Former Bangladesh Garment Manufacturers and Exporters Association (BGMEA) vice president Rakibul Alam Chowdhury said the country's ready-made garment (RMG) industry is seriously threatened by the US government's recent implementation of a 37 per cent tax.
Business News
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Two of Bangladesh's biggest exporters of clothing have demanded that the government remove or significantly lower import taxes on goods originating in the US. They contend that preserving competitiveness against other nations in the global market requires lower tariffs.
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Even higher tariffs on these goods would increase prices, making them unaffordable for consumers and placing an excessive burden on household budgets.
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India can increase its competitiveness in the US market because its tariff rate of 26 per cent is far lower than that of rival countries like China and Vietnam.
