Bangladesh urges duty-free cotton benefits from the USA at an event titled ‘4th Global Cotton Summit Bangladesh-2023,’ – organized by Bangladesh Cotton Mills Association in cooperation with Bangladesh Textile Mills Association (BTMA) held at a hotel in Dhaka recently.
Where, Commerce Minister Tipu Munshi said that the Bangladesh readymade garments (RMG) industry would profit if the USA approves duty-free facilities for cotton imported from the world’s largest cotton exporting country.
“Globally, Bangladesh is the second biggest RMG exporter and imports a good amount of cotton annually from the USA. It is also the largest export market for our garments. Bangladesh’s garments industry would immensely benefit if the USA approves duty-free facilities in cotton import,” Tipu Munshi said.
“Annually, Bangladesh needs around 9 million bales of cotton for apparel manufacturing. Whereas, Bangladesh produces only 1.50 lakh bales of cotton annually, which is only 1.6% of the total demand.”
“Bangladesh is trying to surge cotton production. Still, even if cotton production doubles, Bangladesh will have to import an enormous amount of cotton from abroad. And as the globally leading cotton exporter – USA provides duty-free benefits in cotton import – our apparel industry will be benefitted greatly,” Commerce Minister added.
At the event, Helen LaFave, Chargé d’affaires of the US Embassy in Dhaka along with Md Jasim Uddin, President, FBCCI; Md Ali Khokon, President, BTMA; Faurque Hassan, President, BGMEA; Mohammad Ayub, President, Bangladesh Cotton Association (BCA); Paolo Fernando Dias Feres, Ambassador of Brazil in Dhaka; Jeremy Bruer, Australian high commissioner in Bangladesh, and spinning and apparel industry leaders were also present at the event.