Speakers at an event emphasised the need for Bangladesh to venture into producing recycled garments that comply with international environmental safety standards to enhance its exports to the European Union (EU).
They highlighted the significant impact of changes in trade patterns on a nation’s economic structure, level of technological advancement, political systems, and trade theories or agreements. The urgency for Bangladesh to make necessary preparations to capitalise on this opportunity was underscored during a discussion held at the Dhaka office of the Business Initiative Leading Development (BUILD) on the implications of the EU’s circular textile laws on its trading partners.
BUILD CEO Ferdaus Ara Begum stressed the importance of Bangladesh devising new strategies and projections for textile exports to the EU, including identifying growth prospects and overcoming market entry barriers.
As the EU’s sustainable and circular textile strategy poses challenges to Bangladesh’s garments sector, the country must assess the regulatory changes and formulate a comprehensive action plan. Despite the industry facing economic challenges, local business leaders are willing to invest in creating a circular economy in Bangladesh’s garment sector, according to Asif Ibrahim, chairman of the Chittagong Stock Exchange PLC.
