State of Rmg in Post Mfa Era

Published: 2021-06-29 06:58:12
essay essay

Category: Business

Type of paper: Essay

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Hey! We can write a custom essay for you.

All possible types of assignments. Written by academics

In order to control the level of imported RMG products from developing countries into developed countries, Multi Fiber Agreement (MFA) was made. The MFA agreement imposed an export rate 6 percent increase every year from a developing country to a developed country. It also allowed developed countries to impose quotas on countries that exported at a higher rate than the bilateral agreements. In the face of such restrictions, producers started searching for countries that were outside the umbrella of quotas and had cheap labor. This is when Bangladesh started receiving investment in the RMG sector.

The RMG industry is the only multi-billion-dollar manufacturing and export industry in Bangladesh. Whereas the industry contributed only 0.001 per cent to the country's total export earnings in 1976, its share increased to about approximate 80 percent of those earnings in 2010. Bangladesh exported garments worth the equivalent of $12348 Million in 2010, which was about 3.00 percent of the global total value ($276 billion) of garment exports. The country's RMG industry grew by more than 15 percent per annum on average during the last 15 years.

Today Bangladesh has successfully established herself as a prominent apparel/textile exporter in the global textile trade.
* The export of RMG plays an immensely important role in the socio-economic development of Bangladesh accounting for more than 75 percent of Bangladesh's total export earnings.
* Over 3 millions workforces are directly employed in this sector.
* The employment of woman (about 80%) in this sector has created empowerment amongst women of the lower segment of society.

Warning! This essay is not original. Get 100% unique essay within 45 seconds!


We can write your paper just for 11.99$

i want to copy...

This essay has been submitted by a student and contain not unique content

People also read