Apparel Online Bangladesh Magazine August Issue 2018 | Page 28

BANGLADESH CANVAS THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] Bangladesh's apparel exports to Japan take big strides Japan is emerging as a booming export destination for Bangladesh’s apparel items. According to data from Bangladesh Export Promotion Bureau, Bangladesh exported a net total of US $ 845 million worth of apparel items to the Asian country during fiscal 2017-18, which was a very impressive 13.7 per cent gain on a year-to-year basis. Further research into the matter by Apparel Online finds out that it was an equal market share of woven and knit expo rts. Bangladesh exported over US $ 444 million of knitwear and US $ 401 million worth woven garments to Japan. contribution in boosting exports following the apparel trade fair in April. Mohammad Hatem, Vice President, Bangladesh Exporters Association, told Apparel Online that Japan was heavily reliant on China in the past. As they moved to diversify their sourcing, they opted for Myanmar for a while before taking an interest in Bangladesh. In overall exports, Bangladesh fetched US $ 1.13 billion from Japan during the fiscal, which was also an impressive 11.7 per cent gain. It was mostly thanks to the readymade garment exports which occupied over 74 per cent of the basket. According to the industry insiders, Bangladesh has been engaged in increasing apparel exports to Japan since 2010. The knitwear manufacturers have a big According to him, the consumers of Japan demand high-end and high-quality products which the Bangladeshi apparel manufacturers are able to provide. “There is scope to penetrate the market further,” he says. EU reiterates post-LDC tariff-free promise to Bangladesh The European Union (EU) has reiterated its commitment to ensure tariff-free trade benefits for Bangladesh after the latter graduates from Least Developed Country (LDC) status. Bangladesh, in return, appreciated sustained commitment from the EU to continue to provide tariff-free market access for Bangladeshi goods to the EU market, under the ‘everything but arms’ (EBA) regime – which, in other words is the GSP Plus. The assurances and gratitude were exchanged during the 3rd Bangladesh – EU Diplomatic Consultations in Dhaka recently. The EU was led by Gunnar Wiegand, Managing Director for Asia Pacific, EU External Action Service, while Foreign Secretary Md. Shahidul Haque represented the Bangladesh side. Both sides agreed that trade is an important tool in tackling poverty, and that increasing bilateral trade would bring significant benefits to both sides. Both sides seem to look forward towards strengthening the trade and investment relationship in the future. The two sides reaffirmed their commitment to further deepen and broaden their partnership for peace, stability, and sustainable development, based on the principles of mutual respect, trust, equality, and mutual benefit. The agenda included political developments on both sides - Brexit, trade and investment including everything but arms; strategy for post-LDC Bangladesh relations with the EU; and other issues of bilateral importance. The EU briefed on political developments in Europe, including BREXIT negotiations. Bangladesh briefed on political developments, including the upcoming general elections to be held at the end of 2018. The EU congratulated Bangladesh for being on-course to graduate 28 Apparel Online Bangladesh | August 2018 | www.apparelresources.com to middle income country status. Bangladesh, on its part, requested continued support from the EU for a smooth transition and sustained graduation. Both sides recognised that the nature of the development relationship will evolve as Bangladesh moves towards becoming a middle income country.