EPB seminar puts thrust on export diversification

CHITTAGONG, Dec 15: Export Promotion Bureau (EPB) organised a seminar today on the Rules of Origin for GSP (generalised system of preferences), SAFTA (South Asia Free Trade Agreement), APTA (Asia Pacific Trade Agreement), KPT (Korea Preferential Trade) and BIMSTEC and their application in the city.
EPB Chittagong regional director Alamgir Siddiqui presided over the seminar attended by representatives of different government departments, autonomous organisations, banks, insurances and exporting firms.
BGMEA (Bangladesh Garment Manufacturers and Exporters Association) director Anjan Shekhor Das was the chief guest on the occasion while deputy director of EPB Dhaka Md Jakir Hossain presented the keynote paper.
The EPB director said his office organises workshops and seminars on different export-related issues to disseminate more knowledge and skill of the exporters and export-related activities.
He said only eight export items constitute 94 per cent export volume while 80 per cent of the total export goes to four markets only.
"We must come out of the sole dependence of our export on a few countries through diversification of export products markets."
The country made export earnings worth US$ 30.17 billion against the target of $ 30.50 billion in the fiscal year (FY) 2013-14 at the growth rate of 11.65 per cent.
In the current FY (2014-15) the export target has been set at $ 33.20 billion against which the country has exported goods worth $ 12,070.08 million in five months until November 2014, some 0.92 per cent higher growth rate against the corresponding period in the last FY.
The export target this year will be achieved if the present growth trend continues, he said.
Jakir Hossain in his paper said GSP is a non-reciprocal and non-discriminatory facility obtained by the least developed and developing countries from the developed countries subject to fulfilment of the conditions by the beneficiary.
He said Bangladesh has fulfilled almost all conditions but the USA is yet to resume the facility it had stripped of years back. This does not go in line with the characteristics of the GSP.
In order to benefit from the GSP three conditions must be fulfilled. They are the goods must originate in a beneficiary country in accordance with the GSP Rules of Origin, the goods must be transported directly from the beneficiary country to the donor country and valid proof of origin must be submitted.
Under the Least Developed Country Tariff (LDCT) Canada provides duty-free access to all products imported from LDCs except dairy, poultry and egg products, while under the General Preferential Tariff (GPT) reduced tariff benefit is provided to most products excluding dairy, poultry, eggs, refined sugar, most textiles, apparel and footwear.
Russia provides tariff facilities to 48 products imported from developing and least developed counties. But the scheme does not cover most of the exportable items of Bangladesh including readymade garments (RMG).