New EU Trade Rules Impacting Bangladesh Textile Industry
One person
The People's Republic of Bangladesh
Business leaders say that Bangladesh textile manufacturers are facing a deep crisis after the EU allowed the use of ready made clothing from other local raw materials to enter the EU market.
According to the new EU rules of origin, even if the fabric of other countries is used, exporters can enjoy preferential policies for tax-free access to the 27 EU countries. The European Union is the largest clothing market in the world.
The EU rules of origin for the past 12 years have provided an umbrella for local textile factories, because the rules of origin require exporters to mainly purchase Bangladesh domestic fabrics, only in this way can they enjoy the EU's tariff free preferences.
Because
European Union
Since January this year, the import rules have been relaxed. Therefore, the import volume of Bangladesh poses a great threat to domestic enterprises.
In the first 6 months of this year, Bangladesh's ready-made clothing exporters only reached 730 million Tucca ($10 million) from China's imports, up from 130 million Taka ($2 million) in the same period last year, the official said.
Imported
An increase of 462% is an alarming figure for domestic manufacturers.
Bangladesh garments and garment exporters import fabrics from different countries, mainly importing fabrics from China and India.
Bangladesh textile industry has more than 1300 major textile manufacturing plants, with a total investment of more than 4 billion US dollars.
Garments and garments are the main export earning industries in Bangladesh and the largest employer industry in the country, next only to agriculture.
Textile manufacturers said the EU's umbrella expired in December 31, 2010, which is the main reason why local entrepreneurs set up 380 home textile mills, 400 weaving factories and 260 printing and dyeing factories.
Bangladesh insiders say that manufacturers in India, Pakistan, China and Turkey are taking the opportunity to dump their fabrics into Bangladesh's textile industry.
The Bangladesh ready-made clothing association earlier asked the government to provide cash incentives to protect Bangladesh investment and enhance the competitiveness of Bangladesh products, as other competing countries provide incentives to their domestic textile industry.
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