Our politics is our problem with external trade

TWELVE Pacific Rim nations sealed the TPP deal Monday on creating the world’s largest free trade area under US leadership aiming at containing the domination of China in trade and investment matters in the Asia-Pacific region. Apart from the USA other member states include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The deal will also promote jobs and growth in the US and across the Asia Pacific region. News report quoted experts as saying that Bangladesh may lose its competitive edge in apparel trade to Vietnam as a result of the debut of the new trade block and its garment exports to the USA may sharply lose market to Vietnam which is growing fast as a big exporters of apparels, next to Bangladesh to the US market. At present, Bangladesh pays 15.62 percent duty for its garment exports to the US, whereas Vietnam pays 8.38 percent. After the signing of the TPP agreement, garment exports from Vietnam will enter completely without duty to American market.
The US ambassador to Dhaka Marcia Bernicat however told reporters on Tuesday that she hoped Bangladesh would remain competitive, especially in the RMG sector if it adopts international business standards. In fact the news about the creation of the new free trade zone in Asia-Pacific region was in the media for quite sometime and despite the fact that Bangladesh has vital interest to protect by joining the block, there was no visible initiative about it. Many believe that such initiative could bear fruit if only the USA was positive about it, but the controversy over the GSP following its suspension in 2013 and other differences on political issues has narrowed the room for Bangladesh to make a plea to join the block.
Against the wishes of the people the politics of Bangladesh is now influenced by socialist dictatorship. Socialism or a socialist party is totally unacceptable to our people. Now Awami League is relying on leftist politics for continuing in power.