Strengthened Bangladesh-US collaboration holds promising trade opportunities: BGMEA President
DHAKA, Dec 7, 2023 (BSS) - Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), emphasized the potential for increased trade benefits through enhanced collaboration between Bangladesh and the United States.
Among many avenues, cotton is a promising sector where opportunity is huge for both sides, he remarked while speaking at a program organized by Cotton USA held today in the capital.
The event, held in observance of Cotton Day, was also addresses by Peter D. Haas, Ambassador of the USA to Bangladesh; Ali Arsalan, Cotton Council International (CCI) Representative for Bangladesh; William Bettendorf, Regional Director, CCI; Mohammad Ali Khokon, President of the Bangladesh Textile Mills Association (BTMA), Leigh Pell, LDC, and Joerg Bauersachs, Head of Cotton USA Solutions, said a press release.
In his address, Faruque pointed to the potential for greater trade and investment cooperation with the United States - one of the major trading partners of Bangladesh.
He mentioned that the positive impact of the recent removal of the mandatory double fumigation rule on U.S. cotton imported by Bangladesh, stating that this development eases the import process, reducing time, hassles, and costs.
Faruque said if the U.S. government permits duty-free access for garments made from U.S.-imported cotton, it could further enhance trade relations.
"It would encourage Bangladeshi garment exporters to use more cotton imported from the US for export," he added.
This move, he explained, would not only benefit Bangladeshi RMG exporters but also contribute to a win-win situation for U.S. cotton growers, suppliers and apparel consumers as well.
Considering Bangladesh's position as the world's second-largest cotton-importing country, such collaborations hold strategic importance, he opined.
Faruque expressed optimism about the prospect of closer cooperation that would contribute to mutual economic growth and prosperity.