Bangladesh’s garment industry exporting to the EU will face fierce competition
According to Bangladesh’s “Daily Star” report on September 1, once Bangladesh graduates from the least developed countries, Bangladesh’s garment industry exported to the EU will face fierce competition. Bangladesh will lose its 12% tariff preference, but Vietnam has signed a free trade agreement with the EU and can enjoy zero tariffs. Therefore, compared with Vietnam’s clothing exports to the EU, the cost of Bangladesh’s clothing exports to the EU is 22-23% higher in terms of tariffs. Vietnam is also a member of the Agreement for Trans-Pacific Partnership for Inclusive Development (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), so it will enjoy tariff preferences in apparel trade with Canada, the United States, Australia and other countries.
Experts recommend that the Bangladesh government sign free trade agreements, preferential trade agreements and other agreements with relevant countries so that Bangladesh can still enjoy tariffs after graduating from the least developed countries. preferential treatment, otherwise Bangladesh’s garment industry will face adverse effects. According to estimates, since the graduation of the least developed countries, Bangladesh has lost the tariff preferences for entering the EU market, while Vietnam has the tariff preferences for entering the EU market. Bangladesh will lose US$12 billion worth of exports to the EU in its apparel market share to Vietnam.
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