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Cabinet committee now to decide SAARC cumulation

Star Business Report
Failing to take a decision on SAARC cumulation offer, an inter-ministerial meeting yesterday preferred sending the issue to the Cabinet Committee on Economic Affairs for a final decision.
According to sources, a number of cabinet ministers sent their comments about SAARC cumulation implementation. But the inter-ministerial meeting chaired by Kamal Uddin Siddiqui, principal secretary to the prime minister, avoided taking decision on the much debated issue.
Leaders of Bangladesh Textile Mills Association (BTMA), who had always been opposed to the regional cumulation, said it is essential to protect the local backward linkage industries. But once SAARC cumulation is implemented, Indian raw materials will flood market destroying the local textile mills,
they told the meeting.
Brushing the claims aside, garment exporters argued that SAARC cumulation would not hurt local industries, rather it would push the overall exports up.
Referring to the possible market situation in the post-MFA era, the garment exporters said they must increase their exports at this moment.
If garment exports cannot be increased now, the highest foreign currency earning sector would face a big blow after 2004, leaders of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told the meeting.
A trade economist and two local experts also made their observations at the meeting.
Bangladesh may implement regional cumulation but in order to protect the local backward linkage industries, a condition may be set
that the exporters would buy at least one-third of their raw materials from local manufacturers, they suggested.
The experts also suggested considering partial implementation of the cumulation. It can be partially implemented for the non-textile as well as some textile items through which Bangladesh could increase exports to the European Union, they told the meeting.
Under SAARC cumulation, Bangladeshi exporters will be allowed to import raw materials from any SAARC countries and get generalised system of preference (GSP) facility to export in the European Union with above 50 per cent value addition.
Apart from BTMA and BGMEA leaders and local experts, secretaries of the finance, foreign, industries, commerce and textile ministries attended the meeting.