BGMEA steps in to enhance trade diplomacy bell curves

With a view to exploring new export opportunities and retaining existing trade facilities after graduation from the Least Development Country status, BGMEA is up and doing its best to build up commercial rapport through diplomatic channel.

The move aims at making preparation for tackling the impact of erosion likely in the wake of fading trade benefits after the LDC graduation.

As a part of the effort, the new BGMEA board with Faruque Hassan at its helm held talks with 10 ambassadors, high commissioners of different countries including the European Union, Germany, Italy, Maldives, Spain, The Netherlands, India, the UK, and also with Bangladesh high commissioners to the United Kingdom and The Netherlands.

The Bangladesh Garment Manufacturers and Exporters Association held its first meeting with the EU ambassador to Bangladesh, Rensje Teerink, on April 27.

The European Union is the largest trade block where Bangladesh exports about 62 per cent of its apparel goods.

In fiscal 21, Bangladesh exported clothing products worth $31.46 billion, of which $19.43 billion alone to Europe.

“Following the LDC graduation, Bangladesh is expected to lose trade benefits in the EU market. In a bid to retain the existing trade facilities we are working closely with our European partners to be ready for GSP plus as well as to extend the existing opportunities beyond 2026,” BGMEA president Faruque Hassan told The Business Post.

“To this end, we are also engaging commercial councillors of Bangladeshi missions abroad to advocate for continuation of existing trade facilities.”

The meeting also focused on branding Bangladesh and pursuing the trade partners to talk on behalf of Bangladesh’s trade facilities.

Besides, there were discussions on trade issues including sustainability, ways to strengthen EU-BD partnership, and further cooperation between Bangladesh and the EU for the development of the apparel sector.

BGMEA president expressed thanks to the ambassadors for their friendly support to Bangladesh’s RMG industry.

Later on May 2, the trade body held talks with German Ambassador Peter Fahrenholtz, asking the latter to keep up support for Bangladesh’s RMG sector.

Lauding the progress of apparel sector in terms of workplace safety and green initiatives, Peter expressed his government commitment to help Bangladesh to grow further.

The envoy also said he will advocate for Bangladesh so that the country can find new export destinations and more buyers. Germany is the second largest apparel destination for Bangladesh.

In fiscal 2019-20, apparel goods worth $4.79 billion were exported to Germany. In FY 2020-21, the export was $5.61 billion.