Bangladesh to decide on cotton import from other nations
Bangladesh’s Ministry of Commerce (MoC) has called a meeting with cotton importers, representatives of textiles and readymade garment (RMG) sectors and various government agencies. The meeting will discuss various ways and means that should be opted for importing cotton from other countries to save the domestic textiles sector.
The Indian government banned exports of cotton on March 5, 2012, as it feared that the country might need to import cotton at higher prices for domestic use if exports were not restricted.
Following the ban, the Bangladesh Commerce Secretary requested the Indian government to reconsider its decision and lift ban on cotton exports to Bangladesh. However, a meeting of Group of Ministers (GoM) this week decided to continue the ban.
India is the world’s second largest cotton producer after China and the ban is affecting Bangladesh’s textile industry, as it does not produce cotton. Bangladesh is now exploring alternative sources for importing cotton for its domestic needs. It is considering importing cotton from Uzbekistan, Australia and the US.
A MoC team will visit Uzbekistan and will also contact the US cotton council for exploring the possibility of importing cotton to meet domestic demand.
