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DUTY-FREE ACCESS TO US MARKET

Bill to be placed in US Congress Wednesday

Commerce minister tells parliament

UNB, Sangsad Bhaban
A bill seeking duty-free market access to the United States will be placed in the lower chamber of Congress on Wednesday (February 16), the commerce minister told Parliament yesterday.
Replying to a supplementary of Fazlul Huq Milon (BNP), Commerce Minister Altaf Hossain Choudhury also apprised the House of the country's trade position with the Saarc member countries as well as with Canada and USA.
"Bangladesh seeks duty-free access to the American market. A bill to this effect will be introduced in the US Congress on February 16," he told the House, apprising that the country enjoys similar market preference from a number of countries, including Canada, Norway, New Zealand and Australia.
The bill titled "Trade Relief Assistance for Developing
Economies (TRADE)" was introduced in the upper house on January 26 seeking duty-free access of products from Bangladesh and 13 other least developed countries (LDCs) to the US market.
From the upper house, the bill is now being sent to the lower chamber of the Congress. Four senators, both from Democrats and Republicans, supported moving the bill.
Industry insiders believe a lot of customers would come to Bangladesh due to the move -- be it passed or not. They, however, explained that it's a tough task to get the bill through the American parliament.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has appointed lobbyist in the United States to help move the bill. It would try to "execute" the bill within next few months, or by a year
at the latest.
Industry sources expected that the bill seeking full duty waiver, if enacted, could bring about a revolution in the country's apparel industry. The US charges 16 percent import duty on average on the apparel items.
The US authorities have already awarded market preference to 33 sub-Saharan and Caribbean countries out of 49 in the world's poorcountry club (the group of LDCs).
The apex trade body of Bangladesh's apparel industry moved the bill for the rest of the countries -- Nepal, Bhutan, Cambodia, Laos, Kiribati, Afghanistan, East Timor, Yemen, Samoa, Solomon Islands, the Maldives, Vanuatu and Tuvalu.
In the draft of the tradepreference law, they have portrayed challenges the poor countries would have to face in the post-MFA trade era as well as their economic
requirements and competitiveness in globalization and international market.
Altaf said Bangladesh's export to Canada increased by 140 percent due to the duty free market access facility, but to the United States exports declined a little.
On Dhaka's trade position with Saarc countries, he admitted that the trade deficit with South Asian nations has increased, but hoped that it would improve with the operation of Safta from January 1 next year.
The commerce minister informed the House that Bangladesh exported goods worth US$ 65.25 million to Saarc countries as against its import of US$ 780.56 million up to November of fiscal 2004-2005. The deficit stood at US$ 715.29 million.