Quality, compliance factors raise Bangladesh exports to US: USTR

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The top United States trade official for South and Central Asia said that Bangladeshi readymade garments in the United States had expanded their industry in the modern times, attributing the advancement to improved product quality and compliance factors like workplace safety.

‘Buyers in america recognised that Bangladesh is making high quality garments which are appealing to US consumers,’ assistant US trade representative for South and Central Asia Christopher Wilson said.

Speaking with BSS, he stated that improvements in place of work safety and product top quality had increased US importers’ restored confidence in Bangladeshi RMGs because an ‘important supplier’ following the 2013 Rana Plaza setback.

Wilson said that Bangladesh had become seeing that the third-largest garment distributor to the US after China and Vietnam with its current stake in america market being 7 %.

He said that in 2019, Bangladesh RMG’s export volume was worthy of $6.8 billion and the volume ‘has continued to develop’.

Wilson is currently in Dhaka regarding the the 5th round of Bangladesh-US Trade and Expenditure Cooperation Forum Agreement conference held on Thursday.

According to official figures, the two-way Bangladesh-All of us trade volume level in 2019 was about US$9 billion, a quantity which possessed doubled in a decade.

Asked if the united states tariff rate was helping or hindering Bangladeshi RMG exports compared to products from various other countries to US, Wilson said, ‘We definitely do apply import tariffs in the garments sector.’

But Bangladesh’s performance indicated that tariffs were no impediment in its capacity access to the US market.

‘The tariffs that Bangladesh products were facing in the US market are equal to those places by China and Vietnam. Therefore, there is absolutely no discriminatory treatment when it comes to tariffs,’ Wilson added.

Garment products account for 95 % of Bangladesh’s total exports to the US market even though US imposes 15.62 per cent duty for RMG imports to the country.

Wilson said that the united states companies had become thinking about investing found in Bangladesh since it appeared to get a big market with rapid growth and in lots of respects Bangladesh government’s coverage seemed to work found in attracting foreign investments.

He, on the other hand, said that the US entrepreneurs were worried about custom made proceeding delays, difficulties found in capital and income repatriation together with ‘lack of transparency found in issuing many trade related licences’.

The US official said that the concerns required addressing to better the investment climate ‘as these issues get big effect on business companies which will work in the international supply chain’.

Wilson said that US had drawn the Bangladesh government’s focus on these concerns looking for appropriate methods from Dhaka at the just concluded TICFA conference, where his region simultaneously lauded Dhaka’s recent steps to look at some conventions on the Intellectual House Rights linked to WTO rules.

Asked for comments about concerns relating to the bilateral TICFA, the united states official ruled them out saying that because the package was signed in 2013, that contributed to keeping balance in the US-Bangladesh trade romance.

‘Despite selected tensions in the relationship encircling labour issues and the termination of Generalised Program of Inclination (GSP) benefits, it is vital to note that Bangladesh’s access to the US marketplace has continued to improve to over the time of time,’ he said.

Asked about the US’s current stance upon Dhaka’s demand pertaining to reinstating the GSP center scrapped in 2013, Wilson said that it was done against the setting of a broader selection of internationally recognised employee rights issues.

Although Bangladesh had made plenty of progress about the compliance factors, in many respects it remained unsatisfactory and ‘the question of the GSP reinstatement isn't currently under lively consideration by the US’.

Wilson, even so, said that the GSP concern appeared insignificant found in the Bangladesh-US trade relations as Bangladesh suffered nominally from professional perspective more than the GSP issue even while its major RMG goods was never qualified to receive its advantage.

Asked the way the US could guide Bangladesh in handling the emerging trade challenges along the way of its graduation since a middle-income country in the next few years, he explained that his country will be ready with more trade related technical assistance to ease the procedure, particularly because of its capacity building.

‘We wanted to provide technical assist with the Bangladeshi authority regarding revising the domestic legal framework regarding the ratifying a few of the WTO conventions (helping found in graduation),’ he said.

THE UNITED STATES is Bangladesh’s single most significant export vacation spot while as a least developed country, 97 % of the goods from Bangladesh enjoys duty-free benefits in the US markets as per your choice taken World Trade Organisation (WTO) in 2005.
Source: https://www.newagebd.net

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