Bangladesh and India will sign a ‘pact on cooperation’ in textiles sector in New Delhi on Monday.Textiles Minister Abdul Latif Siddiqui is already in Delhi on a five-day visit at the invitation of Indian counterpart Dr KS Rao.
During the visit, the two ministers would hold extensive talks on various issues involving the textile and jute sectors of the two countries.
A Memorandum of Understanding (MoU) will be signed between the two governments to promote bilateral cooperation in this area, an official at the ministry told UNB on Sunday.
The proposed MoU on textiles provides for cooperation in fashion technology, skill exchange, and productivity enhancement; techno-commercial collaboration in development of textiles including upgrading and enhancing production efficiency, management techniques, training, R&D etc; cooperation and facilitation in participation in trade exhibition and buyer-seller meet; making a provision for supply of agreed quantum of jute and jute goods from Bangladesh to India every year.
Jute and Textiles formed more than 50 percent of Bangladesh’s exports of US$ 563.96 million to India in fiscal 2012-13.
While the overall growth in Bangladesh exports to India in the FY 2012-13 has been 13.15 percent when compared to FY 2011-12, export of raw jute has grown by 17.5 percent from US$ 113.9 million to US$ 133.9 million.
During the same period, export of jute goods has grown by 6.7 percent from US$ 73.3 million to US$ 78.2 million.
After the removal of duty and quota on readymade garments (RMG) in September 2011, Bangladesh exports of Woven and Knitwear RMG to India registered an increase by 53 percent in FY 2011-12 compared to FY 2010-11.
In FY 2012-13, exports in this sector have again grown by 36.7 percent. Thus the exports of Woven and Knitwear RMG have grown from US$ 35.9 million in FY 2010-11 to US$ 75.20 million in FY 2012-13 registering a growth of 109.5 percent in a two-year period.
-UNB
