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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