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Bangladesh businesses eye profits from India textile import tax hike
India’s decision to double tax on import of textile products to curb imports from China will benefit the Bangladesh apparel industry, entrepreneurs say.
Published : 7 August 2018, 03:38 PM
Updated : 7 August 2018, 03:38 PM
“It’s a good news for our apparel industry. It will enable us to export more products to India,” Bangladesh Garment Manufacturers and Exporters Association Senior Vice-President Faruque Hassan told bdnews24.com on Tuesday.
“We will be able to take the Indian market from China as the tax will curb Indian imports from China,” he added.
Bangladesh’s RMG exports rose 10 percent year-on-year in 2017-18 fiscal year, said Faruque who believes India’s decision will help Bangladesh post more growth in apparel export this fiscal.
India's imports of textile products from Bangladesh, Vietnam and Cambodia also jumped in the last few years as they are not subject to any duty under free trade agreements (FTA) signed by India with these countries.
The 20 percent duty India imposed on textile products on Tuesday will not be applicable to products sourced from those countries due to the FTA.
Also Read: India doubles import tax on textile products
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