Britain has assured Bangladeshi exporters of duty-free access to its markets post Brexit. Exporters, especially apparel manufacturers, retailers and buyers, feared that with Brexit, Bangladesh would have to pay taxes for exporting goods to the UK.

Britain has announced once it leaves the EU it would continue to provide duty-free access to nearly 50 developing countries, including Bangladesh, Sierra Leone and Haiti, and that it has a commitment to help developing countries grow their economies and reduce poverty through trade.

The UK is the third largest single export destination for Bangladesh. From July to May of the current fiscal year, Bangladesh’s exports to the UK fell by 5.61 per cent. The UK currently imports around £20 billion a year from developing nations, including Bangladesh. In the 2015-16 fiscal year, Bangladesh earned $3.80 billion in exports to the UK, of which a lion’s share, about $3.52 billion, came from the readymade garment sector. However, there is still a lingering fear that grants or development funds from the UK will diminish as it will have to bear the expenses of executing the Brexit process.

Bangladesh would have to pay £24,79,76 thousand in tariffs to UK customs if it stopped enjoying trade benefits from the UK after the execution of Brexit.