Bangladesh’s BGMEA calls for economic diplomacy for continued growth

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has underscored the need for constructive dialogues, research, economic diplomacy and engagement with governments and stakeholders at international level so that the momentum behind Bangladesh’s economic growth continues to build after Least Developed Country (LDC) graduation.

The observations were made by BGMEA president Faruque Hassan during a meeting with Masud Bin Momen, foreign secretary of Bangladesh, and ambassador Rabab Fatima, Permanent Representative of Bangladesh to the United Nations held at the Permanent Mission of Bangladesh to the UN in New York.

The discussions encompassed the issues regarding graduation of Bangladesh from LDC, possible changes in the tariff regime in export markets and how preferential market access can be continued in the post-LDC status, the BGMEA said in a statement.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has underscored the need for constructive dialogues, research, economic diplomacy and engagement with governments and stakeholders at international level so that the momentum behind Bangladesh’s economic growth continues to build after Least Developed Country (LDC) graduation.

Hassan said finding pragmatic ways for retaining the market access facilities is vital to remain competitive in export markets while creating new market opportunities will be equally important to explore. He laid emphasis on efforts in securing continuation of trade benefit for Bangladesh for 12 years after the graduation from the LDC category in 2026.

He apprised them of BGMEA’s research initiative to explore market opportunities for RMG exports and also briefed them on the new Centre of Innovation, Efficiency and Occupational Safety and Health (OSH) which is being established at the newly built headquarters of BGMEA in Uttara to enhance competitiveness of the readymade garment industry of Bangladesh.

Hassan also highlighted the contribution of Bangladesh’s RMG sector in attaining Sustainable Development Goals (SDGs) and underlined the need for projecting the success stories on global platforms including the UN, the release said.

Fibre2Fashion News Desk (KD)