B\\\'desh gets duty-free market access to 37 countries only

Rezaul Karim | Published: May 03, 2014 00:00:00 | Updated: November 30, 2024 06:01:00

Bangladesh's products are not getting duty-free market facilities to more than 150 countries due mainly to the lack of pro-active measures.
Realising the urgency, the government is trying to secure duty-free market access to a number of countries including Russia, Egypt, and Malaysia, commerce ministry officials said.
"Many countries want to build business relations with us. But we cannot tap the potential due to lack of pro-active drive," an official said.
Sectors that stand to benefit from the access include garments, textile fabrics, yarn, and leather, industry insiders said.
Developed and emerging economies could play a crucial role in helping developing countries like Bangladesh to improve their trade performance by giving duty free market access, they said.
"The duty free market access to will help us accelerate trade, generate more employment and spur growth," another official said. Â
He estimated that Bangladesh's exports would rise by $5.0 billion a year if countries in Africa, Latin America and Southeast Asia offer duty-free access.
Presently, a total of 37 countries, including 27 member states of the European Union (EU), have been giving duty free market facilities for Bangladeshi products, sources said. Â
The commerce ministry sources said only India has given duty and quota free market access to all Bangladesh's products except 25 tobacco and drug items under SAFTA of the South Asian Association for Regional Cooperation (SAARC), according to the commerce ministry.
Bangladeshi products that are getting duty free market access include readymade garments, knitwear items, frozen shrimp, ceramics, plastic products, leather and jute products, home textiles, bicycles and pharmaceuticals items, the official said.
Exporters get various facilities to participate in international trade fairs strengthening the country's export market, he said, adding that the government has been sending trade delegations to different countries in Africa and Latin America to explore market for Bangladesh products.
The government has also beefed up efforts to set up Joint Economic Commission and sign bilateral trade deals with different countries to boost export from Bangladesh, they added.