Faruque Hassan, former president of BGMEA, requests India to lift its ban on transshipment for Bangladeshi goods, citing economic interdependence. He highlights the importance of the readymade garment sector, which constitutes the majority of Bangladesh’s exports, and warns that the ban will increase costs and reduce competitiveness. He advocates for improved bilateral relations and logistics solutions to foster mutual economic growth.

In a recent statement, Faruque Hassan, the former President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), expressed a strong request for India to reconsider its ban on transshipment facilities for Bangladeshi goods. He emphasized the economic interdependence between Bangladesh and India, noting the significant volume of imports of fabrics, dyes, chemicals, machinery, and yarns from India.

Hassan highlighted that the readymade garment industry serves as the cornerstone of Bangladesh’s economy, with over 83% of total exports comprising apparel. He pointed out the shipping dynamics, stating that more than 95% of goods are transported by sea, making the transshipment issue particularly critical during challenging global economic conditions.

According to Hassan, the cancellation of transshipment will lead to increased freight costs and extended lead times for shipments to key markets such as the United States, Germany, and the United Kingdom. He noted that the lack of direct shipping options forces manufacturers to rely on various countries for logistics, which could impair their global competitiveness.

He further remarked on the limited availability of cargo flights from Bangladesh, urging the government to enhance air cargo capacity by collaborating with international airlines. This improvement is vital for sustaining efficient trade operations.

Hassan advocated for the importance of bilateral discussions, indicating that trade relations should prevail over political tensions. He asserted that the growing economic ties between Bangladesh and India are crucial as both countries aim to deepen their commercial engagement without being constrained by international rivalries.

He concluded by underscoring the necessity for Bangladesh and India to foster closer ties through robust trade relationships, emphasizing that mutual benefits could emerge from this collaboration. Hassan believes that addressing political issues should be handled through dialogue rather than allowing them to hinder economic cooperation between the two nations.

In conclusion, Faruque Hassan’s appeal regarding India’s ban on transshipment underscores the critical interconnectedness of Bangladesh and India’s economies, particularly in the readymade garment sector. He emphasizes the need for stronger bilateral relations, enhanced logistics solutions, and the necessity for dialogue to mitigate political challenges. Strengthening trade partnerships is essential for both nations to thrive in the global marketplace and achieve sustainable growth.

Original Source: www.chinimandi.com

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