INDIA & BEYOND
Bangladesh will continue to get duty-free access
to UK post-Brexit
Even as readymade garment
exporters in Bangladesh have been
speculating on the fate of duty-free
benefits (that it currently enjoys in
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.
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, as reportedly underlined
by 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 that specifying
UK is the third largest country for
Bangladeshi exports, Foreign Minister
of Bangladesh, AH Mahmood, had
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.
earlier expressed hope that his
country would continue to enjoy the
same or better facilities for 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 the 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… BGMEA Vice President
(Finance) Mohammed Nasir had
also stated to a news agency some
time back: “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.”
www.apparelresources.com | JULY 1-15, 2017 | Apparel Online India
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