Since early 1990s, Bangladesh has been trying to bring reforms in areas and trade which have resulted in the increase of inflow of Foreign Direct Investment (FDI).
World Trade Organisation (WTO) in a statement said that country's over-dependence on the exports of readymade garments (RMG) is fraught with danger as it may face the elimination of quotas.
As per a document released by United Nations Conference on Trade and Development (UNCTAD) Bangladesh export to US and European Union member countries constitutes 78 percent which is a high risk game.
Both organizations have recommended the diversification of the exportable items as well as the markets. It further asks Government to fasten the privatization process of the private companies.
Subsidies provided to sectors like textile, jute, non-traditional items, handicrafts have helped in the increase of the volume of exports of these items.
Bangladesh has been advised to liberalize its trade and tariff structure but it has led to dumping of products in Bangladesh from certain countries who are looking to take advantage of the laxity in the rules.
Liberalisation efforts from Bangladesh have come for appreciation from WTO authorities who recommended widening the net and including non-agricultural products as well.
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