- Why Bangladesh
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Bangladesh is going to hold single country trade fairs of readymade garment (RMG) and textile products for the first time in four Indian big cities in April, which businesspeople see as an icebreaking initiative to increase bilateral trade volume.
“Mumbai, Delhi, Bangalore and Hyderabad are the cities where such fairs will be organised,” said Abdus Salam Murshedy, president of Bangladesh Garment Manufacturers and Exporters Association.
This trade body of Bangladesh and Indian state-run Apparel Export Promotion Council (AEPC) agreed to organise such a big exposition, following the recent visit of Prime Minister Sheikh Hasina to Delhi. Her entourage included a high profile business delegation, which had BGMEA representation.
Business between the two countries among other things came up for discussion during Hasina's January 10-14 official visit to the next door neighbour.
BGMEA chief further said, “In connection with organising the fairs, an AEPC team is scheduled to arrive in Dhaka in the first week of February.”
In another development, India agreed to augment the imports of apparels to 14 million pieces fro 8 million pieces now with a zero tariff benefit every year. Dhaka is entitled to such duty-free benefit from Delhi under a pact for free trade, or Safta (South Asian Free Trade Agreement).
During AEPC team's stay in Bangladesh's capital city, it will also visit the BGMEA Institute of Fashion and Technology (BIFT). It, as per an understanding during Dhaka's business team's Delhi visit, may reach an agreement with BIFT to extend technical support in developing innovative fashion and design in Bangladesh's garment items, Murshedy said.
Bangladesh will mainly showcase woven (pants and basic shirts) sweater and knit items in the fairs.
"I am hopeful that this time apparel business will pick up with India as it has $27 billion domestic clothing market with 18 percent annual growth rate. India needs to outsource garment items from its neighbouring country, " BGMEA chief said.