Munshi demands fair prices from global garment buyers

Commerce Minister Tipu Munshi today demanded fair prices from the global clothing retailers and brands as the local exporters have been facing uneven price competition in the international markets.

The cost of production in the factories went up in Bangladesh, but the international clothing retailers and brands are not paying fair prices to the manufacturers, he said.

The minister was speaking at a meeting with US Ambassador to Bangladesh Peter D Haas at the minister's secretariat office in Dhaka.

Munshi said the US is the main export destination for Bangladesh.

The government has already amended the labour law and improved the working environment as per the international standard, he said.

Now the factories are safe and worker-friendly, the minister said.

For instance, currently, Bangladesh is the global champion in the green garment factories having 157 buildings, which have received Leadership in Energy and Environmental Design (LEED) certification from the United States Green Building Council.

Of the top 10 green garment factories in the world nine are in Bangladesh, the minister also said.

He called the US businesses to invest in Bangladesh as the Hasina administration has been developing 100 special economic zones across the country, the commerce ministry said in a statement.

The minister said his government has been lobbying with major trading partners to sign the free trade agreements (FTAs) and preferential trade agreements (PTAs) to retain the duty benefit after the country's graduation to a developing country in 2026.

Bangladesh's international trade may be affected for a brief period, but in the long run the country would be benefited from the signing of the FTAs and PTAs, the minister said.

The American envoy said Bangladesh is a friendly and important country for the USA.

The development of Bangladesh is visible now as the nation is going to be graduated from the least developed country category, he said.

The economic and trade relation between Bangladesh and the USA will be stronger in the days to come, the US envoy also said.