RMG export earnings to UK could reach $11b by 2030
Bangladesh has the potential to raise its readymade garment (RMG) export earnings to US$11 billion to the UK by 2030 as the country will continue to get duty-free market access after LDC graduation.
Bangladesh earned US$4.5 billion from RMG exports to the UK in the last fiscal year which could be raised to US$11 billion by 2030, according to the projection of Research and Policy Integration for Development (RAPID).
“It is still unsettled if Bangladesh’s garment exports after LDC graduation will continue to receive duty-free market access in the European Union (EU) but, under the UK Developed Countries Trading Scheme (DCTS), Bangladesh apparel exports will continue to get duty-free access in the UK”, said Dr MA Razzaque chairman of RAPID.
UK will continue to provide the existing duty benefit to LDCs including Bangladesh until 2029 including three years transition period, while its enhanced DCTS preferences remove the 32 international conventions ratification and implementation requirement which is mandatory to sustain GSP plus facility in the EU, he noted.
Non-RMG exports could be reached US$ 1.3 billion by 2030 from the existing US$700 million, he said adding that the potential is much higher for non-RMG export growth in the UK.
He said these while presenting study findings at a stakeholder consultation meeting titled ‘Expanding and Diversifying Exports to the UK Market’ on Thursday at BRAC Center Inn in the city.
Senior Secretary of Commerce Ministry Tapan Kanti Ghosh was present as chief guest while Export Promotion Bureau Vice Chairman AHM Ahsan and Chairman of Bangladesh Trade and Tariff Commission Md Faizul Islam, Deputy Development Director at Foreign, Commonwealth and Development Office (FCDO) Dr Duncan Overfield spoke at the meeting.
RAPID Executive Director Dr M Abu Eusuf moderated the event.