overtake Bangladesh in global apparel export in next 10 years once the Trans Pacific Partnership (TPP) takes shape. As per the study report Bangladesh would be seriously hurt by Vietnam’s market expansion. In the unfolding situation, it could overtake Bangladesh in global apparel export by 2024, raising its share to 11 percent from 4.0 percent now. Bangladesh’s market share may only increase marginally to 7.0 percent by that time from 5.0 percent at the moment. Industry leaders see disaster in the new development as the report quoted former BGMEA President Atiqul Alam as saying. But to our government the arrogance of power is all that matter when the country’s trade interest is facing new challenges abroad and missing new opportunities that may be more consequential for future. It is time for rethinking.
