Thanks to apparel shipments continuing to enjoy duty-free market access in the UK even after becoming a developing nation, Bangladesh’s overall export to the United Kingdom would reach US $ 12.3 billion by 2030.
This is as per a projection by the Bangladesh-based think-tank Policy Integration for Development (RAPID), which underlined the UK has recently announced the Developing Countries Trading Scheme (DCTS), which has replaced the generalised system of preferences (GSP) even as it ensures Bangladesh’s apparel exports will continue to get duty-free access in the UK even after the transition.
Speaking on the occasion, RAPID Chairman Mohammad Abdur Razzaque opined, “There are tremendous opportunities to raise exports to the UK,” even as he added of the projected annual receipts of US $ 12.3 billion, around US $ 11 billion will come from apparel exports and rest from non-RMG items while also underling in a realistic measurement and considering the present economic situation, the export earnings would be achievable.
The RAPID Chairman made these observations while addressing a stakeholder consultation titled, ‘Expanding and Diversifying Exports to the UK Market’ in Dhaka recently.
