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Bangladesh looks to gain foothold in BRICS

Bangladesh now looks to BRICS nations to further boost apparel exports. Brazil, Russia, India, China and South Africa are considered to be potential markets for readymade garment exports. Every year apparel imports by BRICS nations have been on the rise. The main reason is cost of production in these countries has risen significantly following the growth of their economies.

And Bangladesh hopes to grab a share of these growing markets. Presently Bangladesh exports apparels to China and India with duty-free facility but exports to Russia and Brazil are hindered because of high duties. Russia joined the World Trade Organisation in 2011. As one of the least- developed countries, Bangladesh hopes to get tariff preferences in Russia.

Even exports to China and India face some roadblocks. Weakness in land-port operations and other infrastructural establishments, laboratory accreditation, non-cooperation in visa issuance, and some non-tariff and para-tariff barriers are among the problems.

Bangladesh’s apparel exports to non-traditional markets increased significantly due to facilities from the government. In the fiscal year 2008-09, apparel exports to non-traditional markets amounted to 6.88 per cent of the total. The government has raised cash incentives for exporting clothing items to new markets, other than the US, Canada and the European Union, to 3 per cent this fiscal year.