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Tariff-free quota for apparel exports

April 25, 2011 | COMMENTS ( 0 )

Tariff-free quota for apparel exports

The Government has offered a tariff-free quota of 10 million pieces of apparel exports from Bangladesh to grow bilateral relationship between two countries.

Announced by the Union  Commerce and Industry Minister, Anand Sharma and his Bangladesh counterpart Lt. Col.(Retd.) Muhammad Faruk Khan, recently. Sharma said, "We have increased duty free import quota for garments by 25% to 10 million pieces from eight million earlier, and also dispensed with countervailing duties on import of all jute products."

"Countervailing Duties have been lifted on all jute exports from Bangladesh," he added.

He noted that private sector investment from India to Bangladesh to the tune of  USD 3.5 billion is in the pipeline. Increased Indian investments in Bangladesh will provide employment and value addition for Bangladesh exports to the rest of the world.

Bangladesh exports have increased 6 times in the last few years.  In the first three quarters of the current year, it has reached the level of USD 359 million, which is higher than the exports of USD 304 million last year.

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