A strategy has been unveiled by the new leadership of the apex trade body of the apparels sector to double its export target in a span of three years on the backdrop of changed global business scenario.
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) says besides implementing this new strategy, styled Time Action Plan, to resolve local and global barriers, they would look into enforcement of the tripartite agreements on RMG workers minimum wages and compliance issues to augment exports from $9 billions to $18 billions.

A strategy has been unveiled by the new leadership of the apex trade body of the apparels sector to double its export target in a span of three years on the backdrop of changed global business scenario.
Bangladesh Garments Manufacturers and Exporters Association (BGMEA) says besides implementing this new strategy, styled Time Action Plan, to resolve local and global barriers, they would look into enforcement of the tripartite agreements on RMG workers minimum wages and compliance issues to augment exports from $9 billions to $18 billions.

To face the challenge of reaching the target of $18billion RMG exports, the BGMEA is keen to work with other parent sectors including Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and Bangladesh Textile Mills Association (BTMA), the BGMEA chief said. A rapid change has been brought about in the global business strategy over the years, he said, adding that UCP600 (uniform customs and practice for documentary credits), direct trading banking system, delivered ex quay (DEQ) and factoring system are coming up, while deferred payment is now allowed in export and import business.

He suggested that the government should introduce such a direct trading banking system, which is already in force in China. Parvez also urged the government to send a realistic recommendation on generalised system of preference (GSP) to the European Commission soon so that the country’s RMG sector can reap benefit from GSP in the EU market. GSP issues have changed during the last few years, but Bangladesh has not yet sent any proposals to the commission, he lamented.