Bachelors of Business and Commerce
Bangladesh to propose for common D-8 textile market
Published: Wednesday, 03 October 2012
Syful Islam
Bangladesh will propose the formation of a common textile market for the D-8 (developing-8) countries to sell their own products to tap the benefit of the forum, sources said.
The member countries of D-8, with a combined population of nearly one billion offer a market worth US$20 billion for finished textile and garments.
Bangladesh's apparel manufacturers said the market, if formed, will help expand business manifold.
"The D-8 members have a large market for textile and garments. Formation of a common textile market will create scope for multiplying our business," BGMEA chief Shafiul Islam Mohiuddin told the FE Monday.
He said there are some tariff and non-tariff barriers among the member countries which are hindering the intra-D-8 business. "If a common textile market is formed, the barriers will be removed in phases through discussions."
"The members will be benefited in various ways if the common market is formed," Mr Mohiuddin, president of the BGMEA (Bangladesh Garment Manufacturers and Exporters Association), added.
Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey are members of the D-8 forum.
The Bangladesh country paper prepared for the taskforce meeting on textile and garments of the D-8 ministerial meeting, to be held on October 8-10 in Dhaka, noted that all member countries are not self-sufficient in producing textile and garments.
"Bangladesh has enough expertise in cutting and making of garments but it is weak in producing fibre as raw material for primary textile, and capital machinery," it said.
It said a common market will enable marketing of clothing, garments, capital machinery, and raw materials.
After its formation Bangladesh will sell the finished products to all member countries, Turkey will find a confirmed market for its capital machinery, cotton and finished products, and Pakistan will flourish
Published: Wednesday, 03 October 2012
Syful Islam
Bangladesh will propose the formation of a common textile market for the D-8 (developing-8) countries to sell their own products to tap the benefit of the forum, sources said.
The member countries of D-8, with a combined population of nearly one billion offer a market worth US$20 billion for finished textile and garments.
Bangladesh's apparel manufacturers said the market, if formed, will help expand business manifold.
"The D-8 members have a large market for textile and garments. Formation of a common textile market will create scope for multiplying our business," BGMEA chief Shafiul Islam Mohiuddin told the FE Monday.
He said there are some tariff and non-tariff barriers among the member countries which are hindering the intra-D-8 business. "If a common textile market is formed, the barriers will be removed in phases through discussions."
"The members will be benefited in various ways if the common market is formed," Mr Mohiuddin, president of the BGMEA (Bangladesh Garment Manufacturers and Exporters Association), added.
Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey are members of the D-8 forum.
The Bangladesh country paper prepared for the taskforce meeting on textile and garments of the D-8 ministerial meeting, to be held on October 8-10 in Dhaka, noted that all member countries are not self-sufficient in producing textile and garments.
"Bangladesh has enough expertise in cutting and making of garments but it is weak in producing fibre as raw material for primary textile, and capital machinery," it said.
It said a common market will enable marketing of clothing, garments, capital machinery, and raw materials.
After its formation Bangladesh will sell the finished products to all member countries, Turkey will find a confirmed market for its capital machinery, cotton and finished products, and Pakistan will flourish