Apparel Online Bangladesh Magazine November Issue 2018 | Page 44

BEYOND BD 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] India to use Bangladesh's sea ports soon India will soon be using Bangladesh’s sea ports for cargo transportation as the two countries are preparing to formalise an agreement. The deal will allow India duty-free access to the ports for transportation to its north-eastern states. Though an exact date was not specified, Bangladesh’s Shipping Secretary Abdus Samad said that India can start using Chittagong and Mongla ports immediately after the deal is signed, but not before a Standard Operational Procedure (SOP) is drawn. The announcement was made recently in a press conference ahead of ‘South Asia Maritime and Logistical Forum 2018’. Secretary Samad said, once the deal comes to effect, India will not pay customs duty as per the principles of GATT (General Agreement on Tariff and Trade). However, other fees and charges will be applicable for those transported through the ports to its north-eastern seven sister states – all of which will be specified in the SOP. The two countries had signed a Memorandum of Understanding (MoU) on the use of the two ports during Indian Prime Minister Narendra Modi’s visit to Dhaka in June, 2015. Bangladesh’s cabinet on September 17 approved a draft agreement on the use of the two ports. Cabinet Secretary Shafiul Alam had said Nepal and Bhutan can be added to it if they wish to use the two ports. The new instrument will be signed for five years, but it can be extended for another five years. However, any side can cancel the agreement after giving six-month notice and can suspend the deal if a necessity arises. Should any problem arise, several committees of both the countries would resolve it. As per the deal, Indian goods can be transported through four entry points – Akhaura in Bangladesh and Agartala in India; Tamabil in Sylhet and Dauki in India’s Meghalaya; Sheola in Sylhet and Sutarkandi in Assam; and Bibirbazar in Cumilla and Srimantapur in Tripura. Myanmar textile industry incurs losses following dollar appreciation The Myanmar textile industry has incurred losses due to dollar appreciation, as reported by Myanmar Textile Entrepreneurs Association. The month of September saw a significant variation in the value of US dollar. Notably, the dollar value jumped from Ks 1,500 in early September to Ks 1,650 on 20 September. suspended sales due to the losses and will resume only after normalcy is restored. While remarking on the losses, Moe said that the local market may have incurred losses ranging from 50 to 80 per cent, though it will be difficult to measure the extent of losses accurately. It is also imperative to note that some Yin Yin Moe, Secretary, Myanmar Textile Entrepreneurs Association averred that the dollar appreciation has significantly affected the local apparel industry in Myanmar as they have to import all materials from foreign countries. She also further added that some of the textile firms have 44 Apparel Online Bangladesh | November 2018 | www.apparelresources.com garment firms have temporarily suspended their workers owing to losses, while many have stopped recruiting new workers.