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India.com
26-05-2025
- Business
- India.com
Anti India Yunus takes Bangladesh on verge of massive economic crisis, industrialists warn of..., remind people of 1971 due to...
Muhammad Yunus- File image In a shocking turn of events reported from Bangladesh, top industrialists from Bangladesh's major business bodies are warning the Muhammad Yunus led interim government that the ongoing power and gas crisis in Bangladesh will push the industries of the nation toward collapse. Many experts also compared the present situation to the 1971 Liberation War. Here are all the details you need to know about the present situation in Bangladesh. Compared the crisis to the 1971 Liberation War, BTMA President Showkat Aziz Russell was quoted as saying by DT that 'Back then intellectuals were targeted; in 2025, it's the entrepreneurs. We're paying gas bills but getting no supply. Factories are idle, yet we're pressured to repay loans, deal with soaring interest rates, and face government threats. Our backs are against the wall'. Adding to the worries, BCI President Anwar-ul-Alam Chowdhury Parvez has said businesses are being treated as defaulters despite being crippled by halted production and lack of government support. 'While there's no gas, no production, and threats over unpaid salaries. The government is neither supporting us nor easing its stance. Jobs are at risk', BCI President Anwar-ul-Alam Chowdhury Parvez said. 'If this continues, half the factories will shut down in a month or two,' Vice-President Saleudh Zaman Khan said about the current situation. Bangladesh's Yunus cites 'foreign conspiracy' behind poor governance The interim government in Bangladesh led by Muhammad Yunus which is confronting a major political crisis blamed 'defeated forces' and 'foreign conspiracy' for obstructing the normal functioning environment and creating confusion and suspicion among the public. Yunus chaired a two-hour long unscheduled meeting of the Advisory Council at the Planning Commission office in Dhaka recently amid increasing political tensions and growing speculation over the stability and continuity of the interim government. 'Despite all obstacles, the Interim Government continues to fulfil its responsibilities by putting national interests above group interests. However, if — under the instigation of defeated forces or as part of a foreign conspiracy — the performance of these responsibilities becomes impossible, the government will present all reasons to the public and then take the necessary steps with the people,' read a statement issued by the Advisory Council after the meeting. (With inputs from agencies)
Auto Car
20-05-2025
- Automotive
- Auto Car
Legal loophole creates toxic waste crisis over used tyres
The head of the UK's largest tyre trade body has called on the Labour government to take urgent action to close legal loopholes that enable millions of exported used tyres to be burnt in India. Darren Lindsey, who leads the British Tyre Manufacturers' Association (BTMA) – a trade body that represents tyre manufacturers and retreaders – warns that politicians need to end the so-called T8 exemption and 'introduce stricter controls and traceability measures'. This, he said, would bring to an end the environmental and human harm when end-of-life tyres are sent for disposal to countries where regulatory and environmental standards do not align with the UK's. According to official figures, of the 50 million tyres sent to waste every year, around half are exported. It is the T8 exemption that allows these tyres to be sent abroad. The exemption is easy to apply for and approved without the need for a site inspection, and it was originally put in place for low-risk sectors, such as agricultural and recyclers, to allow them to process up to 40 tonnes of waste passenger car tyres per week without having to apply for a stricter environmental permit. For example, they could process tyres into 'bales' – huge, compressed rubber cubes – and send them to be shredded and granulated in countries such as India. While this would be done in a similar manner to how they would be disposed of in the UK, it is a much cheaper alternative. However, Lindsey said the loophole is instead being exploited by a growing minority of waste tyre collectors. He has called on the government to remove the exemption and introduce stricter controls and traceability measures to monitor the movement and disposal of these tyres. A recent BBC investigation claimed that while these bales were being sent under a pretence of being correctly recycled, they were in fact being burnt by firms connected to India's black market. Burning tyres is illegal in the UK because, according to the Environment Agency, they emit hazardous smoke and pollutants. Instead, in the UK, end-of-life tyres must be handled by registered waste or recycling fi rms, which allows them to be tracked. Lindsey said: 'When you consider that the UK operates an unregulated free market system, and that the world is being hit with high energy prices, it creates the perfect storm for waste tyres, which have a high calorific value, to be shipped around the world. If the government, however, ends the T8 exemption, the trade in the 1000 tonnes of waste tyres that leave our shores every day would drastically reduce.'
Business Recorder
02-05-2025
- Business
- Business Recorder
Pakistan, Bangladesh garment manufacturers sign MoUs
LAHORE: Key milestones were achieved in strengthening trade ties between Pakistan and Bangladesh textile sectors during a recent visit, marked by the signing of three crucial Memorandums of Understanding (MoUs). The Pakistan Readymade Garment Manufacturers & Exporters Association (PRGMEA) signed MoUs with both the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Bangladesh Textile Mills Association (BTMA), while the Pakistan Hosiery Manufacturers Association (PHMA) signed an MoU with the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). Further demonstrating the growing interest in bilateral trade, the Export Promotion Bureau (EPB) of Bangladesh expressed a strong interest in forging an MoU with the Trade Development Authority of Pakistan (TDAP). The Bangladesh Garment Buying House Association (BGBA) also conveyed their intention to explore opening an office in Pakistan. The visit facilitated over 250 productive Business-to-Business (B2B) meetings, resulting in confirmed orders for yarn and fabric amounting to USD 2.5 million. Additionally, sample orders totaling an estimated USD 10 million, subject to sample approval, were placed, indicating significant future trade potential. In a gesture of further collaboration, PRGMEA extended an invitation to the textile delegations from BGMEA and BTMA to visit Pakistan in the near future to follow up on the business activities initiated during this successful visit. This invitation reflects the commitment to fostering ongoing cooperation and expanding trade opportunities between the two nations. Copyright Business Recorder, 2025
Fashion Network
29-04-2025
- Business
- Fashion Network
Could American cotton be a way around U.S. tariffs?
Major apparel-producing nations—Bangladesh, Pakistan and Indonesia—are increasingly turning to American cotton purchases as a bargaining tool in negotiations to avoid U.S. tariffs on clothing imports. While each country operates under different economic conditions, they share a common strategy that may face hurdles, including limited U.S. production and China's dominant position in the cotton trade. The National Cotton Council of America (NCC) has recently seen a surge in engagement from foreign buyers. Several of the United States' key cotton importers are leveraging their purchasing power to gain relief from the elevated tariffs imposed on apparel by the Trump administration. This effort includes the Bangladesh Textile Mills Association (BTMA), which has launched direct discussions with U.S. officials. The United States is the world's fourth-largest cotton producer—following China, India, and Brazil—with an output of 12 million bales in 2023, representing 11% of global production. In 2024, Bangladesh became the fifth-largest importer of U.S. cotton, purchasing $270 million worth. As talks progress, Bangladesh has expressed a willingness to significantly increase the percentage of American cotton in its raw material mix, which currently accounts for just 12%. 'We firmly believe this volume can increase four- to fivefold in the near future through mutual cooperation and political support,' said BTMA President Showkat Aziz Russel. He emphasized the 'longstanding and fruitful partnership' between the Bangladeshi textile and apparel sectors and the United States. Bangladesh's top priority is to avoid the new 37% tariff, which has increased from 10% previously. In 2024, the U.S. imported $7.5 billion worth of apparel from Bangladesh, placing the country behind China, Vietnam, and India among America's top suppliers. Pakistan's strategy Pakistan is pursuing a similar cotton-based approach to influence trade talks, albeit from a different vantage point. While it is the world's fifth-largest cotton producer, it also ranks fourth in U.S. cotton imports—trailing China, Vietnam and Turkey. In 2024, Pakistan exported $2.1 billion in apparel to the United States. The country is now weighing the possibility of increasing imports of U.S. cotton and oil to negotiate exemptions from the tariff hikes. Although Commerce Minister Jam Kamal Khan remains optimistic, concerns persist. Industry leaders warn that the trade war targeting China could inadvertently favor India and Vietnam—both of which ship larger volumes of apparel to the U.S. than Pakistan. Vietnam, in particular, is drawing attention as Chinese manufacturers relocate operations there to circumvent tariffs aimed specifically at Chinese-origin goods. Indonesia's diplomatic balancing act Indonesia, the fifth-largest apparel exporter to the U.S. with $4.2 billion in shipments in 2024, is also positioning U.S. cotton as a key element of its trade negotiations. This strategy aligns with the economic diplomacy led by Minister of Economic Affairs Airlangga Hartarto. Indonesia produces little cotton domestically and relies heavily on imports from Australia and Brazil. Shifting toward American cotton would mark a significant change in sourcing policy. However, a major challenge remains: the U.S. cotton supply is limited. This shortage could spark competition among countries seeking access as they try to work around American trade barriers. China currently accounts for 18.4% of U.S. cotton exports, making it the largest foreign buyer. However, China is subject to the same tariffs, its commanding market share allows it to influence access to American cotton, potentially restricting availability for Asian rivals and tightening its hold on the global supply chain.
Fashion Network
29-04-2025
- Business
- Fashion Network
Could American cotton be a way around U.S. tariffs?
Major apparel-producing nations—Bangladesh, Pakistan and Indonesia—are increasingly turning to American cotton purchases as a bargaining tool in negotiations to avoid U.S. tariffs on clothing imports. While each country operates under different economic conditions, they share a common strategy that may face hurdles, including limited U.S. production and China's dominant position in the cotton trade. The National Cotton Council of America (NCC) has recently seen a surge in engagement from foreign buyers. Several of the United States' key cotton importers are leveraging their purchasing power to gain relief from the elevated tariffs imposed on apparel by the Trump administration. This effort includes the Bangladesh Textile Mills Association (BTMA), which has launched direct discussions with U.S. officials. The United States is the world's fourth-largest cotton producer—following China, India, and Brazil—with an output of 12 million bales in 2023, representing 11% of global production. In 2024, Bangladesh became the fifth-largest importer of U.S. cotton, purchasing $270 million worth. As talks progress, Bangladesh has expressed a willingness to significantly increase the percentage of American cotton in its raw material mix, which currently accounts for just 12%. 'We firmly believe this volume can increase four- to fivefold in the near future through mutual cooperation and political support,' said BTMA President Showkat Aziz Russel. He emphasized the 'longstanding and fruitful partnership' between the Bangladeshi textile and apparel sectors and the United States. Bangladesh's top priority is to avoid the new 37% tariff, which has increased from 10% previously. In 2024, the U.S. imported $7.5 billion worth of apparel from Bangladesh, placing the country behind China, Vietnam, and India among America's top suppliers. Pakistan's strategy Pakistan is pursuing a similar cotton-based approach to influence trade talks, albeit from a different vantage point. While it is the world's fifth-largest cotton producer, it also ranks fourth in U.S. cotton imports—trailing China, Vietnam and Turkey. In 2024, Pakistan exported $2.1 billion in apparel to the United States. The country is now weighing the possibility of increasing imports of U.S. cotton and oil to negotiate exemptions from the tariff hikes. Although Commerce Minister Jam Kamal Khan remains optimistic, concerns persist. Industry leaders warn that the trade war targeting China could inadvertently favor India and Vietnam—both of which ship larger volumes of apparel to the U.S. than Pakistan. Vietnam, in particular, is drawing attention as Chinese manufacturers relocate operations there to circumvent tariffs aimed specifically at Chinese-origin goods. Indonesia's diplomatic balancing act Indonesia, the fifth-largest apparel exporter to the U.S. with $4.2 billion in shipments in 2024, is also positioning U.S. cotton as a key element of its trade negotiations. This strategy aligns with the economic diplomacy led by Minister of Economic Affairs Airlangga Hartarto. Indonesia produces little cotton domestically and relies heavily on imports from Australia and Brazil. Shifting toward American cotton would mark a significant change in sourcing policy. However, a major challenge remains: the U.S. cotton supply is limited. This shortage could spark competition among countries seeking access as they try to work around American trade barriers. China currently accounts for 18.4% of U.S. cotton exports, making it the largest foreign buyer. However, China is subject to the same tariffs, its commanding market share allows it to influence access to American cotton, potentially restricting availability for Asian rivals and tightening its hold on the global supply chain.
