Amid a continuous decline in ready-made garment (RMG) exports, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has decided to submit a comprehensive "Charter of Policy Support" to the government soon, recommending measures to stimulate investment, enhance production capacity and diversify exports.
The decision was taken during an emergency meeting of the Board of Directors held at the BGMEA headquarters in Uttara on Monday with its President Mahmud Hasan Khan in the chair.
The meeting focused on analysing the root causes of the downward trend in export earnings and strategies to recover growth.
According to BGMEA sources, the upcoming charter will feature a comparative analysis of Bangladesh's position alongside its key global competitors, including India, Vietnam and Cambodia. It will highlight Bangladesh’s existing advantages, prevailing limitations, and policy gaps comparted to those rival nations.
During the meeting, the board discussed how international buyers are increasingly anxious due to uncertainties surrounding Bangladesh's Least Developed Country (LDC) graduation timeline and the potential postponement of the transition.
Furthermore, the rising competitiveness of India, the prospect of new trade agreements, and the strategic policy advantages enjoyed by regional competitors are emerging as major headwinds for Bangladesh’s apparel industry.
The BGMEA chief stated that the country's apparel sector is navigating a new reality due to global marketplace competition and LDC graduation uncertainties.
"In this context, the charter will be presented to the government with explicit recommendations to formulate policies conducive to expanding investment, boosting production, and diversifying exports, thereby strengthening Bangladesh’s position in the global market," he added.
Industry insiders believe that timely and strategic policy intervention from the government has become critical to ensuring the sustainable growth of Bangladesh's primary export earning sector amidst changing global trade realities.