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Bangladesh:Bill for duty free access of RMG to the US will
be tabled in the Senate on Thursday |
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2005-1-28
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Bangladesh has duty free access to readymade garments of the European Union (EU) for the least developed countries under a new GSP arrangement to be effective from July this year.
Now, the country is about to get access to the Unites States of America as the bill titled ‘Trade’ seeking the duty free access to the nations RMG will be tabled in the Senate for approval.
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) president Anisul Haq informed about this on Wednesday.
Huq said Bangladesh can also buy fabrics and other raw materials from India and Pakistan to use them in clothing for re-export to EU and other countries. The zero tariff access will also be applicable for RMG products to be made with imported fabrics and raw materials from the ASEAN countries, the BGMEA president said.
The bill styled has explicit backing of four Congressmen and Senators and the administration to reward those countries that have close ties with the USA and yet did not enjoy special benefits in case of market access.
"It may take up to one year and the BGMEA is working hard to see that day. It will be a very tough job and may see critical negotiations," he said.
Huq stated that the RMG will get the necessary boost as the US currently levies 16 percent duty on its imports, including those from Bangladesh, under a quota regime that was in force up to December last year.
Focusing on the new EU business rules, the BGMEA president said Bangladesh as the SAARC least developed country will enjoy zero tariff for all its apparel exports to the 25-nation European market.
Under the new GSP scheme the content value addition will vary from zero to 25 per cent depending on the nature of the products and some other considerations, while the present value addition requirement for the EU market is 51 per cent.
The 12.5 per cent concessional duty that the EU collects now on import of apparels from the LDCs will also go bringing it down to zero for those countries to be entitled to enjoy the new GSP benefits, including Bangladesh. |
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