Trade between Bangladesh and USA

Abdur Rahman Roll:- 1794

Abstract This Asia Society Trade and Investment Report, Enhancing Investment Relations between the United States and Bangladesh, is intended to assist the Bangladesh government in its e orts to meet !rime "inister Shei#h $asina%s &ision '(') targets, which see# to ma#e Bangladesh a middle*income co+ntry, This is an ambitio+s goal, and in order to achieve it, Bangladesh will re-+ire signi icant increases in economic growth, trade, and oreign investment, In this e ort, the U,S, government can play an important role by helping to improve bilateral trade and investment relations with Bangladesh and by raising awareness among U,S, corporations abo+t the growing investment and trade opport+nities in Bangladesh, Introduction The direction o this report has been g+ided by a ).*member Advisory /ommittee composed o representatives rom Bangladesh%s government, private sector, and nongovernmental organi0ations, along with U,S, and other private*sector, nonpro it, and academic pro essionals, all o whom have e1tensive e1perience wor#ing with Bangladesh and other emerging*mar#et co+ntries, The Advisory /ommittee members are ac+tely aware o the co+ntry%s s+bstantial achievements in recent years, as well as the signi icant economic and social challenges that c+rrently ace the Bangladesh government, 2evertheless, the Advisory /ommittee representatives +nanimo+sly believe that there is now a critical window o opport+nity or Bangladesh to ma#e ma3or economic progress thro+gh the rapid growth o trade, investment, and employ Methodology of study followed The methodology ollowed or the st+dy comprised o s+rveys, des# research, ield st+dies, interview and disc+ssions with the #nowledgeable people, Relevant papers, reports, government ga0ette noti ications, newspapers reporting were reviewed in the des# research phase, Interviews and disc+ssions were held with the assemblers4 entreprene+rs, importers, concerned o icials o the government agencies, trade associations, ban#ers, a+tomobile wor#shop owners, comp+teri0ed servicing centers, local agent o branded a+tomobile companies, a+tomobile technicians and e1perts, etc, or ob3ective analysis o the sector, 5ata has been collected rom both primary and secondary so+rces or necessary analysis

BangladeshUnited States relations Bangladesh and the United States established diplomatic relations in )67', a ter the Bangladeshi war o independence rom !a#istan, The two co+ntries en3oy a strong and growing relationship, with Bangladesh being a #ey U,S, strategic partner in So+th Asia, As one o the world8s largest developing democracies, a 2e1t Eleven emerging economy, Bangladesh8s economic and social development, denial o space to e1tremism, engagement in international peace#eeping, and promotion o regional economic integration are vital to American regional and global interests, The United States is one o Bangladesh8s largest development partners, providing over si1 billion dollars in aid since )67', American companies are the largest oreign investors in Bangladesh, with #ey investments in the co+ntry8s energy and nat+ral gas sectors, The US is also the largest mar#et or Bangladeshi e1ports, partic+larly ready*made garments, The US "ilitary and the Bangladesh Armed 9orces have a long*standing relationship in disaster management, maritime sec+rity and co+nter*terrorism, In recent years, the :bama administration has partnered with Bangladesh in addressing in iss+es o global ood sec+rity, health and climate change, The two co+ntries established a Strategic !artnership 5ialog+e in '()', d+ring the visit o Secretary o State $illary /linton to 5ha#a, The U,S, Trade /enter ;UST/< o ers a variety o services to U,S, b+sinesses see#ing e1port and investment opport+nities in Bangladesh, incl+ding the ollowing services= Country Commercial Guide: A comprehensive report on the commercial, economic and political environment in Bangladesh, The report contains detailed mar#et analysis, as well as in ormation on trade reg+lations, b+siness travel, and an assessment o the co+ntry%s overall investment climate, isseminating Trade !eads: The U,S, Trade /enter collects in ormation abo+t b+siness opport+nities in Bangladesh and disseminates trade leads thro+gh the U,S, 5epartment o /ommerce and its networ# o E1port Assistance /enters in the U,S, Ad"ocacy Assistance: U,S, irms re-+esting Embassy assistance related to a proposed or act+al investment, e1port or bid in p+rs+it o a oreign government tender or contract sho+ld contact the U,S, Trade /enter ;+stc*dha#a>state,gov <, the 5epartment o /ommerce%s Advocacy /enterat '('*?@'*.@6A or visit the Advocacy /enter%s website= www,e1port,gov4advocacy, To re-+est advocacy s+pport, U,S, irms m+st complete an advocacy -+estionnaire and anti*bribery agreement, signed by a d+ly a+thori0ed company representative, be ore U,S, Bovernment advocacy may commence, U#S# Trade Show: $eld ann+ally in con3+nction with the American /hamber o /ommerce in Bangladesh, the U,S, Trade Show attracts tho+sands o visitors every year, American irms or their local agents interested in p+rchasing a booth to display their goods and services at the U,S, Trade Show sho+ld contact the American /hamber

Bangladesh According to the International "onetary 9+nd ;I"9<, Bangladesh%s economy has averaged a growth rate o A percent over the last si1 years, with estimated growth o C,A percent in '((@, :ne o the most densely pop+lated nations in the world, Bangladesh%s per capita B5! is appro1imately DC'C, Bangladesh is c+rrently o+r A?th largest trading partner with D?,' billion in total ;two*way< trade d+ring '((@# U,S, e1ports to Bangladesh totaled D?A@ million, while U,S, imports rom Bangladesh totaled D.,7 billion, mainly apparel, The U,S, merchandise goods trade de icit with Bangladesh was D.,. billion in '((@, In '((@ and '((6, USTR o icials met with high*level Bangladeshi o icials to disc+ss mar#et access, investment and labor*related iss+es, The United States has repeatedly raised concerns with the B:B regarding possible changes in r+les that c+rrently allow international shipping companies to operate as )(( percent oreign*owned companies in Bangladesh, U,S, o icials have stated that s+ch a policy wo+ld have a negative e ect on oreign investment in Bangladesh by creating +ncertainty and imposing increased costs on local apparel e1porters, The United States and Bangladesh signed a Bilateral Investment Treaty in E+ly )6@6, In '((7, USTR accepted a Benerali0ed System o !re erences ;BS!< co+ntry practice petition rom the American 9ederation o Fabor and /ongress o Ind+strial :rgani0ations ;A9F*/I:< regarding wor#er rights in Bangladesh, The petition alleged a n+mber o wor#er rights iss+es in e1port processing 0ones, the ready*made garments sector, and the sea ood processing sector, As part o this review, USTR has solicited p+blic comments and held hearings on several occasions, most recently in Ean+ary '()', The review was ongoing as o 5ecember '()', U#S#$Bangladesh Trade %acts Bangladesh is c+rrently o+r C7th largest goods trading partner with DA,( billion in total ;two way< goods trade d+ring '()), Boods e1ports totaled D),) billionG Boods imports totaled D?,6 billion, The U,S, goods trade de icit with Bangladesh was D.,7 billion in '()),

&'(orts

Bangladesh was the United States8 7@th largest goods e1port mar#et in '()), U,S, goods e1ports to Bangladesh in '()) were D),) billion, +p 6@,?H ;DCA@ million< rom '()( and +p .76H rom '(((, The top e1port categories ;'*digit $S< in '()) were= /otton, Iarn and 9abric ;D..? million<, Aircra t ;D..( million<, "achinery ;D6( million<, Electrical "achinery ;D7. million<, and Iron and Steel !rod+cts ;DC( million<, U,S, e1ports o agric+lt+ral prod+cts to Bangladesh totaled D?.C million in '()), The leading categories were= cotton ;D.'6 million<, wheat ;D') million<, and dairy prod+cts ;D)6 million<, Im(orts Bangladesh was the United States8 ?Ath largest s+pplier o goods imports in '()), U,S, goods imports rom Bangladesh totaled D?,6 billion in '()), a ).,AH increase ;DC@' million< rom '()(, and +p )('H rom '(((, The ive largest import categories in '()) were= Joven Apparel ;D.,? billion<, Knit Apparel ;D),( billion<, "iscellaneo+s Te1tile !rod+cts ;D)@A million<, $eadgear ;D)'( million<, and 9ish and Sea ood ;shrimp and prawn< ;DAA million<, U,S, imports o agric+lt+ral prod+cts rom Bangladesh totaled D)7 million in '()), The leading category was Tobacco ;D)) million<, Trade Balance The U,S, goods trade de icit with Bangladesh was D.,7 billion in '()), a (,?H increase ;D)? million< over '()(, )istorical Trade ata U#S# Goods Trade with Bangladesh *in billions of dollars+

,-./ Balance (,' E1ports (,.

,-.0 (,( (,'

,--/ *(,? (,'

,--1 *(,@ (,'

2/// *',' (,'

2//. *.,. (,C

2//*.,. (,?

2/,/ *.,7 (,A

2/,, *.,7 ),)

Imports (,) In"estment

(,'

(,C

),)

',?

.,7

.,7

?,.

?,6

U,S, oreign direct investment ;95I< in Bangladesh ;stoc#< was D)67 million in '()( ;latest data available<, There is no in ormation on the distrib+tion o U,S, 95I in Bangladesh, Bangladesh8s 95I in the United States ;stoc#< was D. million in '()( ;latest data available<, +p C(H rom '((6, The distrib+tion o BangladeshLs 95I in the United States is not available, 2:TE= 2o services trade data with Bangladesh is available, The future of US$Bangladesh trade Bangladesh e1ported goods worth US5 )6A million in )6@C to the United States o America, The same year Bangladesh imported goods worth US5 ')6 million rom USA, In '(((, Bangladesh e1ports to USA were US5 ',?) billion and Bangladesh imports rom USA were '.6 million, In '()', Bangladesh e1ported goods worth US5 ?,6' billion ;most o it being readymade garments< to the USA and its imports rom USA in the same year was US5 C(' million, In Ean+ary '()., Bangladesh e1ports to USA reached US5 ?6C million, against its imports o US5 .) million rom the co+ntry, The story that%s how made USA the single most important destination or Bangladesh e1ports, The US envoys, especially the US Trade Representative ;USTR<%s o ice have always been -+ite serio+s to ens+re appropriate actory condition, labor standards and sa ety o individ+al wor#er in the prod+ction +nits in Bangladesh, I yo+ as# any large US b+yer o Bangladesh apparel, they wo+ld say they have been receiving tho+sands mail, even rom the individ+al cons+mers warranting them to be ca+tio+s while proc+ring goods rom Bangladesh, The Ta0reen 9ashions episode co+pled with the m+rder o labo+r +nion leader Amin+l Islam has worsened the sit+ation, There is an apprehension that Bangladesh carries the threat o losing its BS! ;Beneralised System o !re erences< acilities, it has been en3oying on its selective e1ports to the USA, The US government had received a petition rom A9F*/I: ;American 9ederation o Fabo+r and /ongress o Ind+strial :rganisations< in '((7 or cancellation o the BS! acilities to Bangladesh or its aill+re to maintain appropriate labo+r standards and wor#ers sa ety, The cycles o the BS! process that US goes thro+gh have again been in the news in recent months, since a lot o iss+es concerning the sta#eholders, especially in the US have remained +nresolved, I there is no signi icant progress reported and d+ly recognised by the a+thority in the coming wee#s, it co+ld impact the contin+ation o the

acility, Unli#e E+ropean Union%s BS!*spread that covers everything b+t arms, the BS! in USA as o now covers only (,C? percent o Bangladesh e1ports to the co+ntry, which in val+e terms was US5 'A million in '()), covering tobacco prod+cts, sports e-+ipment, #itchenware and plastic articles, Bangladesh e1ports to the USA in '()) were US5 ?,@@ billion, Then, why sho+ld we be so concerned M Ies, there are reasons to be not only concerned, b+t panic#ed as o+r b+siness leaders elt N altho+gh the vol+me o the Bangladesh prod+cts e1ported to the US mar#et +nder the BS! scheme is very insigni icant, the co+ntry%s image wo+ld gravely be tarnished i the bene it is cancelled, Retention o BS! bene it is a prestige or Bangladesh, as it re ers to labo+r standards, wor#ing condition and sa ety and sec+rity o the wor#ers, having cascading e ect on o+r e1ports to other destination too, :n Ean+ary @, this year USTR so+ght comments rom the sta#eholders on the possible withdrawal, s+spension or limitation o BS! bene its to Bangladesh based on the allegation that Bangladesh did not ma#e m+ch progress in addressing wor#ers% rights, The government has already p+t +p a Oposition paper% highlighting the progress so ar made and serio+s commitment to p+rs+e the Ola+ndry list% identi ied, A committee is leaving or USA to attend the hearing on "arch '@ and de end Bangladesh ca+ses, Je will o co+rse want Bangladesh ca+ses to be d+ly heard, attended and recognised, Along with o+r ind+stry leaders, we do not want the US BS! to be canceled, 2or o+r labo+r leaders or even the wor#ers want this to happen, Bangladesh has emerged as a respectable trading partner among the Oleag+e o nations%, b+t co+ld not command a lot o respect or its poor governance and wea# labo+r standards and wor# place sa ety, /o+pled with this, Bangladesh oreign policy towards USA ailed to do 3+stice to the +nderlying interest o its people and the b+siness as a whole, Jhile in today%s world we are rede ining and replacing diplomacy with commercial diplomacy, Bangladesh is somehow bac#trac#ing with its archaic model o bi*lateral relationship based on past events or e1perience, Je sho+ld loo# at &ietnam, who o+ght a long devastating war with United States o America and now en3oys Omost avo+red nation% stat+s, 2obody can g+arantee, they won%t see a US base in the near +t+re in &ietnam, I am s+re, i that commercially and economically bene it the &ietnamese people witho+t h+rting their core val+es, they won%t mind, US o co+rse did not want m+ch rom Bangladesh, They wanted Bangladesh actories to ollow respectable labo+r standards, recognise the Orights to orm association or +nions% and on a broader perspective oc+s more on Oinstit+tion b+ilding%, not denting the pro+d instit+tions li#e Brameen Ban# or the OE+diciary%, which at the end o the day sa eg+ard common people%s interest, Bangladesh is very m+ch poised towards becoming a trading giant with its hard wor#ing people and innovative entreprene+rs, Bovernment in the past did a good 3ob with regard to e1tending policy s+pport to o+r entreprene+rs, especially the apparel e1porters, Je now, cannot a ord to go bac#, while the emerging challenges are m+ch more, Je need to

ma#e new riends among US decision ma#ers, +se Bangladesh Oidols% to wor# or o+r b+siness to open +p more potential in the US and most importantly develop a m+t+ally rewarding relationship with this signi icantly important co+ntry or o+r e1ports, yo+ng st+dents as well as +t+re pro essionals, Je want more Omade in Bangladesh% to enter the United States in order to ens+re that we play o+r cards well, )SBC Global Connections 3e(ort $ Bangladesh Trade 9lows P E1port growth sho+ld pic# +p in '().4)?, helping to li t B5! growth bac# above AH, The US will remain the top mar#et or Bangladeshi e1ports in '(.(, b+t b+oyant intra*Asian trade lows will prove more dynamic in terms o growth, Sector Insights P Jage competitiveness has boosted the man+ act+ring ind+stries in Bangladesh and clothing will contin+e to be the largest e1port ind+stry, representing over a third o total e1ports, 4"er"iew of 5resent Situation B5! growth in Bangladesh is e1pected to improve a little to A,?H in iscal year '()'4). on the bac# o rising ind+strial prod+ction and retail sales, $owever, the sl+ggish e1ternal bac#gro+nd, and tight monetary conditions d+e to high domestic in lation might dampen this e1pected rebo+nd, Foo#ing ahead, e1port growth is e1pected to pic# +p in '().4)?, in line with the anticipated global recovery, helping to li t B5! growth to A,AH, The top three mar#ets or Bangladeshi e1ports are the US, Bermany and the UK, Altho+gh US growth loo#s relatively s+bd+ed, it will nevertheless remain the world%s largest cons+mer mar#et or some time, It will there ore remain an attractive destination or e1porters in Bangladesh, Jhilst the top three e1port destinations will be +nchanged o+t to '(.(, by this time India will have become a m+ch more important e1port mar#et, ran#ing o+rth in the e1port leag+e table, Bangladesh is very well located at the centre o emerging Asia, the most dynamic trading region in the world, E1ports to Asia ;e1cl+ding Eapan< are orecast to rise by ).*)?H a year rom Jages are lower in Bangladesh than in many /hinese regions and So+th*East Asian co+ntries and this competitiveness advantage has enabled low*cost man+ act+ring ind+stries s+ch as te1tiles to grow rapidly over the past decade, Advanced economies largely b+y low val+e*added man+ act+ring goods rom Bangladesh s+ch as clothing, ootwear and toys, This is orecast to contin+e, with clothing and apparel e1pected to contrib+te over a third o e1port growth in the years to '(.(, and te1tiles and wood man+ act+res contrib+ting nearly a third o the total growth in e1ports d+ring '(')*.(, A large amo+nt o capital spending is e1pected in Bangladesh over the ne1t twenty years as the economy develops a more sophisticated in rastr+ct+re networ# in order to enco+rage more 95I lows, driving imports o ind+strial machinery, B+t te1tiles and

wood man+ act+res will contrib+te most to import growth in coming years, as the man+ act+ring sector imports the materials it re-+ires to s+pport prod+ction, Top 9ive E1port 5estinationsQ 3an6 2/,, 2/7/ ) USA USA ' Bermany Bermany . UK UK ? 9rance India C /anada /hina Top Three Import and E1port Sectors in Bangladesh '()) and '(.(Q American Chamber of Commerce in Bangladesh

The American /hamber o /ommerce in Bangladesh ;Am/ham< was ormally established in )66A having been d+ly registered with the Eoint Stoc# /ompanies o Bangladesh to promote the economic relationships between Bangladesh and the United States, Earlier, Am/ham +sed to operate as American Bangladesh Economic 9or+m ;ABE9< since )6@@, Am/ham holds the +ll "embership o the Asia !aci ic /o+ncil o American /hambers o /ommerce ;A!/A/<, Am/ham Bangladesh has also been accredited as a member o the U,S, /hamber o /ommerce, The membership o the Am/ham incl+des US /ompanies doing b+siness in Bangladesh, Bangladesh /ompanies whose primary b+siness is representing US prod+ced goods and servicesG and non*pro it organi0ations o United States origin,

To promote economic cooperation between the United States o America and the !eople8s Rep+blic o Bangladesh, partic+larly in the private sector, To promote e1change o in ormation between the US and Bangladesh with a view to stim+lating greater +nderstanding abo+t each other8s economic potentials and opport+nities, To promote and s+pport meas+res calc+lated to bene it and protect the interests o the members, To present the views o the Am/ham members to the Bovernment o Bangladesh, To wor# thro+gh the Asia !aci ic /o+ncil o American /hambers o /ommerce

;A!/A/< and the U,S, /hamber o /ommerce, in order to present the views o US b+siness comm+nity in Bangladesh to the United States Bovernment,

!eriodic Brea# ast4F+ncheon45inner meetings or members to hear prominent local or visiting spea#ers, high government o icials, ministers etc, and disc+ss iss+es o commerce, investment and economics, Sponsoring seminars on vital iss+es o inance, trade and commerce, Establishing contact between the American b+siness comm+nity and the established b+siness and government organi0ations o Bangladesh, S+pport US investment in Bangladesh, Jor# as contact point or US b+siness in Bangladesh, Underta#e research on vital iss+es o economic interest with a view to identi y the problems, opport+nities and recommend action and policies to overcome the snags on the way to progress, :rgani0ing US Trade Show in Bangladesh on ann+al basis with the cooperation o the United States Embassy, !eriodic news b+lletins R other p+blications, Fibrary and re erence acilities or member +se, !articipation in #ey events and services o the Asia !aci ic /o+ncil o American /hambers o /ommerce ;A!/A/< and the U,S, /hamber o /ommerce, trade with US approaches $ b Jith the ann+al trade t+rnover between Bangladesh and the United States approaching to the t+ne o D A billion this year, some ma3or US brands are reportedly contemplating to e1pand their b+siness in Bangladesh%s ast growing mar#et o cons+mer prod+cts, E1ports o Bangladeshi garments to USA increased +rther in recent months while US giants li#e !roctor R Bamble and Eohnson R Eohnson had enco+raging s+rge in sales o their prod+cts in Bangladesh, so+rces in b+siness circle told 2ew Age,

OTrade t+rnover between Bangladesh and USA is e1pected to s+rpass DA billion by the end o the c+rrent iscal year till E+ne,% said an o icial o the 9ederation o Bangladesh /hamber o /ommerce and Ind+stry, The E1port !romotion B+rea+ : icials said Bangladesh%s e1port earnings rom USA in nine months to "arch o the c+rrent iscal year recorded D.,7A billion, In )' months o the last iscal year, e1ports to USA amo+nted D.,6C billion, A tab Ul Islam, president o the Am/ham has similar estimate as he scans more than .( percent growth in bilateral trade, Interestingly, the US e1ports to Bangladesh are growing at a aster rate, According to o icial ig+res, US e1ports to Bangladesh grew by more than @. percent to D?7) million in eight months to 9ebr+ary o the c+rrent to iscal year, Bangladesh imported h+ge -+antities o cotton, wheat, soya bean, power engines and diversi ied prod+cts rom the United States, A tab sees that with import bills o previo+sly contracted US made aircra t or Bangladesh%s civil aviation sector, to be added by the end o this iscal year, e1port ig+re in avo+r o USA may cross even one billion dollar, ORecent growth in e1ports rom USA and sales o US prod+cts in Bangladesh is very e1citing,% said A tab, also ormer director o 9ederation o Bangladesh /hambers o /ommerce and Ind+stry, The Am/ham president also in ormed 2ew Age that some big US companies, other than oil and gas sector players, have set their sight on the Bangladesh mar#et and they are serio+sly considering investments in Bangladesh, US cons+mer goods giants !roctor R Bamble and Eohnson R Eohnson are contemplating s+bstantial investments on prod+ction acilities in Bangladesh as local mar#et o 9ast "oving /ons+mer Boods has become enco+ragingly big, A tab said, At present !RB brands li#e !entene, $ead R Sho+lders, :lay, Billette, Tide and 5+racell are sold well in Bangladesh thro+gh imports while Eohnson R Eohnson baby care prod+cts are also established in Bangladesh mar#et, B+t the US brands cost high here d+e to high d+ty, A tab says, O!rod+ction in Bangladesh will give them SUS brandsT competitive edge or e1panding mar#et,% he said, OBangladesh can be low cost man+ act+ring centre or the US companies and prod+cts man+ act+red here can also be e1ported to "iddle East and other Asian mar#ets,% The 9"/B mar#et watchers say good per ormance o Unilever, having aro+nd DC(( million dollar ann+al t+rnover in Bangladesh, might have opened the eyes o D@( billion

pl+s !RB and DA( billion pl+s Eohnson R Eohnson on Bangladesh%s ast growing mar#et o middle*class cons+mers, : icials o the Bangladesh Barment "an+ act+rers and E1porters Association see that the co+ntry%s e1port proceeds rom USA will cross DC billion in the c+rrent iscal year with more than o+rth* i ths o that coming rom e1porting mainly apparels and some categories o home te1tiles li#e bedding and towels, OBood growth in shipments to USA is almost ascertained or the coming months as e1porters are wor#ing on shipments and con irmed orders are in their hands,% said E1port !romotion B+rea+ vice*president Ealal Ahmed, BB"EA president Sha i+l Islam "ohi+ddin is also hope +l abo+t US mar#et as economy there is recovering with increased employments, OJhen cons+mer con idence gets stronger, sale o prod+cts increases, So, we e1pect more shipments o Bangladesh made apparels to USA,% "ohi+ddin says the US importers will need to proc+re increased vol+mes o low and middle end categories o apparels rom Bangladesh and other alternative Asian so+rces as /hinese man+ act+rers are grad+ally abandoning b+siness in those items, $e, however, said that i there wo+ld be d+ty* ree access to USA, Bangladesh%s apparel e1ports there co+ld have been do+ble or more than what is now, Echoing "ohi+ddin, Am/ham%s A tab also says that e1panded American demand l+red more US importers to Bangladesh, OBrowth in Bangladesh%s e1port to USA will contin+e or long,%Bangladesh 9oreign Trade between USA and Bangladesh Jaterborne oreign imports rom Bangladesh to the United States in '()( totaled D.,67?,(77,?6(, E1ports or '()( were D?66,C(@,A7@, In ormation abo+t oreign trade between Bangladesh and US ports is available or imports and e1ports, Trade totals are only or the USA ports listed here at Jorld !ort So+rce, Measured by "alue *8US+ 9ear Im(orts &'(orts 2/,/ D.,67?,(77,?6( D?66,C(@,A7@ 2//D.,?7.,76@,C(6 D.A6,@A7,?'6 2//. D.,C(),767,?@. D.6(,76),)'C 2//: D.,'.?,6)7,)C7 D.7',)C.,?@6 2//; D',676,('C,)C@ D'A7,?).,7@7 2//0 D',?7.,A7@,AC7 D'.6,.?',@(. 2//1 D',(A@,?C.,(?C D'.C,7C6,(')

2//7

D),@@@,6A@,?.@

D)@A,A@?,(A(

9ear 2/,/ 2//2//. 2//: 2//; 2//0 2//1 2//7

Measured by weight *6g+ Im(orts ?A7,7'?,(?@ .@C,C(),')( .66,6@',)'7 .7@,76C,??6 .77,'(6,.)C ?.6,))),'(? .(',7C@,?@6 '?6,))@,A(7

&'(orts ?)(,')6,C6@ ..',@76,.?C .AA,)@C,??7 A?',)C.,??6 .)?,))C,@(@ '.7,?7?,.7? '?C,6(7,C(? '.),@'.,7)@

/omplete import and e1port trade data is available rom the 9oreign Trade 5ivision o the U,S, /ens+s B+rea+ and USA Trade :nline 2/,7 : U#S# trade in goods with Bangladesh NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise spe ified. !etails may not e"ual totals due to rounding. Month Ean+ary '(). 9ebr+ary '(). "arch '(). T4TA! 2/,7 &'(orts .),( 7A,@ A),C ,;-#1 Im(orts ?6C,( ?7.,? ?CC,6 ,<121#7 Balance *?A?,( *.6A,A *.6?,. $,<201#-

2/,2 : U#S# trade in goods with Bangladesh NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise spe ified. !etails may not e"ual totals due to rounding.

Month Ean+ary '()' 9ebr+ary '()' "arch '()' April '()' "ay '()' E+ne '()' E+ly '()' A+g+st '()' September '()' :ctober '()' 2ovember '()' 5ecember '()' T4TA! 2/,2

&'(orts .C,6 .C,( ?),@ ?),. A.,? C7,C .7,. C',( .C,( .',' '@,C ?',) 0/,#-

Im(orts ?@.,' ??),A ???,' ?.@,. ?(@,. .@.,' ?A?,' ??6,. .@C,A .?@,C .A.,6 .(C,C 1<-,0#.

Balance *??7,. *?(A,A *?(',? *.67,( *.?C,( *.'C,7 *?'7,( *.67,. *.C(,A *.)A,. *..C,? *'A.,? $1<1,7#-

2/,, : U#S# trade in goods with Bangladesh NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise spe ified. !etails may not e"ual totals due to rounding. Month Ean+ary '()) 9ebr+ary '()) "arch '()) April '()) "ay '()) E+ne '()) &'(orts C6,. 7@,@ )'',7 )'),A 6(,A C6,( Im(orts ?'@,7 .6),A ?7A,A ?'A,7 ??',( ?)(,6 Balance *.A6,C *.)',7 *.C.,6 *.(C,) *.C),? *.C),6

E+ly '()) A+g+st '()) September '()) :ctober '()) 2ovember '()) 5ecember '()) T4TA! 2/,,

A7,6 C?,A ?6,6 '((,7 )6(,6 ?7,7 ,<,17#.

?).,. C(?,7 .7.,@ .7A,7 ..6,7 '6),@ 1<.:;#0

*.?C,? *?C(,) *.'.,6 *)7A,( *)?@,7 *'??,) $7<:72#:

2/,/ : U#S# trade in goods with Bangladesh NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise spe ified. !etails may not e"ual totals due to rounding. Month Ean+ary '()( 9ebr+ary '()( "arch '()( April '()( "ay '()( E+ne '()( E+ly '()( A+g+st '()( September '()( :ctober '()( 2ovember '()( 5ecember '()( T4TA! 2/,/ &'(orts .A,( 'C,C ..,A ?C,) C(,. CC,A C),? C.,? C',@ .7,. ?6,@ @A,7 Im(orts '76,( .(6,A .A6,C .CA,? .)),A .@',' ..),7 ?C',. .@7,. ?(6,. .A),? .?.,A Balance *'?.,( *'@?,) *..C,6 *.)),. *'A),. *.'A,A *'@(,. *.6@,6 *..?,? *.7',( *.)),A *'CA,6

S4%A< )A=A< TI%A< TIC%A and US$Bangladesh relations The Jashington*5ha#a bilateral relationship has always been treated li#e that o a 8yo+nger brother8s wi e and the h+sband8s elder brother8 in Bangladesh, They might li#e or hate each other b+t it is not m+ch disc+ssed in p+blic, The USA did not play a palatable role d+ring o+r war o liberationG rather, they acted against +s, siding with the !a#istan occ+pation orces, Iet the US has emerged as o+r biggest trade partner, Bangladesh8s ann+al e1ports to the US crossed USD C,( billion and o+r ann+al imports rom them is almost USD 7(( million, telling +s o+r e1port bas#et is heavily biased towards their mar#et, Jith the emergence o an almost +nipolar world in which the USA is one o the #ey c+stodians and champions o democracy and democratic val+es, their political importance has also been increasingly accepted, This has become more importantG decisions in other big economies4co+ntries li#e those o Eapan, /hina, India, Bra0il, the United Kingdom and 9rance, are also being in l+enced by them to a great e1tent, Even in Bangladesh, we have seen the envoys o India and Breat Britain and o+r meant*to*be third voice, 8the civil society8 -+e+ing +p +nder their leadership d+ring all political transitions incl+ding the m+ch*tal#ed abo+t )4)) government, Interestingly tho+gh, while some o the le t leaning organi0ations and ew 8thin#*tan#s8 have always been critical abo+t the USA8s role in the co+ntries li#e Bangladesh, one big thing abo+t the US diplomacy is that they always #ept cool, being oc+sed more on democracy, global peace and sec+rity iss+es, This scribe8s international b+siness teacher at $enley B+siness School, while tal#ing abo+t rise o /hina and India, especially 8/hindia syndrome8, did tell +s, how things are increasingly becoming only b+siness interest*driven or India and /hina, whereas it is not the case with the USA or even Britain, They never lose sight o the development and social iss+es, even to their minim+m possible e1tent, $aving said so, we have always seen o+r policy*planners or decision*ma#ers downplaying the iss+es li#e S:9A ;Stat+s o orces agreement<, $A2A ;h+manitarian assistance need assessment<, TI9A ;Trade and Investment rame wor# agreement< or the latest 8TI/9A ;Trade and Investment cooperation ramewor# agreement<8 when disc+ssions abo+t signing them, were or have been, ta#ing place, Je have always seen o+r people, at least pretending to be 8not s+re8 or 8not prepared8 or telling in p+blic, 8we need to e1plore or st+dy more,8 Jhile we +nderstand and appreciate why a 8S:9A8 ** which is basically a sec+rity intervention or or allowing their sec+rity people to visit o+r co+ntry all o a s+dden, with a clearance to the leader o the contingent and witho+t anything being as#ed abo+t the accompanying troops or weapons and vice versa ** co+ld not be entertained by a wea#ly governed b+t democratically elected government, we co+ld not ig+re o+t why we co+ld not close o+t on $A2A, even d+ring the )66@ loods and had to almost p+t the boss o the ministry o oreign a airs on the doc#, Than# Bod, the then 9inance "inister SA"S Kibria considered it that witho+t a 8$A2A8 visit by a three*member team, Bangladesh

co+ld not have received C(( tho+sand metric tonnes o ood d+ring that critical time, In the same way, there have been m+ch tal#s abo+t the signing o the UTrade and Investment 9ramewor# Agreement ;TI9A<U between Bangladesh and the US, Bangladesh and the US were disc+ssing signing o the TI9A agreement or more than seven years since '((), The dra t agreement was e1changed a n+mber o times d+ring the last political regime and again then d+ring the ten+re o the careta#er government, It gained a moment+m d+ring the ag end o the careta#er government8s r+le and the dra t was inalised, B+t in order to avoid any controversy, the careta#er government re rained itsel rom signing the agreement and le t it or the ne1t elected government to decide abo+t it, The debate was revolving aro+nd TI9A8s emphasis on Intellect+al !roperty Rights ;I!R< and red+ction o non*tari barriers, B+t in practice there are little non*tari barriers to the e1ports o Bangladesh goods to the US mar#et, As a least developed co+ntry ;F5/<, Bangladesh is entitled to certain bene its rom the Jorld Trade :rganisation ;JT:<, which the TI9A reportedly did not ta#e into consideration, The main e1port item or Bangladesh to the US mar#et is the ready*made garments ;R"B< and there has been no g+arantee in the TI9A regarding d+ty* ree access o o+r R"B prod+cts to the US, :n the other hand, the US elt that in the absence o proper implementation o I!R, the US companies were s+ ering in b+siness, Under the JT:, Bangladesh is ins+lated rom the !atent Act +ntil '()A ;li#ely to be e1tended +rther< and ta#ing that advantage, the pharmace+tical ind+stries o Bangladesh are man+ act+ring and e1porting medicine items to almost 7C co+ntries aro+nd the world, And now i we have to ollow the I!R, Bangladesh has to inc+r h+ge e1penses, as the big US companies license o+t most patents, The IT e1pendit+re will also be increased to license so tware, 9or signing the TI9A, Bangladesh wanted to incorporate the advantages it is entitled to en3oy as an F5/ +nder the JT: ramewor#, There were also heightened disc+ssions on labo+r standards in Bangladesh and allowing trade +nions to +nction normally in its e1port processing 0ones ;E!Vs<, as desired by the ree labo+r +nions4 ederation in the USA, Bangladesh was very shy o this, as it was committed to the E!V investors abo+t not allowing labo+r +nion activities there, This writer remembers having a polite debate with the then US Ambassador, $arry K Thomas, on why there sho+ld be insistence rom the US side on this iss+e, as most o the E!V investors in Bangladesh come rom non*US co+ntries li#e Korea and /hina, This writer was then told that +ltimately both the parties had resolved that wor#ers wel are association wo+ld be allowed in the E!Vs, So m+ch o time spent on 8m+ch ado abo+t nothing8G it too# away both the parties8 interest in 8TI9A8, 2ow the new baby, named 8TI/9A8 has come on the agenda, The USA is telling +s to oc+s on TI/9A, in order to promote and deepen bilateral relations in an orderly or str+ct+red manner between two important trade and development partners, This is being more identi ied as a 8bilateral plat orm8 or disc+ssion channel, to help -+ic#en the process, instead o long drawn*o+t ways or dealing with bilateral matters with Bangladesh +nder an F5/ +mbrella or any other m+ltilateral ro+te, Ironically again, we ind o+rselves +nprepared, iss+es not being ine*t+ned to s+it best

o+r national interest or political developments within the co+ntry, ma#ing the government shy o signing anything li#e 8TI/9A8 at this point in time, Rather gossips are telling +s that Bangladesh is li#ely to sign a broad*based ramewor# agreement, mostly oc+sing on regional cooperation, ighting terrorism and disaster management d+ring the visit o the US Secretary o State, $illary /linton, to 5ha#a, in order to pave the way or signing a more ine*t+ned trade and investment agreement in the +t+re, This is both good and bad, It is good or the reason that a co+ntry li#e Bangladesh with its s+b*optimal literacy rate, its 8never can get +nited on handling ma3or iss+es8 or Wreach agreement on the way o+t8 sit+ation, and with a government with 8winner ta#es it all8 practices, sho+ld go slow and do their home wor# irst be ore signing anything ma3or with a co+ntry li#e 8h+sband8s big brother8, It is bad, beca+se a co+ntry ** and also a mar#et named ** "yanmar ** is rising ne1t to +s, getting prepared to gobble +p all possible help and s+pport rom the USA, 2ot +nli#ely, we may see "yanmar signing a similar agreement earlier than +s, Jhile it is better to #now the broader de inition o 8terrorism8 or a 8terrorist8 to ma#e s+re that political opposition is not being +nnecessarily p+t on the doc# with an allegation o 8terrorism8, we do not also want Bangladesh to 8 all o+t8 rom any possible s+pport rom a large and in l+ential partner li#e the USA in order to ens+re more US investment in Bangladesh and most importantly d+ty* ree access o 8made*in*Bangladesh8 goods to the USA, There co+ld be 8win win8 or both the parties, 9or the USA, it is or being more closely involved in the development process o a liberal "+slim co+ntry, which has become a better brand or s+ccess +l 8blending o democracy and religion8 and to be able to e1port some o its8 best practices to other similar co+ntriesG or Bangladesh, it is or more e1port gains, more employment opport+nities and more ootprint in the global mar#ets, with increasing investment on domestic capacity b+ilding along with improved governance and political tolerance, trade > Commerce The U,S, Trade /enter ;UST/<, a division o the Embassy8s !olitical4Economic Section, o ers a variety o services to assist U,S, b+sinesses p+rs+ing trade and investment opport+nities in Bangladesh and to Bangladeshi b+sinesses see#ing to b+y American goods and services, UST/ services all into three categories= mar#et research, advocacy, and trade promotion, Some services are available to -+ali ied b+siness representatives ree o charge, while other services o ered primarily to U,S, b+sinesses re-+ire a ee to o set costs, $igh -+ality global 3o+rnalism re-+ires investment, !lease share this article with others +sing the lin# below, do not c+t R paste the article, See o+r TsR/s and /opyright !olicy or more detail, Email tsales,s+pport> t,com to b+y additional rights, http=44blogs, t,com4beyond*brics4'().4()4'64bangladesh* aces*+s*trade*sanctions*threat* a ter*deadly* actory* ire4Xi100'S&VJiBaA

Bangladesh faces US trade sanctions threat after deadly factory fire The deadly ire at a clothing actory in the Bangladeshi capital 5ha#a in 2ovember, in which ))7 wor#ers died, co+ld have conse-+ences or the co+ntry%s e1ports as well as or its tarnished rep+tation as a man+ act+ring power, Bangladesh is str+ggling to avert a threatened withdrawal o US trade privileges P +nder the generali0ed system o pre erences ;BS!< P ollowing a campaign by the A9F*/I:, the US trade +nion ederation, There is perhaps one thing in Bangladesh%s avor, Unli#e some o the local entreprene+rs who ma#e clothing or e1port in +nsa e actories P and +nli#e some o the international companies that so+rce their prod+cts rom these actories P the government is re reshingly honest abo+t its own shortcomings, Je co+ldn%t do o+r 3ob properly, That is o+r ail+re, Bh+lam "+hammed Yader, Bangladeshi minister o commerce, said on T+esday d+ring a visit to India, lamenting the poor monitoring o actory sa ety by the a+thorities, The ind+stry went beyond o+r e1pectations and beyond o+r capability, The te1tile ind+stry grew +p all o a s+dden, at a very high pace, he said, The n+mber o actories now is almost C,((( or maybe more, $e apologi0ed or recent accidents and the loss o li e and added= Je are also concerned abo+t the American reaction, and the E+ropeans, I the US does withdraw BS! privileges when it ma#es a decision e1pected in "arch, the immediate inancial impact on Bangladesh wo+ld be small beca+se clothing, by ar the co+ntry%s biggest e1port to the US, does not all +nder BS! anyway, B+t a US move to p+nish Bangladesh wo+ld +ndermine 5ha#a%s attempts to diversi y its e1ports away rom te1tiles and damage its rep+tation, That will hamper o+r image o+tside the co+ntry and that%s what we are really concerned abo+t, Yader said, In the words o A#ram+l Yader, Bangladesh ambassador to the US, on the embassy website= Bangladesh cares very deeply abo+t retaining BS! bene it beca+se o the ollowing reasons= a< Bangladesh%s e1tremely narrow and ragile e1port bas#et, b< lin# between trade per ormance and h+man development and social stability, and most importantly, c< see#ing recognition as an early stage industriali#ing nation. BangladeshOs e1port sector is e1tremely narrow and ragile in term o both si0e o mar#et and diversity o e1port items, The USA is Bangladesh%s single largest e1port destination that acco+nts or more than a -+arter o Bangladesh%s total e1ports, "ore than 6C percent o the e1port earnings rom the USA ;worth more than D?,C billion< come rom 3+st one single e1port item, which is garments, Biven that e1cessive dependence on one single

partic+lar item, Bangladesh remains e1tremely serio+s abo+t adding new items in its e1port bas#et, $ere lies the signi icance o the US*BS!, In the view o Bangladeshi o icials, there is inevitably a trade*o to be made between the +rgent need or 3obs and poverty red+ction on the one hand, and the imposition o western*style actory standards on the other, I thin# the American government will event+ally realise the right o wor#ers Sto wor#T is a basic right, a s+rvival right, said commerce minister Yader, It was impossible, he said, or Bangladesh rapidly to reach international standards in man+ act+ring, 3+st in other aspects o daily li e, The water we drin#, yo+ SwesternersT cannot drin# that water, he said, The ood we eat, yo+ cannot eat, B+t he said all actories were being inspected and we will close them i they do not have eno+gh ire ighting and other sa ety e-+ipment P altho+gh he also admitted that there were not eno+gh sa ety inspectors,

5UTI*9REE A//ESS A25 T$E TI/9A /:"!FEZ The garments ind+stry has seen a n+mber o warning signs this year, 9rom large*scale actory*clos+res to the controversial death o a wor#ers% leader in Tangail, it won%t be an e1aggeration to state that the ind+stry, today, is loating on dangero+s waters, To ma#e matters worse, a petition iled by the American 9ederation o labor and /ongress o Ind+strial :rgani0ations ;A9F*/I:< to the United States Trade Representative ;USTR<, almost cancelled the Benerali0ed System o !re erence ;BS!< or Bangladeshi goods this year, As per the BS!, the United States allows the d+ty* ree e1port o a n+mber o prod+cts rom Bangladesh, Jhile the BS! doesn%t incl+de the apparel prod+cts o the co+ntry, the cancellation o s+ch a deal, however, wo+ld have created a negative vibe within the ind+stry in Bangladesh, 9ort+nately tho+gh, in a hearing in Ean+ary this year, the USTR decided to contin+e the BS! bene it and +rther review the co+ntry%s labo+r rights iss+es, The growth o the garments ind+stry in Bangladesh has been indi erent to the BS!, 5espite being a Feast 5eveloping /o+ntry ;F5/<, Bangladesh pays an average d+ty o )7 per cent to the United States, a ig+re that is way more than that is paid to other co+ntries, 9rance charges +s an average d+ty o (,@C per cent, Singapore charges aro+nd (,AC percent, The USA charges +s a lot more, B+t the act remains that 'C per cent o o+r garment prod+cts go to the United States, says Abd+s Salam "+rshedy, !resident, E1porters Association Bangladesh, Adding to the high d+ty charge is the drop in sales o prod+cts to the United States, The economic recession thro+gho+t the USA and E+rope have lead to a declining sales*graph this year,

The US ambassador%s recent statement to 5ha#a indicated two things= irstly, the provision o a BS! bene it or garment prod+cts is a deal that is still many light years away, The Ambassador was #eener on signing a Trade and Investment /o*operation 9ramewor# and Agreement ;TI/9A< with Bangladesh, Secondly, the ambassador re* iterated the need to improve labo+r standards o the co+ntry, The latter has always been an important scale to rate the growth o the apparel actories in Bangladesh and considering the re-+ent riots in the ind+strial areas, the ambassador%s concerns were no s+rprise, The US has constantly p+t press+re to improve the labo+r standards o the co+ntry and create trade +nions, as per the USTR%s policies, /ertain analysts believe that an improvement in the labo+r standards can provide Bangladeshi apparels with d+ty* ree access, In reality, however, the labo+r scenario in the co+ntry is ar rom meeting the USTR%s e1pectations, It%s di ic+lt to say as to what we have to do or the USA to give +s d+ty* ree access, Ies, they want o+r labo+r standards to improve and ens+re labo+r rights, Je are also or it, B+t we need time or development, The sit+ation here is not the same as America, Je are developing day by day, The labo+r standard is m+ch better than be ore, There are many bindings and shortcomings, America%s ob3ectives sho+ld be #ept in o+r minds since they are one o o+r ma3or targets, I personally believe that we are on the right trac# with respect to labo+r standards, B+t we need to develop at a aster rate, claims "5 9a0l+l $a-+e, ormer !resident, Bangladesh Knitwear "an+ act+rers and E1porters Association, In a similar vein, "+rshedy says, There%s a h+ge di erence between the labo+r standards o today as compared to the @(s and 6(s, There%s always a threat or trade +nions to get politicised [ It%ll ta#e more time, b+t the process has already started, right rom ed+cating the wor#ers abo+t their rights and responsibility and initiating Obetter wor# programmes% etc, Jith respect to the signing o the TI/9A, members o the garment ind+stry stated that it was a political matter and sho+ld be decided between the governments o the two co+ntries, The ambassador stated that signing the TI/9A co+ld perhaps be the irst step towards a d+ty* ree pathway or the apparel actories, $e s+ggested that Bangladesh lobby the US congress, which decides the access to d+ty* ree mar#ets, a tas# that Bangladesh has been carrying on or years, b+t to no avail, TI/9A has branched rom the Trade and Investment 9ramewor# Agreement ;TI9A< a deal that collapsed in '((@ ollowing seven years o negotiations, There were many points that Bangladesh opposed d+ring the negotiations and one o the main debates was regarding the Intellect+al !roperty Rights ;I!R<, As an F5/, Bangladesh has some bene its rom the Jorld Trade :rganisation ;JT:<, which weren%t incl+ded in the TI9A, There was also no g+arantee regarding the d+ty* ree access o Bangladeshi garments, The absence o the I!R was a loss or the American companies as Bangladesh is shielded rom the !atent Act till '()A, which allows her to avoid h+ge e1penses while e1porting

certain prod+cts, The TI/9A aims to improve the bilateral relations between the two co+ntries, Signing a deal o s+ch a high degree can have great rami ications, 9arhad "a0har, noted social activists and economist, e1plains, Je have a m+ltilateral trade agreement in JT:, 5espite the criticism against JT: and its vario+s limitations, the instit+tion may provide disp+te resol+tions i con lict o interest arises, Jhile US with other rich co+ntries have in principle and practice made JT: ine ective , it is literally p+tting press+re on the government to enter into bilateral relations since we are an F5/ we have advantages and privileges rom the JT: and there are scope or negotiations which we might not get thro+gh bilateral negotiations that%s why I thin# we sho+ldn%t stri#e any bilateral trade and investment deal, Stating an e1ample o the disadvantages o bilateral deals, "a0har says, In the previo+s Science and Technology agreement the I!R was pressed against +s which was not only against o+r interest b+t over and above o+r obligations in JT:, S+ch agreement is detrimental to o+r interest, 2evertheless, given the enhanced geo*strategic importance o Bangladesh to USA beca+se o its shi t to Asia region, USA sho+ld provide ree access o Bangladesh prod+cts to USA mar#et, partic+larly o garments, Bangladesh m+st stop repressive meas+res and allow trade +nion rights or the wor#ers, Je need to deal with USA in terms o tangible m+t+al bene its, Jith so many sections in the agreement, it%s -+ite clear that a well*in ormed decision needs to be ta#en in this regard, 9ort+nately or Bangladesh, or once, the ball is in her co+rt, As o now, it seems highly +nli#ely or companies in the United States to depend on any other co+ntry or their garments demand, Also, the location o Bangladesh, according to analysts, holds val+e or the US, in terms o their presence in Asia, Th+s, concerned o icials sho+ld loo# orward to translating the geo*strategic importance o Bangladesh into economic bene its in the near +t+re, Conclusion Bangladesh is an impediment or oreign investors in a n+mber o areas, partic+larly land ac-+isition, disp+te settlement, and, to some e1tent, intellect+al property rights, A broad iss+e is the need or Bangladesh to moderni0e a n+mber o its e1isting laws, s+ch as the /ompany Faw, which sho+ld be bro+ght +p to date with global b+siness practices, Another pressing iss+e is that a n+mber o new laws need to be enacted in order to cover many new b+siness and inancial activities, especially in the ast*changing inancial and telecomm+nication ields, Access to land is regarded by oreign investors as one o the ma3or impediments to establishing man+ act+ring operations in Bangladesh, Altho+gh oreign investors are allowed to own land, availability is severely limited, as large +n+sed tracts are +navailable, either owned by state*owned enterprises or the government, or +sed or agric+lt+re, A large share o property in Bangladesh is not properly registered, which ma#es it more di ic+lt and costly to trans er property to oreign b+yers, The property registration process also ta#es an inordinately long time to complete,

3eference Ahmed, 2,, ;'(((<, E1port response to trade liberali0ation in Bangladesh= a cointegration analysis, Applied Economics, '(((, .', )(77*)(@? Asian 5evelopment Ban# ;A5B<, ;'((A<, Asian 5evelopment :+tloo# '((A Update, p,?7, A0i0, ", 2,, ;:ctober '((.<, 5eval+ation= Impact on Bangladesh Economy, The /ost and "anagement, September*:ctober, '((., p,)A*'), Bahmani*:s#ooee, ",, ;)66C<, Real and nominal e ective e1change rates or '' F5/s= )67)=) P )66(=?, Applied Econometrics, )66C, '7, C6)*A(?, Bashar, :, K, ", R, and Khan, $,, ;9ebr+ary '((7<, Fiberali0ation and Browth= An Econometric St+dy o Bangladesh, Jor#ing !aper 2o, (()4'((7, U')Blobal, /alvo, B, A, and Reinhart, /, ",, ;"ay '(('<, 9ear o 9loating, The Y+arterly Eo+rnal o Economics, &ol, /Z&II, Iss+e ', p,.76*?(@ /arone, B,, ;)66A<, "odelling the U,S, 5emand or Imports Thro+gh /ointegration and Error /orrection, Eo+rnal o !olicy "odeling )@;)<= )*?@,