BANGLADESH: Government Slashes Textile Export Red Tape
Bangladesh is cutting down on its bureaucratic processes in order to deal with heightened competition when textile quotas expire at the end of 2004.
Experts have warned that the textile industry will suffer a massive blow when trade is liberalised, with buyers turning to countries that can afford to charge cheaper prices such as China and India.
The Bangladeshi government has consequently said that it will simplify pre-shipment processing so that companies can export their goods faster.
The International Monetary Fund believes that Bangladesh's gross domestic product will be 2.3 per cent lower in 2007 than it would have if the quota system had been extended.
The IMF has also predicted that exports will fall by 14.2 per cent and employment by 4.5 per cent.
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