BGMEA hails Japan for relaxing GSP rules
Thursday, 12 May 2011
FE Report
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) has praised the Japanese authority for relaxing the GSP rules of origin on Bangladesh's apparel products saying it would help boost exports to Japan. The Government of Japan has revised the GSP rules of origin from apparel imports from Bangladesh effective from April 1. The declaration came through an official notification of the Japanese Government on March 31, 2011, a statement issued by BGMEA said on Wednesday. As per the declaration, the rules of origin for knitwear items (products under HS chapter 61) has been relaxed from three stages to two stages, that means knitwear products manufactured from imported yarn can now avail this benefit. The woven garments (products under HS chapter 62), can avail this GSP benefit if one stage of production is done locally in Bangladesh, that means woven garments made of imported fabrics are eligible for this benefit (except handkerchiefs, shawls, scarves, mufflers, mantillas, veils, ties, bow ties, cravats, gloves, mittens, mitts, and other parts of garments). BGMEA in its statement said "Our sincere thanks to the Honorable Prime Minister of Bangladesh for her kind initiative to raise this issue with her Japanese counterpart during her visit to Japan in November 2010." Thanking the Government of Japan and the Embassy of Japan in Dhaka for adopting such a trade friendly GSP rule, the statement said "This will significantly help us to accelerate industrialization and boost economy." Japan is a highly potential market for Bangladesh with export growth rate of 133.02 per cent in 2009-2010 fiscal year and 50.36 per cent in during July-December of the current fiscal.
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) has praised the Japanese authority for relaxing the GSP rules of origin on Bangladesh's apparel products saying it would help boost exports to Japan. The Government of Japan has revised the GSP rules of origin from apparel imports from Bangladesh effective from April 1. The declaration came through an official notification of the Japanese Government on March 31, 2011, a statement issued by BGMEA said on Wednesday. As per the declaration, the rules of origin for knitwear items (products under HS chapter 61) has been relaxed from three stages to two stages, that means knitwear products manufactured from imported yarn can now avail this benefit. The woven garments (products under HS chapter 62), can avail this GSP benefit if one stage of production is done locally in Bangladesh, that means woven garments made of imported fabrics are eligible for this benefit (except handkerchiefs, shawls, scarves, mufflers, mantillas, veils, ties, bow ties, cravats, gloves, mittens, mitts, and other parts of garments). BGMEA in its statement said "Our sincere thanks to the Honorable Prime Minister of Bangladesh for her kind initiative to raise this issue with her Japanese counterpart during her visit to Japan in November 2010." Thanking the Government of Japan and the Embassy of Japan in Dhaka for adopting such a trade friendly GSP rule, the statement said "This will significantly help us to accelerate industrialization and boost economy." Japan is a highly potential market for Bangladesh with export growth rate of 133.02 per cent in 2009-2010 fiscal year and 50.36 per cent in during July-December of the current fiscal.