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Duty-free access to UK to continue post-Brexit
Bangladesh to be the top cotton importer in 2017-18 also
Even as readymade garment exporters have been speculating on the fate of duty-free benefits ( that they currently enjoy in the United Kingdom ) post-Brexit , the British Government has reportedly promised to maintain the existing duty-free access for ‘ everything but arms ’ for 48 countries , including Bangladesh .
“ The announcement shows our commitment to help developing countries grow their economies and reduce poverty through trade ,” said UK ’ s International Trade Secretary , Liam Fox , in a statement issued recently .
The new commitment means that around 48 countries across the globe , from Bangladesh to Sierra Leone , Haiti and Ethiopia will continue to benefit from duty-free exports into the UK on all goods other than arms and ammunition , reportedly underlined the British Prime Minister ’ s Office .
After decades of access to the European Union ’ s single market , the UK has decided to leave the bloc following the 2016 referendum .
It may be mentioned here , underlining that UK is the third largest country for Bangladeshi exports , Foreign Minister of Bangladesh , AH Mahmood , had earlier expressed hope that his country would continue to enjoy the same for better facilities and duty free-quota free ( DFQF ) market access to the UK market after Brexit comes into force .
However , like many other countries , economists and analysts in Dhaka had expressed apprehensions about probable negative impact of UK ’ s exit from the EU , among which are losing duty benefits on Bangladesh ’ s exports , decline in remittance inflow and volatility in the foreign exchange market … “ It seems that our export to Bangladesh ’ s big market – the UK will be under pressure . We seek Government support so that we can maintain smooth export to the region ,” reportedly stated BGMEA Vice President ( Finance ), Mohammed Nasir , to a news agency earlier .
According to United States Department of Agriculture ( USDA ), Bangladesh , the largest cotton importer in the world , has been projected to remain the top importing country of cotton in 2017-18 as well . The country is expected to import 1.52 million tonnes of cotton this season , that begun from August 1 last .
The report further states that Vietnam will retain its position to be the second largest importer of cotton . The USDA has also predicted around 7 per cent growth in cotton production while consumption globally is expected to remain above the production . As a result of increase in consumption , global stocks are expected to decline for the third consecutive year .
“ Strong consumption growth is predicted for Vietnam , Bangladesh , China and India , while moderate consumption growth is expected in Turkey and Indonesia , as well as some
VF Corporation , an American worldwide apparel and footwear company founded in 1899 and headquartered in Greensboro , North Carolina , has been recognized for its human resource operations by Workforce Magazine . The company has been named in the publication ’ s ‘ 2017 Workforce 100 ’ list .
“ Our ongoing commitment to make VF the best possible place to work is one we take seriously ,” said Anita Graham , Vice President and Chief Human Resources Officer , VF Corporation , adding , “ We have incorporated a
Western Hemisphere countries such as Brazil , Mexico and the United States ,” it added .
South Korea , Taiwan and several consuming countries in the Middle East and Europe may see decline in consumption .
VFC bags recognition for its HR operations
talent focus in our Global Business Strategy and we will continue to drive momentum so that we remain a purpose-driven company that attracts and develops the best talent .” The list is based on research from the Human Capital Media Advisory Group and uses employee satisfaction data from Glassdoor . Seven categories of HR performance were assessed to compile the list , including employee development , workplace culture , employee benefits , talent management and diversity and inclusion .
34 Apparel Online Bangladesh | AUGUST 2017 | www . apparelresources . com