Desk Report: Honorable Foreign Minister AK Abdul Momen urged the United States to lift import duties on Bangladeshi readymade garments, produced from cotton imported from the USA. He also called for increased and diversified US investment in Bangladesh.
Around 14% of the total local demand for cotton in the garment industry is met by imports from the US, and the US is the main export market for garments produced from cotton. However, in the case of RMG exports to the US, the tariff is up to 56% . Foreign minister makes the call at the 25th anniversary ceremony of American Chamber of Commerce in Bangladesh on 2 December .
Momen thanked the USA for providing corona vaccines and assistance in the Rohingya issue.The USA makes the largest foreign direct investment in BD, which is about 25% of total foreign investment. Mostly, they are investing in energy sectors. But, it is the time for the USA to diversify investment,added Momen.
Salman F Rahman, private industry and investment adviser to the Prime Minister; US Ambassador,Earl R Miller; AmCham President Syed Ershad Ahmed and past presidents of the chamber Md Nurul Islam, Forest D Cookson, M Aftabul Islam, Syed Mohammad Kamal and Zamil Ahmed also spoke on the occasion
Source Link: Momen urges US to lift tariff on RMGs made of US cotton