May 31, 2016
BGMEA raise threat of regional trade blocs with WTO
May 31, 2016
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has raised concerns over regional trade agreements at the World Trade Organisation. BGMEA seeks to put forward the agenda of duty-free market access to the developed country.
Ahead of the “WTO Dialogue with Business” in Geneva this week, BGMEA said regional trade agreements, like the 12-nation Trans Pacific Partnership (TPP) signed bypassing WTO laws, is an impediment to multilateral rule-based trading system. The TPP trade bloc represents nearly 40 per cent of the world’s GDP.
“WTO Dialogue with Business” is aimed at discussing the opportunities and challenges facing business people to conduct trade operations and how WTO can help deal with them.
A three-member BGMEA delegation led by its President Siddiqur Rahman is attending the business dialogue.
The Bangladeshi RMG sector is apprehensive that a trade bloc like the TPP will limit the space for the Least Developed Countries (LDCs) and create an unfair competition.
The Bangladeshi RMG sector have urged the WTO to take the lead to ensure enough policy protection for the LDCs from regional trade associations like the TPP by engaging developed members in discussions with a spirit to ensure level playing field.
Copyright © 2023 Fibre2Fashion. All rights reserved.