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To facilitate easier importation of specific goods, the Bangladesh Bank (BB) has directed all banks to relax the cash margin rate related to the initiation of import letters of credit (LCs) for 10 types of products, among which are textile raw materials. A recently issued BB circular stated that the directive stipulates that banks should […]

Speakers at the fourth Logistics Infrastructure Development Working Committee (LIDWC) meeting at the Bangladesh prime minister’s office (PMO) held recently urged the government to simplify the logistics policy framework to achieve national growth targets and strengthen capacity in trade and investment to reduce cost of business. The committee, which will work with the National Logistics

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and H&M Group entered into a deal today to attempt a transition towards a circular and climate neutral garment industry in Bangladesh by reducing carbon emissions by 30 per cent. Helena Helmersson, CEO of the fashion retailer, and Faruque Hassan, president of the BGMEA, inked the memorandum

To encourage garment manufacturing from recycled fibres, the government is considering withdrawing the existing 7.5% value-added tax (VAT) on the collection of textile waste by spinning mills in the next fiscal year. The concept of circular fashion, which primarily relies on recycled fibres, has gained significant attention globally in recent years, including in Bangladesh. The

Bangladesh has again sought duty free access to the US market for locally produced garments made from the US cotton, said Senior Commerce Secretary Tapan Kanti Ghosh. “Bangladesh made the same demand in the last meeting of the Trade and Investment Cooperation Forum Agreement (TICFA) held in Washington in December last year,” he told the

During the July-March period of this fiscal year, the initiation of letters of credit (LC) for imports in Bangladesh dropped by approximately 25.38 per cent to $51.36 billion, compared to $68.84 billion in the same timeframe of the prior fiscal year, due to import limitations, according to Bangladesh Bank data. Imports of capital machinery, intermediate

The US government passed the Uyghur Forced Labor Prevention Act (UFLPA), which came into force on June 21, 2022. It allows US border authorities to practice greater powers to block or seize goods any product partly or wholly made in Xinjiang, an autonomous territory in northwest China, linked to forced labor in China. Bangladesh’s apparel

Bangladesh Foreign Exchange Dealers Association (BAFEDA) and The Association of Bankers, Bangladesh Limited (ABB) have revised the exchange rate by increasing the dollar price by one taka in terms of export earnings and remittances. This decision was taken in a meeting between Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers Association (BAFEDA) on

As of 2022, the company exported garments worth $500 million and has set a target of earning $600 million by the end of this year. As part of the expansion plan, a new production facility of about 7.5 lakh square feet is being set up in the Chittagong Export Processing Zone (CEPZ), which is expected

Traceability or product tracing is defined by Codex Alimentarius Commissions as -the ability to follow the movement of product through specified stage(s) of production, processing and distribution. Traceability within product quality control system is applied as a tool to control counterfeit product, provide reliable product information and guarantee product authenticity. Traceability in the textile industry