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finance-ministryBangladesh, the world’s next-largest exporter of style, programs to diversify its exports absent from ready-made clothing in purchase to maintain its economic expansion momentum, AHM Mustafa Kamal, Minister of Finance, reported.

According to a Business of Fashion survey, readymade clothing at present accounts for far more than 80% of the total exports of the nation, with the bulk of shipments going to possibly Europe or the US. The pandemic-induced slump in world wide demand has also led to a downturn in exports, accounting for about 15% of the overall economy. From electronics to jute, the governing administration aims to market exports of everything.

For good reasons exterior the pandemic, diversification of exports assumes great importance for the South Asian group. Bangladesh, just one of the couple economies to carry on to prosper in a economic downturn-strike world, is envisioned to discard its least produced nation position by 2024, a designation that currently would make it eligible for the “Everything but Arms” trade settlement of the European Union that supplies responsibility-cost-free, quota-totally free obtain to all products, other than arms and ammunition.