The Governments of India and Bangladesh will sign a Memorandum of Understanding (MoU) on Textiles, during the visit of Bangladesh’s Minister of Textile Abdul Latif Siddique to New Delhi on August 19, 2013.
Mr. Siddique will be visiting New Delhi on the invitation of K Sambasiva Rao, Minister of Textiles of India, The Indian High Commission in Dhaka said in a statement.
“During the visit, the two Ministers would hold extensive talks on various issues involving the textile and jute sectors of the two countries,” the statement said.
The MoU on Textiles provides for cooperation in fashion technology, skill exchange, and productivity enhancement; techno-commercial collaboration in development of textiles including upgrading and enhancing production efficiency, management techniques, training, R&D etc.; cooperation and facilitation in participation in trade exhibition and buyer-seller meet; making a provision for supply of agreed quantum of jute and jute goods from Bangladesh to India every year.
Textiles and jute accounted for more than 50 percent of Bangladesh’s US$ 563.93 million worth of exports made to India in financial year 2012-13.
After the Indian Government removed duty and quota on Bangladeshi readymade garments in September 2011, Bangladesh’s exports of woven & knitwear garments to India registered an increase of 53 percent in 2011-12, when compared to 2010-11.
In 2012-13, Bangladesh’s apparel exports to India grew by another 36.7 percent. Thus, the exports of woven & knitwear clothing from Bangladesh to India registered a growth of 109.5 percent in a two-year period, and growing from US$ 35.9 million in 2010-11 to US$ 75.20 million in 2012-13.
The export of raw jute from Bangladesh to India rose by 17.5 percent year-on-year from US$ 113.9 million in 2011-12 to US$ 133.9 million in 2012-13.
However, the overall growth in Bangladesh’s exports to India remained at 13.15 percent year-on-year in 2012-13.
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