Bangladesh and India are expected to sign a memorandum of understanding (MoU) for duty-free export of eight million pieces of readymade garments. The offer had been made during the 14th summit of the South Asian Association for Regional Cooperation (SAARC) in New Delhi and was firmed up during a subsequent visit of External Affairs Minister Pranab Mukherjee to Dhaka. Chaired by Bangladesh Chief Adviser Fakhruddin Ahmed, a meeting of the Council of Advisers on Tuesday approved the MoU proposal for duty-free import by the Indian government.
The manufacture has been hit by labour unrest due to bad working conditions and failure to revise wages, while the exports were hit by political turmoil in the second half of 2006. Growth in the readymade garment industry, the powerhouse of the country''s export economy, has slowed with the sector for the first time failing to reach export targets and facing a sharp decline in new orders.
Source : www.indian-commodity.com
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