Brexit may affect the development of Bangladesh’s export industry
According to the “Daily Star” report on June 26, the Dhaka Chamber of Commerce and Industry of Bangladesh (DCCI) issued a statement stating that Britain’s departure from the European Union will affect the development of Bangladesh’s export industry. Bangladesh currently enjoys zero-tariff treatment for most of its exports to the EU. If the UK withdraws from the EU, there will be uncertainty as to whether Bangladesh’s exports to the UK will enjoy the above-mentioned treatment, which must be confirmed through consultation between the two countries. In addition, the EU accounts for 55% of Bangladesh’s export market and the UK accounts for 12%. Brexit caused the depreciation of the pound and the euro, which directly led to the decline in Bangladesh’s export revenue and the devaluation of remittances from people working in the UK and EU.
DCCI calls on the government to take immediate action to assess the impact of Brexit and conduct bilateral negotiations with the UK as soon as possible. Bangladesh’s Commerce Minister Taofir said that although Bangladesh’s exports will be affected by the exchange rate in the short term, in the long term, if the UK continues to implement preferential tax policies for Bangladesh, Bangladesh’s exports to the UK will continue to grow. Farooq Hassan, vice chairman of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said that the UK has always advocated tax incentives for least developed countries, and Brexit should not affect Bangladesh’s existing treatment. Brexit may affect the development of Bangladesh’s export industry
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