The member countries of D-8, with a combined population of nearly one billion offer a market worth US$20 billion for finished textile and garments. Bangladesh apparel manufacturers said the market, If formed, will help expand business manifold.
The D-8 members have a large market for textile and garments. Formation of a common textile market will create scope for multiplying our business," chief Islam told the Monday. He said there are some tariff and non-tariff barriers among the member countries which are hindering the Intro-D-8 business. "If a common textile market Is formed, the barriers will be removed In phases through discussions. " "The members will be benefited In various ways if the common market is formed," Mr. , president of the Bangladesh Garment Manufacturers and Exporters Association added.
Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey are members of the D-8 forum. The Bangladesh country paper prepared for the task force meeting on textile and garments of the D-8 ministerial meeting, to be held on October 8-10 in , noted that all member countries are not self-sufficient in producing textile and garments. "Bangladesh has enough expertise in cutting and making of garments but it is weak in producing fiber as raw material for primary textile, and capital machinery," it said.It said a common market will enable marketing of clothing, garments, capital machinery, and raw materials.
After its formation Bangladesh will sell the finished products to all member countries, Turkey will find a confirmed market for its capital machinery, cotton and finished products, and Pakistan will flourish with raw materials production and finished products. Besides, Indonesia will find a primary and secondary textile market for its products, Nigeria will find a low cost source of garments, and Iran and Egypt will get traditional textile market and low cost source of garments.The country paper identified that removal of turf and non tariff barriers, withdrawal of quota system for all textile products, one-stop multiple visa service for the textile businessmen and experts, and intro-market trading of textile Items will be needed to establish the common market. Despite Bangladesh being the second largest clothing exporter In the world, Its export to other D-8 countries is still insignificant. In fiscal year () 2011-12 Bangladesh exported clothing worth $ 727 million to D-8 member countries.
