�Bangladeshi exports to remain competitive even with TPP�
I fully expect Bangladesh is going to remain competitive, especially readymade
garment sector adopts international standards Marcia Bernicat
US Ambassador in Dhaka
UNB
The United States yesterday said Bangladeshi exports will remain competitive in the US market, especially the RMG export adopting the international standards on workers safety and rights, even it concludes TPP (Tran-Pacific Partnership) deal, reports UNB.
I fully expect Bangladesh is going to remain competitive, especially RMG (readymade garment) sector adopts international standards, said US Ambassador in Dhaka Marcia Bernicat responding to a question at a programme.
The Ambassador said Bangladesh might one day qualify for the TPP. I think thats an excellent topic for the upcoming Ticfa (Trade and Investment Cooperation Forum Agreement).
The US is currently negotiating with Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam to sign TPP.
The TPP is a comprehensive agreement that will open markets, set high-standard trade rules and address 21st-century issues in the global economy. In doing so, itll promote jobs and growth in the US and across the Asia Pacific region.
There is a perception that Bangladesh will lose its competitive edge in apparel trade if the TPP deal is signed.
The US Ambassador said there had been a meeting recently and they are in a process to conclude TPP. Once we have that deal, itll cover 40 per cent of the world trade and will help promote development and stability.
After finalisation, the TPP draft will go to the Congress. Once our Congress ratifies it, then each country in order to subscribe TPP has to meet the number of conditions, Bernicat said.
At present, Bangladesh pays 15.62 per cent duty for its garment exports to the US, whereas Vietnam pays 8.38 percent.
If the TPP is signed, garment exports from Vietnam will enter the American market completely without duty.
Bernicat, however, said there is good news and if Bangladesh can meet the same international standards, its economy can enjoy more robust trade in the US. Youll remain more competitive by adopting those standards.
On GSP issue, she said there are areas of relationship that require more work. I can think of no better example than the restoration of GSP. The recent visit of the Assistant United States Trade Representative to assess progress on the Action Plan will help Bangladesh and its partners prepare for the upcoming Sustainability Compact review.
Despite the GSP suspension, Bernicat said, US imports from Bangladesh has grown consistently as GSP only covers less than 1 per cent of total export.
Then US envoy said she is optimistic about GSP restoration and mentioned that Bangladesh economy must expand into other areas.
Bernicat was addressing the DCAB Talk arranged by Diplomatic Correspondents Association, Bangladesh (DCAB) with its President Masud Karim in the chair. DCAB General Secretary Bashir Ahmed also spoke at the event held at the Jatiya Press Club.
