Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hasan on Thursday said the rumour that a sanction might have been imposed against Bangladesh caused by the LC clause, is "baseless and incorrect". LCs are private commercial instrument, not statutory order or notice. "So this should not be misinterpreted as a measure of trade enforcement or economic sanction. Moreover, the BGMEA did not receive any information from our diplomatic mission or from any official sources to support any sanction or trade measure," said the BGMEA chief in a message to its members, colleagues, friends, and well-wishers. Marcel fridge customer gets Tk 1 lakh worth cash voucher in Noakhali He urged all the brands, retailers and their agents not to complicate trade with external issues, particularly not to insert any unnecessary clause creating such confusion. "We also urge our members not to accept any LCs having such a clause, and to communicate with the respective buyer(s), solicit clarification and amendment if such clause is found in the LC," said Faruque Hassan. Given all the progresses and initiatives the industry has taken to protect the legitimate rights and wellbeing of the workers, and the sustainability vision 2030, he said they are pursuing through actions, and there is no ground to impose any sanction against Bangladesh as far as the RMG industry is concerned. CEMS-Global USA’s series of exhibitions kicks off Thursday "However, we are also working with our government so that any issues or concerns are addressed through diplomatic efforts that support continued progress within the industry and economic security to the workers," he said. The much discussed LC was transferred by the ZXY International against a master LC issued by a French buyer named ‘KARIBAN’. ZXY transferred the LC in favour of ‘Knit Concern’, a member of the BGMEA. The BGMEA collected copy of the LC. It was issued by Standard Chartered Bank l, Dubai. The LC contains the following text -  “We will not process transactions involving any country, region or party sanctioned by the UN, US, EU, UK. We are not liable for any delay, non-performance or/ disclosure of information for Sanctions Reasons”. The BGMEA sought clarification from ZXY on such clause. “We received a formal clarification from ZXY, as well as got a clarification statement by the original buyer KARIBAN, which makes it clear.” Strengthened Bangladesh-US collaboration holds promising trade opportunities: BGMEA President The clarification envisages: a)     KARIBAN did not insert this clause in its master LC in favor of ZXY International. b)    The clause was inserted by SCB Dubai, which they have been doing in every LC since 30th November 2022. c)     The clause does NOT state that there is any sanction against Bangladesh. d)    ZXY International confirmed that they will remove the clause in the LC, and if required they will issue a fresh LC without that clause. 

British Deputy High Commissioner to Bangladesh Javed Patel Hassan met Faruque Hasan, president of  Bangladesh Garment Manufacturers and Exporters Association at BGMEA office on Monday. They discussed various trade issues including sustainability in the RMG sector and ways to further cooperation between the UK and Bangladesh for development of the industry. The BGMEA President sought the support of the British government with regard to non-payment by some of the British brands to their Bangladeshi suppliers during the Covid-19 crisis. READ: BGMEA delegation meets BEZA chairman over allocation for 'garment village' The discussion also included cooperation between the UK and Bangladesh regarding graduatio from LDC, possible changes in the tariff regime and how Bangladesh could retain its market access in the post-LDC era in the UK. The BGMEA President expressed thanks to the Deputy High Commissioner for the friendly support of the UK for betterment of Bangladesh’s apparel industry. READ: Commerce Ministry, BGMEA ink MoU for Centre for Innovation, Efficiency and OSH Mahesh Mishra, Counsellor, Prosperity and Economic Growth Foreign, Commonwealth and Development Office, British High Commission in Dhaka, Miran Ali, Vice President, and Md. ImranurRahman, Director, BGMEA were also present at the meeting.