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India and Bangladesh decided to strive jointly for a 35% proportion of global textiles and clothing trade in the next five years

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indo-banglaAt a recent virtual conference, textile ministers, top bureaucrats and stalwart industry from India and Bangladesh decided unanimously that both countries jointly should strive for a 35% proportion of global textiles and clothing trade in the next five years. India’s total exports of textiles and clothes are currently around $39 billion (FY19) and are forecast to cross $82 billion by 2021 before the coronavirus pandemic. Bangladesh ‘s exports were 27.95 billion USD in FY20, on the other hand, compared to the previous fiscal year’s 34.13 billion USD. In the past, the target for 2020-21 for the duration from $50 billion has adjusted and is set at $33.78 billion in terms of the present circumstances.

Both countries export $66.95 billion in textiles and clothing together and have to hit at least $350 billion over the next five years together. With the rate of 5.22, they have to evolve together. Mr. Rubana Huq, chief executive officer of the Bangladesh Association of Manufacturers and Exporters (BGMEA) stresses the joint effort and calls for ‘go rural, go green.’ Though Apparel Export Promotion Council (AEPC) Chair Dr A. Sakthivel proposes a shared exhibition of Indian and Bangladeshi companies where customers can work together and jointly gain a better valuation and more business.

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