Commerce Minister Tofail Ahmed visits a stall after inaugurating the two-day Bangladesh Denim Expo at a hotel in Dhaka on Monday. Despite signing the Trade and Investment Cooperation Framework Agreement (TICFA), Bangladesh is yet to get the benefits as the US does not provide any major trade facilities for Bangladeshi products to its market, Commerce Minister Tofail Ahmed claimed. “TICFA was signed between Bangladesh and the US aimed at promoting trade and investment. But there was no major benefit for Bangladesh except holding of some meetings,” he opined. The commerce minister also claimed that the US has been depriving Bangladesh of providing duty-free quota free access of products though Bangladesh is enjoying it in many largest economies. All Bangladesh products are enjoying EBA scheme in EU market, duty free and quota free access in Canada and many other largest economies in the world. But the US market is not open for Bangladeshi garment items which share around 80 percent of the country’s export earnings. Bangladesh does not enjoy such facilities for ‘unknown’ reason, Tofail added. Tofail was speaking as the chief guest at the inaugural ceremony of a two-day Bangladesh Denim Expo which kicked off in the capital on Monday. Pierre Mayaudon, Head of European Commission Delegation and Ambassador to Bangladesh, Benoit-Pierre Laramee, High Commissioner of Canada to Dhaka, Atiqul Islam, President of Bangladesh Garment Manufacturers and Exporters Association, Abdus Salam Murshedy, President of Exporters Association of Bangladesh, and Mostafiz Uddin, Managing Director of Denim Expert Ltd and also organiser of the event, also spoke on the occasion. While speaking at the event, Benoit-Pierre Laramee said Canada has been working with the government of Bangladesh to ensure safe RMG sector and to bring a sustainable development in the sector. He also emphasised the necessity of implementation of labour law with a view to protecting the interests of the workers. Bangladesh has a huge opportunity to grab world denim market, said Abdus Salam Murshedy informing that Bangladesh’s denim industry has enjoyed 11 percent growth from 2009 to 2014. Praising the exhibition, Murshedy said such expo will not only encourage the local entrepreneurs but also bag recognition of its quality globally. BGMEA President Atiqul Islam said Bangladesh’s garment industry has been going through a critical time as prices of currencies have been fluctuating sharply against Bangladeshi taka. In addition, many other obstacles, including political instability and price competitiveness, have aroused Atiqul said calling the commerce minister to pay due attention to the sector in next budget. Expressing hope for making the exhibition successful this time, Mostafiz Uddin said they are going to arrange the fair largely in November next. He also said the profit gained from the exhibition will be spent in developing the country’s denim industry.
Source: https://www.daily-sun.com/print/business/2015/05/12/502675#sthash.2fmM2c85.dpuf
