BGMEA to lobby for trade benefit extension for six more years
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) will start lobbying with major trading partners and blocs from next month to help get extension of the least-developed country benefits for six more years after Bangladesh's graduation to a developing nation.
The local apparel exporters think they will face tough competition in the global markets when Bangladesh will lose the duty-free trade benefit after its graduation from least developed country (LDC) category in 2026.
The apex trade body of garment makers has long been demanding the extension of the LDC trade benefit, but the lobbying was not strong enough as they thought they could cover the competition if the graduation takes place.
However, with the outbreak of the Russia-Ukraine war and the severe fallouts of the Covid-19 have been affecting the trade as the consumers in the world reduced the consumption of apparel items with the rise in inflation and fall in incomes.
"As part of the negotiation we will meet the director general of the trade of the European Union (EU) next month, senior officials of Germany and many other major trading partners of Bangladesh so they agree for extension of the LDC trade benefit for at least for six years more," said Faruque Hassan, president of the BGMEA.
He spoke at a press conference at the BGMEA office in Dhaka.